Chinese IPO's 876% first-day gain shows growing mania for stocks

SHANGHAI - A Chinese initial public offering soared nearly tenfold on its Thursday trading debut, the latest sign of euphoria in the nation's US$9.3 trillion issue price on China's Star board. If maintained, that would exceed the 614 per cent jump posted on Tuesday by Tinavi Medical Technologies Co. The Star board, which will celebrate its first birthday later this month, has no limits on price moves for a stock's first five days of trading.

The frenzied trading comes as stock volume and prices have been rising quickly in China. The market has added more than US$1 trillion of value since June 30, outpacing gains in everywhere else globally, and Chinese investors' margin financing is rising at the fastest pace since 2015. Chinese stocks extended gains on Thursday, with the benchmark Shanghai Composite Index rising 1 per cent as of the midday break to its highest since February 2018.

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