By Andrew Galbraith and Samuel Shen SHANGHAI (Reuters) – Trading hit a feverish pitch on China’s new Nasdaq-style board for homegrown tech firms on its debut on Monday, with most stocks surging and drawing attention away from the main board. All of the first batch of 25 companies – ranging from chip-makers to biotech firms – more than doubled their already frothy IPO prices on the STAR Market, operated by the Shanghai Stock Exchange. Trading in Anji Microelectronics Technology (Shanghai) Co Ltd <688019.SS>, a semiconductor firm, was halted twice as the company’s shares hit two circuit breakers – first after rising 30%, then after climbing 60% from the market open – designed to calm frenzied buying. By the midday break, Anji shares had leapt 415% from their IPO price. Suzhou Harmontronics Automation Technology Co Ltd <688022.SS>, however, triggered its circuit breaker in the opposite direction, falling 30% from the market open, before rebounding. But by midday the company’s shares were still 113% higher than their IPO price. Monday’s spiralling share prices and high volatility on the STAR Market were anticipated as investors chased the new board, said Zhu Junchun, chief analyst with Lianxun Securities. Investor focus on the STAR Market… Read full this story
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