Top Biz News
More companies begin trading on ChiNext
By Qiang Xiaoji (chinadaily.com.cn)
Updated: 2010-01-20 16:08
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The fourth set of eight companies listed on China's NASDAQ-like ChiNext stock exchange began trading today. The total number of companies listed on ChiNext reached 50, and the capital raised via their initial public offerings (IPOs) on the board totaled 30.37 billion yuan ($4.45 billion), the China Securities Journal reported.
The eight companies are: Xinghui Auto Model Co Ltd, Shenzhen Sunwin Intelligent Co, Hwa Create Co, Hiconics Drive Technology Co, Shenzhen Tianyuan DIC Information Technology Co, Hubei Tech Semiconductors Co, Inner Mongolia Free Han & Mongolia Pharmaceutical Co and Dingli Communications Corp.
The fourth batch of shares attracted an average 26 percent increase at the opening on their first trading day, lower than the first three batches, whose opening prices soared 106.23 percent, 45.21 percent and 31.98 percent, respectively, for their debut, the report said.
But the average issue price of the newly listed eight stocks is 39.89 yuan, higher than the first three batches, which were issued at 25.43, 28.51 and 33.57 yuan on average, respectively, according to www.21cbh.com.
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As the number of shares on the board expanded, speculation about the 42 shares listed in the first three batches gradually cooled down, and the shares began to show a diversified performance.
As of Jan 19, the total value of the 42 shares on ChiNext reached 181.57 billion yuan. Twenty-eight of 42 closed at a price lower than the closing price on their first trading day, according to statistics provided by Wind Info.
Since the launch of the board, the Shenzhen Stock Exchange has continuously issued risk alerts. The exchange also has vowed to enhance supervision of the start-up board and release relevant policies to regulate the market and curb excessive speculation.
