China's Nasdaq-style sci-tech innovation board, the STAR Market, closed higher on Monday, with the first 25 stocks surging around 140 percent on their debuts.

Twenty-five stocks on STAR Market made spectacular gains on their debuts, even hitting circuit breakers – first after rising 30 percent, then after climbing 60 percent from the market open – designed to calm frenzied buying.

The average first-day rise of the board was 139.55 percent, translating into a combined gain of 48.5 billion yuan (7.05 billion U.S. dollars). 

The trading of the STAR market ended at 15: 30, with after-hours trading at fixed price applied.

Once soaring as much as 520 percent from its IPO price in the morning session, shares of Anji Microelectronics Technology (Shanghai) Co Ltd, a semiconductor firm, eventually closed at 196.01 yuan with the day’s biggest gain – up by over 400 percent, much higher than the first day's biggest gain of the ChiNext.

A new index tracking the STAR Market will be released on the 11th trading day following the 30th listed stock and depository receipt, according to the Shanghai Stock Exchange (SSE) and China Securities Index Company Limited.

Modeled after Nasdaq, the STAR market is seen by industry insiders as China's boldest attempt at capital market reforms yet to turn the A-share market into a more market-based and law-based one. It is also regarded as China's latest move to become technologically self-reliant and innovation-driven.

Read more: First 25 companies start trading on China's STAR Market

                     Listing ceremony for STAR Market first 25 companies held at SSE