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Chinese startups soar in Shenzhen market debut under new IPO rules

One stock surges 3,000% in ChiNext midday trading; revamp hopes to rival Nasdaq

HONG KONG -- More than a dozen companies making their debut on the Shenzhen Stock Exchange's ChiNext market under new IPO rules soared on Monday, with one stock skyrocketing nearly 3,000% in intraday trading, a hopeful sign to hundreds of other Chinese companies eyeing listings on the Nasdaq-style board just as access to U.S. capital markets shuts down.

Twenty-nine companies have been approved for flotations so far, including the 18 that listed on Monday, according to the Shenzhen exchange's website. Those 18 have raised 20 billion yuan ($2.9 billion), the Nikkei Asian Review has calculated, based on their prospectuses.

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