(Yicai Global) Nov. 6 -- Two stocks that went public less than one week ago fell lower than their offering prices today, the first such cases on Shanghai's newly-minted SSE STAR Market.
Shanghai Haohai Biological Technology became the first such victim on the new sci-tech-centric board after its shares [SHA:688366] opened below their CNY89.23 (USD12.70) offering price at CNY88.53 during their sixth trading session. Tianjin Jiuri New Materials' shares [SHA:688199] became the next casualty, bottoming out at CNY66.14, well below its CNY66.68 offering price on the day after their grand debut.
Star prices have gradually become reasonable after the giddiness over the Shanghai exchange's new Nasdaq-style board has started to wear off, The Paper cited sector professionals as saying.
Haohai Biological stock has since resurged and now stands at CNY91.75, up 2.1 percent. The firm's Hong Kong-traded shares [HKG:6826] were also up 0.68 percent at HKD44.65 (USD5.70) today. Jiuri New Materials' shares have now also bobbed back up to par
At CNY89.23 (USD12.60), Haohai Biological's initial share price has been the highest thus far on the Star. It is also the first company to list on it -- debuting on Oct. 30 -- with the involvement of a foreign investment bank. Jiuri New Materials' stock, by contrast, climbed 6.42 percent yesterday on its STAR Market premiere in the lowest first-day gain among companies listing on the new index.
Haohai Biological mainly develops, produces and sells biomedical materials, with its core areas ophthalmology, plastic surgery and wound care, orthopedics, anti-adhesion and hemostasis. Jiuri New Materials makes and supplies photo initiators.
Editor: Ben Armour