Trading hit a fever pitch, with shares rocketing as much as 520%, as China'...
SHANGHAI - Trading hit a fever pitch, with shares rocketing as much as 520%, as China’s new Nasdaq-style board for homegrown tech firms debuted on Monday, with valuations exceeding even the expectations of veteran investors braced for a wild ride.
“The price gains are crazier than we expected,” said Stephen Huang, vice president of Shanghai See Truth Investment Management. “These are good companies, but valuations are too high. Buying them now makes no sense.” The mechanisms did little to keep Anji shares in check as they soared as much as 520% from their IPO price in the morning session. By the midday break, Anji shares had leapt 415% from their IPO price, giving the company a valuation of 249 times 2018 earnings.
The STAR Market sets no limits on share prices during the first five days of a company’s trading. That compares with a cap of 44% on debut on other boards in China.
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