Top Investors Lose $1 Billion as China’s Nasdaq-Style Board Reverses on Day Two

A sign for STAR Market, China's new Nasdaq-style tech board, is seen after the listing ceremony of the first batch of companies at Shanghai Stock Exchange (SSE) in Shanghai, China on July 22, 2019. Reuters

SHANGHAI—The biggest shareholders in China’s new Nasdaq-style STAR Market lost a combined $1 billion in the second day of trade on July 23, a day after the board’s roaring debut created three new billionaires.

All but four companies of the 25 stocks listed on the market fell as investors took profits from opening day gains, erasing about 9 percent of the total market capitalization.