Despite the recent stock market crash in China, a handful of stocks posted huge gains.
One of these winners is Shanghai Chaori Solar Energy Science & Technology Co. Ltd. (002506.CN), which, after restructuring, was renamed GCL System Integration Technology Co. Ltd.
The stock has surged more than 900 percent since the resumption of trading on the Shenzhen Stock Exchange last month.
The Wall Street Journal attributes its phenomenal success to the huge demand in China for initial public offerings.
There have been no IPOs since regulators suspended their approval during the selloff, so investors treated GCL as an IPO, said Wu Xia, an analyst from Shenwan Hongyuan Securities.
Chaori, which was suspended from trading in May 2014, was saved from bankruptcy after investors put in 1.46 billion yuan (US$229 million) into the company.
As a result, revenue grew to 3.6 billion yuan in the first half of 2015 from 229 million yuan in the same period in 2014.
It issued new shares when it resumed trading on Aug. 12.
Only about 200 of the 6,928 stocks trading on the Shanghai, Shenzhen and Hong Kong markets have risen in value since June 12, the day the Shanghai market peaked, the newspaper said, citing data from FactSet Inc.
The benchmark Shanghai Composite Index has dropped nearly 40 percent since that day.
Of the 83 firms on the mainland that have climbed, nearly a third were listed just before the market tumbled.
These include Shandong Synthesis Electronic Technology Co. Ltd. (300479.CN), which has tripled in value since June 12 after its debut on June 2, the Journal said.
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