Anji Technology Stock Up 340% in First-Day Trading
And the other 24 stocks skyrocketed during the opening session on 'China's Nasdaq' as well.
1.5 billion transactions took place on the new China's trading venue, known as STAR Market, today, with China Railway Signal & Communication (CRSC) carrying out a half of them.
"STAR25" stocks more than doubled by the end of the afternoon trading session; chipmaker Anji technology led the race.
Semiconductor materials producer Anji Technology (688019:SH) made a successful debut on the Shanghai Stock Exchange STAR Market, closing at CNY 196.01 (USD 28.50) per share.
The company's stock started trading at CNY 39.19 (USD 5.70) per share, reached its peak, CNY 243.20 (USD 35.36) around 10:45 (GMT+8), then edged down. As frenzy eased off in the afternoon, facing less volatility, Anji more than quadrupled by the end of the first day of trading.
Meanwhile, resulting from four hours of insanity, combined market capitalization of the 25 STAR board debutants leaped from CNY 236 billion (USD 34.31 billion) to CNY 553.50 billion (USD 80.46 billion). At the same time, the total value of equity listed on the new venue more than doubled: CNY 68.09 billion (USD 9.90 billion) is how much all the sci-tech board-listed stocks cost at the moment.
Over 1.5 billion transactions took place on the new marketplace today, 58% of which were related to the biggest company in the batch -- CRSC (688009:SH). The STAR market average P/E ratio thereby zoomed to 99.14 (last year ratio) or 102.66 (trailing twelve months). This indicator took a fixed IPO value of 53.4 before the fierce trading got off today.