Newly-listed ChiNext shares surge in historic reform

SHANGHAI, Aug 24: Shares of 18 companies surged on their ChiNext debut on Monday, kicking off a historic reform that will see Shenzhen officially challenge Shanghai for tech listings, while adding fuel to a "technology war" with the United States. Investors piled into the first batch of firms listed on Shenzhen's tech-focused start-up board under a streamlined system for initial public offerings (IPOs) that made the process less bureaucratic. Trading restrictions were also loosened. Highlighting investor frenzy, Contec Medical Systems Co, a maker of medical diagnostic equipment, surged more than 1000 per cent on its first day of trading. Even the smallest gainer jumped 43 per cent. — Reuters