SHENZHEN — The first batch of registration-based initial public offerings (IPOs) of 18 enterprises debuted on Aug 24 on the ChiNext board, China's NASDAQ-style board of growth enterprises, amid the country's efforts to reform the capital market.

Stock prices of all the 18 firms surged in the morning session, rising 158.13 percent on average from the initial offer price. Ningbo Kbe Electrical Technology Co Ltd saw its share price soar 521.02 percent to 116.69 yuan (about $16.86) per share.

The ChiNext board also registered strong performance in the same period, with the ChiNext Index up 2.32 percent to 2,693.57 points.

The reform of the ChiNext and the pilot registration-based IPO system are major initiatives to optimize the basic system of the capital market after the reform of the sci-tech innovation board, said Yi Huiman, chairman of the China Securities Regulatory Commission.

Yi noted that the move is of great significance to support the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and Shenzhen as well as better serve the high-quality development of the real economy.

Adopted in June 2020 after soliciting public feedback, the pilot registration-based IPO system is designed to ease enterprises' burdens and increase transparency with an open and paperless application review process.

Aimed at improving the market's transparency and authenticity while strengthening supervision, the system places information disclosure at its core while intensifying responsibilities of issuers and intermediary agencies as well as simplifying delisting procedures.

After more than a decade of growth, over 800 companies are listed on the ChiNext, with a market value of more than 9 trillion yuan.