BoCom’s reform helps shares rebound
Print Edition
SHANGHAI stocks rebounded yesterday after China allowed the country’s fifth-largest commercial bank to be the first state-owned lender to try out a mixed-ownership reform.
The Shanghai Composite Index rose 1.65 percent to 4,967.9 points.
The People’s Bank of China has notified the Bank of Communications that it could change to a mixed-ownership structure as the lender aims to lure private shareholders, upgrade its administration system to improve risk control and consolidate employee stock ownership.
The reform plans were approved by the State Council, China’s Cabinet, BoCom said in a filing to the Shanghai exchange on Tuesday. Its shares gained 0.78 percent to 8.99 yuan (US$1.45) yesterday.
Banks rose, with the Bank of China up 2.48 percent to 4.95 yuan. China Construction Bank gained 2.34 percent to 7 yuan, and Citic Bank added 2.03 percent to 8.54 yuan.
Trading companies also soared as China and Australia yesterday sealed a long-awaited free trade deal that allows more than 85 percent of Australian exports to enter China duty-free, and 95 percent of the goods will be duty-free once the FTA is fully implemented in 11 years. China is Australia’s largest trading partner.
Shanghai Lansheng Corp surged by the daily 10 percent limit to 47.43 yuan, Sinochem International Corp rallied by 9.91 percent to 24.39 yuan, and Jiangsu Sainty Corp jumped 7.86 percent to 21.26 yuan.
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