Chinese medical device maker Contec surged up to 30-fold in debut amid Chinext frenzy

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Contec Medical Systems saw its share closed more than 1,100 per cent higher on its debut on the Shenzhen stock exchange on Monday, boosted by high demand for its products during the coronavirus pandemic.

The Chinese diagnostic devices maker closed its first day at 118 yuan, up from its issue price of 10.16 yuan. It rocketed as much as 30-fold at one point during trading.

Monday’s stellar performance gave the six-year-old company a market value of 35 billion yuan, equating to 693 times its earnings per share last year . . .

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