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November 8, 2017

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360 return to Shanghai lifts shares

SHANGHAI shares closed at over 3,400 points yesterday on gains made by firms linked to Qihoo 360’s plan to return to the Chinese stock market via backdoor listing.

The Shanghai Composite Index rose 0.75 percent to end at 3,413.57 points.

SJEC Corp, a manufacturer of escalators and elevators, surged by the daily limit of 10 percent.

SJEC Corp resumed trading yesterday after it was suepended in March.

Qihoo 360 was listed in the United States from 2011 until its privatization last summer. The company said last week it was planning a backdoor listing on the Shanghai bourse after agreeing a 50 billion yuan deal with elevator maker SJEC Corp.

Petroleum and petrochemical firms also gained, as did iron and steel shares.

Bomesc Offshore Engineering Co Ltd hit the maximum daily cap of 10 percent, and Geo-Jade Petroleum Corp advanced 9.98 percent to 5.62 yuan. Xinjiang Ba Yi Iron & Steel Co Ltd rose 8.65 percent to 14.07 yuan and Xinyu Iron & Steel Co Ltd gained 7.27 percent to close at 5.90 yuan.


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