Possible merger of trainmakers boosts shares
Print Edition
SHANGHAI stocks rallied more than 2 percent yesterday, propelled by the strong performance of trainmakers due to a merger speculation.
The Shanghai Composite Index rose 2.07 percent to 2,337.87 points after dropping for five straight trading days.
China CNR Corp and CSR Corp, two leading companies in the high-speed train industry, said on Monday evening they were planning a major move. Their shares were suspended from trading on Monday.
There has been recent market speculation of a possible merger between the two large enterprises. A decision is expected over the weekend.
The possible merger will combine the strength of the companies in research and investment, Guotai Junan Securities said. Initially both companies will face challenges of working under a unified brand, the brokerage said.
Taiyuan Heavy Industry and Baotou Beifang Chuangye both surged by the daily limit of 10 percent to 5.57 yuan (91 US cents) and 14.85 yuan, while China Railway Construction Corp climbed 9.96 percent to close at 6.07 yuan.
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