China's sci-tech innovation board (STAR market) made a remarkable debut on the first trading day on Monday.
The 25 stocks on the Sci-Tech Innovation Board soared by at least 100 percent at midday, raising a total of 40 billion yuan. Shares of Anji Technology, a company which makes materials for semiconductors, stood out by rising 415.44 percent in early trading.
The STAR board is the country's latest reform attempt to turn the A-share market into a more market-oriented and law-based one.
Unlike other domestic boards, it cuts listing application red tape, allows more market-based pricing, prioritizes information disclosure, and tightens delisting rules by piloting the registration-based IPO system, a popular practice in many developed markets.
(Compiled by Han Xiaomeng;with input from Xinhua)