The biggest shareholders in China’s new Nasdaq-style STAR Market lost a combined $1 billion during its second day of trading on Tuesday, a day after the board’s roaring debut created three new billionaires, reported Reuters.

 

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

The new board took off out of the gates on Monday, with some shares surging as much as 520%. Buying more than doubled the board’s total capitalization from RMB 225 billion ($33 billion) to RMB 529 billion by the end of the day.

 

While the size of the moves on day two paled in comparison, the declines were sharp enough for STAR’s five biggest individual shareholders, including Monday’s newly minted billionaires, to lose a combined RMB 6.94 billion on paper, according to Reuters calculations.