Shares soar as STAR board has stellar debut
China's science-technology innovation board, dubbed the STAR Market, opened at the Shanghai Stock Exchange on Monday, 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 initial public offering system, a wider daily price limit and strengthened information disclosure requirements.
The first 25 companies listed on the board made a strong debut, with an average daily increase of 140 percent, possibly because there is no price change limit for the first five trading days. At other A-share markets, there is a 10-percent daily price limit. Shanghai-based integrated circuit maker Anji Microelectronics reported the biggest daily jump of 400 percent to close at 196 yuan ($28.50) per share.
