E-charging guide powers shares ahead
Print Edition
SHANGHAI stocks closed higher yesterday after the Chinese government issued a guideline backing makers of electricity charging equipment for electric cars.
The Shanghai Composite Index rose 1.27 percent to 3,183.15 points, after jumping 3 percent on Thursday when trading resumed following a weeklong National Day holiday.
The State Council said yesterday that enough charging stations will be built nationwide to satisfy demand from 5 million electric vehicles by 2020. To accelerate construction, the government will prioritize land use and simplify the administrative approval procedure for such electric charging facilities.
The government will also encourage a public-private-partnership model for the industry. The government has been fueling the new-energy vehicle sector by granting subsidies and tax cuts, which boosted production of new-energy cars in the last two years.
Ping An Securities said China’s electric car charger industry has grown rapidly, and the brokerage suggested investors also pursue shares in related sectors such as grid companies and new energy vehicle makers.
Guodian Nanjing Automation Co and Beijing Dynamic Power Co both rose by the daily 10 percent limit to 8.65 yuan (US$1.36) and 11.20 yuan respectively.
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