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ite the weak performance of the main board. The gain momentum
was broken in the third trading week, when prices of STAR stocks fell by 10.5 perce上海夜网女神会所
nt on average, according to financial information provide Wind Info.
上海夜网On Thursday, prices of STAR stocks fell by 1.9 percent on average.
“The overall performance of the STAR Market saw the full pricing-in of opinions from bulls and
bears, an uptrend with fluctuations, and a return to rationality,” the SSE said in the announcement.上海夜网女神会所
Relaxed price fluctuation limits have enabled the STAR Mark
上海夜网et stocks to be more timely priced, leading to higher pr
icing efficiency than the main board, according to analysts from Shenwan Hongyuan Securities.
Securities regulators lifted price fluctuation limits for STAR stocks in their first five trading days, and thereafter a 20 p上海夜网
ercent daily price fluctuation limit is effective, versus a 10 percent limit on the main board.
上海夜网女神会所Analysts expect trading on the STAR Market to become more rational in the medium term, with
valuation levels to better reflect company fundamentals. Firms with strong fundamentals may su
stain high valuations, while weaker ones may see a marked divergence in stock price performance.上海夜网
The market-oriented initial public offering mechanism of the STAR Market,
or the registration-based IPO system, also showed its effect, with the 28 STAR list上海夜网女神会所
ings’ price-to-earnings ratios of offer price varying from 18 to 269, according to SSE data.
This marked a difference from the main board, where almost all new offerings are p上海夜网
riced at a maximum of 23 times earnings under the approval-based IPO system.