SHANGHAI :
China's Stock Markets Close Mixed as Profit-Taking Cuts Into ChiNext’s Gains
Xu Wei
DATE:  Aug 25 2020
/ SOURCE:  Yicai
China's Stock Markets Close Mixed as Profit-Taking Cuts Into ChiNext’s Gains China's Stock Markets Close Mixed as Profit-Taking Cuts Into ChiNext’s Gains

(Yicai Global) Aug. 25 -- China's benchmark stock indexes closed mixed today as investors cashed in their chips, cutting into the Shenzhen-based ChiNext Board's wild stock gains on the launch of its new registration-based initial public offering system yesterday.

The ChiNext's reform allows unlimited equity price swings for the first five days after listing, and after that they can rise or fall by 20 percent each day. The previous limit was 10 percent. Ten of the 18 newly listed firms had their stock prices more than double yesterday.

Today, newcomer Contec Medical Systems [SHE:300869] closed up 17.79 percent at CNY138.99 (USD20).

The Shanghai Composite Index dipped 0.36 percent to end the day at 3,373.58, while the Shenzhen Component Index moved up slightly by 0.02 percent to 13,669.41. The ChiNext nudged up 0.63 percent to 2,701.60.

The cryptocurrency sector was one of the day's best performers, surging 3.25 percent.

Editor: Kim Taylor

Follow Yicai Global on
Keywords:   ChiNext Board,Shanghai Composite Index