Shanghai’s long-awaited high-tech board, the STAR Market, debuted Monday, with all 25 listed stocks surging an average of nearly 140%, underlining a buying frenzy after some large oversubscriptions, reported Caixin.
Several stocks dropped sharply after a high opening although all stayed well above their IPO price.
The Shanghai Stock Exchange, which hosts the board, and China Securities Index Co. Ltd. also said last week that they will launch the first index to track the board’s top 50 components. Dubbed the SSE STAR 50 index, it will be officially released on the 11th trading day once 30 companies are listed on the board.