China’s science-technology innovation board, dubbed the STAR Market, opened at the Shanghai Stock Exchange on Mon
上海千花坊day, and officials and analysts said it will help support innovation-driven economic growth and capital market reform.
A series of new systemic arrangements have been introduced in the Nasdaq-style board, such as the registration-based init上海千花坊
ial public offering system, a wider daily price limit and strengthened information disclosure requirements.
上海千花坊女神会所The first 25 companies listed on the board made a strong debut, with an average da
ily increase of 140 percent, possibly because there is no price change limit for the first five trading days. At oth
er A-share markets, there is a 10-percent daily price limit. Shanghai-based integrated circuit maker Anji Mi上海千花坊
croelectronics reported the biggest daily jump of 400 percent to close at 196 yuan ($28.50) per share.
There are over 3 million individual investors qualified to invest in the new board while the n
上海千花坊女神会所umber and scale of listed companies in the STAR Market is relatively small at present, leading to the firs
t-day surge of prices, said Yang Delong, chief economist at Shenzhen-based First Seafront Fund.
Trading rules set by the Shanghai exchange and the China Securities Regulator上海千花坊
y Commission allow for a daily price fluctuation of 20 percent on the STAR Market after the first trading week. B
ut Yang warned investors of the possibility of price drops on the board in the next few days.
Liu Zhongyuan, di上海千花坊女神会所rector of securities investment at the National Council for Social Security Fund, said at the listing cerem
ony on Monday that the fund will invest in the STAR Market by sticking to its long-term investment pattern, in hop
es of supporting the development of technology startups and the real economy.
上海千花坊The new tech board, which was initiated in November, has realized the highest level of innovation in
terms of systems and ideas under the current framework, said Fu Lichun, research director at Northeast S
ecurities. With no existing model to refer to, efficiency in inaugurating the board is “stunning”, he said.上海千花坊女神会所
Bob McCooey, chairman of Nasdaq Asia Pacific, wrote in