Tuesday November 3, 11:10 AM
ChiNext stocks down in morning trade
The start-up stocks listed on China's newly launched Nasdaq-style board were mostly down in early trade Tuesday after a spectacular collective debut last week.
Twenty-three of the 28 stocks listed on the Shenzhen-based ChiNext were down in the third session, and analysts said the new board would continue to see volatility in the near-term, with profit-taking on most shares.
"The performance of start-ups are mixed with more gainers than Monday, but the prices of many are still too high compared with their fair value," said Zhang Qi, an analyst with Haitong Securities.
More than two-thirds of the shares listed on ChiNext ended limit-down on Monday, following Friday's opening-day surge.
"There are good quality companies on the board. After the correction, investors will gradually find out which companies they should pour funds in," Zhang said.
Chengdu Geeya Technology Co Ltd -- which posted the biggest gains on Friday, finishing up 209.73 percent from its initial public offering (IPO) price -- was the only stock that fell by the daily limit of 10 percent to 28.35 yuan (4.2 dollars).
Aier Eye Hospital Group Co Ltd led the five gainers, jumping 7.24 percent to 52.00 yuan.
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