Investor enthusiasm for Shanghai’s new Nasdaq-style tech board, known as the STAR Market, appears to be dampening after an initial frenzy of activity following its first trading day in July.

Shares of two companies slumped below their IPO prices during Wednesday trading. Shanghai Haohai Biological Technology became STAR’s first company to hit that unwanted achievement, opening at 88.53 yuan ($12.63) per share, below the issue price of 89.23 yuan. The price then rebounded and was fluctuating near the issue price by midday.

Haohai’s travails came as shares in Tianjin Jiuri New Materials, a chemical products manufacturer that only listed Tuesday, also fell below their issue price of 66.68 yuan, hitting a Wednesday morning low of 66.01 yuan. Jiuri’s price only jumped by 6.42% Tuesday compared with its issue price, the smallest first-day rise of any STAR stock to date.

Only eight stocks out of the total of 46 listed on the STAR Market closed higher Tuesday, in contrast with the initial surge enjoyed by all of the first 25 companies to list on STAR’s first trading day, which closed up an average of nearly 140%.

Read the full story on Caixin Global later today.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com)

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