The Beijing Stock Exchange, President Xi Jinping's new financial baby, is finally here.
The bourse was first announced by the Chinese Communist Party leader in September, and is intended to help small and medium-sized enterprises raise capital. The first batch of 81 firms started trading on Monday, including 10 initial public offerings from companies in tech and manufacturing. Shares in those IPOs surged at the open and hit circuit breakers, before closing with an average price increase of 200%.
The Beijing Stock Exchange will"complement" the Shanghai and Shenzhen stock exchanges and focus on serving innovative smaller firms, the Chinese Securities Regulatory Commission said in September. As of now, the companies listed on the BSE have an average market value of around 3.9 billion yuan .
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