Investor fever drives new shares to bust daily limit
Print Edition
Seven of the eight initial public offerings were suspended from trading on the Shenzhen bourse yesterday after investor fever propelled the new shares to bust the upper daily limit set by the exchange.
Trading in shares of Guangdong Xinbao Electrical Appliances Holdings Co, Zhejiang Wolwo Bio-Pharmaceutical Co, Truking Technology Ltd and another four companies soared above 10 percent on the opening, triggering a one-hour trading halt from 9:30am to 10:30am.
Shares of these companies were suspended from trading for a second time as soon as they resumed from the first suspension as their prices surged more than 20 percent from their offer prices. The second suspension lasted until 2:57pm, three minutes before the market close.
Hangzhou Sunrise Technology Co, which rose 18.7 percent, was the only stock not suspended from trading.
The seven new listings ended more than 45 percent higher yesterday.
Yesterday’s surge was driven by pent-up demand among investors for new shares.
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