Star Market, a ‘breakthrough in 30-year history of China’s stock market’, gets off to shining start as all debutants see share prices soar
- All 25 debutants on Shanghai’s new Star Market finish the first day’s trading with gains of at least 84 per cent
- Semiconductor maker Anji Microelectronics is the star performer, its share price rising fivefold on day one
The Shanghai Stock Exchange’s new Star Market got off to a suitably stellar start on Monday with all 25 debutants soaring as investors clamoured for a slice of the action.
The firms, spanning industries from microchips and biotechnology to artificial intelligence, were greeted by an immediate buying spree as trading opened at 9.30am. They all went on to record gains of at least 100 per cent by the end of the morning session, but settled back slightly in the afternoon to close at least 84 per cent higher.
Anji Microelectronics (Shanghai), a semiconductor manufacturer, got off to a momentous start, its shares opening 287 per cent higher than the initial public offering price.
Trading of Anji had to be suspended for 10 minutes at 10.20am after the stock soared by 404 per cent to 197.6 yuan from its offering price of 39.19 yuan.
By the close, the shares were at 196.01 yuan, 400 per cent higher than their IPO price.
Harbin Xinguang Optic-Electronics Technology posted the smallest gain among the debutants, closing at 70.17 yuan, up 84.2 per cent from the offer price.