There's volatile, and there's ChiNext. All 28 debutants on Shenzhen's new board for growth stocks tripped multiple circuit-breakers on Friday, some more than doubling. Yesterday two-thirds of them did so in the other direction, tumbling more than 10 per cent. Beijing-based Huayi Brothers, China's largest film studio, was typical – up 147 per cent, down 11 per cent. If the Shanghai Stock Exchange is a bit of a casino, then the new junior board looks like it will be a back-alley cockfight.
波動是一回事,中國創業板(ChiNext)的震蕩幅度是另一回事。在這一面向成長型股票的深圳新股市上,所有28只首批上市股票上周五均多次觸發“斷路器”,其中一些股票飆升一倍多。昨日,這些股票中三分之二出現大跌,跌幅超過10%。中國最大電影公司、北京的華誼兄弟(Huayi Brothers)股價走勢就很典型,飆升147%,然后下跌11%。如果說上海證交所有點像賭場,那么這個新的創業板市場看來將會變成“窄巷中的斗雞”。