Shares in 10 Chinese companies soared almost 100 per cent on average on Monday, as the first batch of initial public offerings under a new streamlined listings regime debuted in Shanghai and Shenzhen.
The top gainers among the new launches included Shenzhen CECport Technologies, an electronics distributor, whose shares ended trading up more than 220 per cent, and Shaanxi Energy Investment, a state-owned electricity group that raised Rmb7.2bn ($1.1bn) from its IPO and whose stock rose about 48 per cent. The average gain across the 10 new listings was more than 96 per cent.
But financial experts said the massive price gains recorded by the new listings pointed to the need for more comprehensive reforms to China’s equity fundraising rules.
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