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Asian equities were largely higher less Mainland China though Hong Kong, Australia, and the Philippines were closed for Easter Monday. China stocks eased after Friday’s gains as ChatGPT-like tech stocks were hit with profit taking, sending the STAR Board lower by -2.74%.
Ten new companies listed today in Mainland China under the new listing standards, which include no limit on stock movement for the first five trading days. The top-performing IPO was Shenzhen CECport Technologies (001287 CH), which gained a mere +221%. The new standards are not necessarily “looser,” though streamline the IPO process, which should increase the number of IPOs. The ten IPOs today diverted money away from stocks already listed, which may have been a mitigating factor in today’s trading.
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