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Shares of 18 companies surged on their ChiNext debut on Monday, kicking off a historic reform that will see Shenzhen officially challenge Shanghai for tech listings, while adding fuel to a “technology war” with the United States.

Investors piled into the first batch of companies that list on Shenzhen’s tech-focused start-up board under a streamlined system for initial public offerings (IPOs) that will help make the process less bureaucratic. Trading restrictions will also be loosened.

The biggest gainer among them, automotive cable maker Ningbo KBE Electrical Technology, jumped more than 500% in morning trading.

But with more than 800 ChiNext-listed companies trading at roughly 60 times earnings on average — compared with 38 for Nasdaq — some market watchers warn of bubble risks.