The latest addition to China’s capital markets has left investors with a bad taste in their mouths, as shares dropped on their debut just days after traders raced to snap up these offerings.
Two-thirds of the 32 stocks listed on the so-called Premium New Third Board, a Beijing-based trading venue for small firms, fell on Monday. That shocked investors, who in recent decades have become conditioned to shares surging on their first day of trading regardless of fundamentals.
“I am very disappointed about [the first day’s] performance,” said Zhou Yunnan, founder of Beijing-based fund Nanshan Investment, which owns PNTB-listed stocks. “It has undermined our confidence in the market.”
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