Jul 22, 2019 (China Knowledge) - The Shanghai Stock Exchange's NASDAQ-like tech board STAR Market launches today with stellar performance. The total turnover value of the first 25 IPOs traded were more than USD 7 bln in the first day, accounting for one-ninth of the overall transactions in China’s A-shares.
These new IPOs, spanning from microchips, biotechnology to artificial intelligence, triggered a buying spree since trading that opened at 9:30 am BJT today.
As at the end of morning session 11:30 am, a total of 1.26 bln shares were traded, and up to RMB 37.8 bln transacted. By 10:00 am, trading in 8 companies had to be suspended for 10 minutes due to over 30% increment price cap, and circuit breaker later resumed. There is no price increment cap during the first five days of trading.
At the close of today’s trading, 1.58 bln shares were transacted and the total turnover value amounted to USD 7 bln.
Anji Microelectronics Technology’s (688019) shares price jumped the most with over 400% increment from its offering price, and closes at RMB 196.01, making the company the best-performer among the 25 IPOs.
The active buying in STAR market overshadowed the broader market, as the Shanghai Composite Index, Shenzhen Component Index, Hang Seng Index were all down by 1.3%, 1.2% and 1.4% respectively.
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