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Circuit breakers trip as China’s Nasdaq-style bourse debut

SHANGHAI (Reuters) – the Trade will hit a feverish pitch in China’s new Nasdaq-style board for domestic tech companies, will make her debut in on Monday, with the majority of shares are on the rise and the attention of the council.

Shanghai’s y Secretary Li Qiang (centre, L) and the China Securities Regulatory Commission (CSRC) Chairman Yi Huiman (centre R) attend the listing ceremony of the first batch of companies in the STAR Market, which is China’s new Nasdaq-style tech to the board of directors of the Shanghai Stock Exchange (SSE) in Shanghai, China, on July 22, 2019. REUTERS/Stringer

One of the first batch of 25 companies, ranging from chip makers and biotech companies, and more than twice as much as their frothy IPO prices at STAR market, a Market operated by the Shanghai Stock Exchange.

The trade in Anji microelectronics Technology (Shanghai) Co., Ltd. (688019.SS), a semi-conductor company, has put on hold two times as the shares of the company to get two vending machines – the first after an increase by 30%, after climbing 60% in the market open – was designed to take the frenzy to buy it.

By the midday break, Anji shares of leap was made in 415% of the initial public offering price.

Master Of Harmontronics Automation Technology Co., Ltd. (688022.SS), however, you have to change the fuse in the opposite direction, falling to 30% from the open, before rebounding. However, by the afternoon of the shares of the company, there were 113% higher than the IPO price.

On Monday, the surging stock prices and high volatility in the STAR Market are expected, as investors drove up to the new board of directors, said Zhu Junchun, chief analyst with Lianxun Securities.

Investors are focusing at the STAR Market in the short term, weighing on the main board of the directors, in terms of liquidity, and paying attention, ” he said.

This effect was evident on Monday, with the benchmark Shanghai Composite Index .SSEC immerse themselves 0.57% by noon, and the blue-chip CSI300 index .CSI300 of the market area.

SW said that an index to monitor the power of the Market, will be launched on the 11th business day after the debut of the 30th company on the map.

Modeled after the Nasdaq stock exchange, and the complete U. S style, M-system, the STAR of China’s most daring attempt in the capital, and the reform of the market. It is also driven by Beijing’s ambition to become a technologically self-sufficient as a long-term trade war with Washington and catches of the Chinese tech firms are in the cross-fire.

Even veterans of China’s notoriously volatile stock markets had braced herself for a wild opening day of the new board of directors after initial public offerings (Ipo’s were oversubscribed by an average rate of about 1,700 times less than the private investors.

Reporting by Samuel Shen and Luoyan Liu, Andrew Galbraith, and the Winni Zhou; Editing by Jacqueline Wong

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