China's NASDAQ Instantly Creates 13 "Paper Billionaires"

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On Friday, China launched its “Chi-Next” exchange, a platform for smaller, speculative tech companies akin to our NASDAQ.

Anyway, it’s already embracing one classic, bubblicious NASDAQ tradition.

Caijing: Strong gains on the opening day of China’s Growth Enterprise Market, the Nasdaq-style board for high-tech startups, have created 13 paper billionaires, Caijing reported, citing calculations based on their declared holdings in the IPO companies.

The biggest individual shareholder in Lepu Medical Technology (Beijing) Co Ltd. (SZSE 300003), general manager Pu Zhongjie, saw the value of his 14.9 per cent stake soar to 3.8 billion yuan (US$556 million). The stock rose nearly 119 per cent to 63.4 yuan. Read the whole thing >

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