New listings rocketed on a tech-focused part of the Shenzhen stock exchange on Monday, with one company gaining nearly 3,000 per cent as China’s latest capital market reforms were met with enthusiasm by investors.
The surges came after the introduction of rules to ease the listings process and to remove limits on prices — part of an effort to boost the role of the stock market in supporting the growth of the world’s second-biggest economy.
As a result, the shares of a host of companies leapt on their debuts on the ChiNext board, which has drawn comparisons with the US’s Nasdaq index and competes with a counterpart in Shanghai for initial public offerings.
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