All 25 stocks listed on China's science-technology innovation board, or the STAR Market, increased in most trading days, with average cumulative gains of 217.02 percent during the past two weeks, said Peng Hai, an analyst of Lianxun Securities in a Tuesday report by The Paper.

Peng said the overall stock surge was higher than market expectations, reflecting market recognition with capital market reforms and stimulated vitality.

Shares of 25 companies all experienced over a 100 percent jump compared with their listing prices since the STAR Market debut, according to financial information provider Wind Info. Beijing Worldia Diamond Tools Co Ltd saw the highest price increase of 433.73 percent, while the Beijing-based China Railway Signal and Communication Corp Ltd had the smallest gains of 114.7 percent.

The most direct reason behind the continuous rise on the STAR Market was the chase for new stocks by investors, which would bring a relatively large amount of capital, just like when ChiNext, China's NASDAQ-style board of growth enterprises, launched, according to Liu Xiaodan, chairwoman of Huatai United Securities, during an interview with CCTV Finance.

Another reason was the contradiction between supply and demand, Liu added. Since there were only 25 stocks on the STAR Market, most of which were locked and cannot be traded, a small number of funds can lead to market fluctuation.

The next batch of stocks may receive greater market enthusiasm, for the better-than-expected trading conditions at the STAR Market during the first 10 trading days could greatly stimulate investor confidence, Peng said, and those who hold a wait-and-see attitude when the first batch of companies went public will enter into the market.