SHANGHAI - Trading on China’s new Nasdaq-style board for homegrown tech firms hit fever pitch on Monday, with shares up as much as 520% in a wild debut that more than doubled the board’s combined market capitalization and beat veteran investors’ expectations.
Modeled after Nasdaq, and complete with a U.S-style IPO system, STAR may be China’s boldest attempt at capital market reforms yet. It is also seen driven by Beijing’s ambition to become technologically self-reliant as a prolonged trade war with Washington catches Chinese tech firms in the cross-fire.
Wild share price swings, partly the result of loose trading rules, had been widely expected. IPOs had been oversubscribed by an average of about 1,700 times among retail investors. Shanghai Party Secretary Li Qiang and China Securities Regulatory Commission Chairman Yi Huiman attend the listing ceremony of the first batch of companies on STAR Market, China's new Nasdaq-style tech board, at Shanghai Stock Exchange in Shanghai, China July 22, 2019. REUTERS/Stringer
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