SHANGHAI - China’s newly-created mini-IPO market kicked off trading on Monday in a frenzy as circuit breakers were triggered for both surging and slumping stocks on their debuts.
Zhou Yunnan, a veteran investor on the New Third Board, home to mostly small, private firms, said he was surprised by the price action.Trading in the 32 companies, which debuted after raising a combined 9.5 billion yuan via the first batch of initial public offerings on the New Third Board, was characterised by heavy volumes and volatility.
The New Third Board is also designed to become a feeder for bigger stock markets, including Shanghai’s STAR Market, and Shenzhen’s ChiNext, as regulators seek to build a multi-tiered capital market.
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