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August 3, 2016

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SOE reform gives a lift to shares

SHANGHAI shares rose yesterday as investors were buoyed by progress made to reform state-owned enterprises in the city.

The Shanghai Composite Index added 0.61 percent to close at 2,971.28 points.

Y.U.D.Yangtze River Investment Industry Co, a state-owned industrial investment firm, rose by the daily limit of 10 percent to 22.64 yuan (US$3.4), as did Shang Gong Group Co, a sewing machine producer, to 16.62 yuan. Shanghai International Port Co added 2.8 percent to 5.49 yuan.

The market was lifted by a notice on Monday from Shanghai International Port Co that all its employees were shareholders in the firm, which was reported by the People’s Daily yesterday. The employee stock ownership plan is part of measures to motivate staff in SOEs.

The newspaper also said that all actions related to the SOE reform in Shanghai would be taken by the end of this year.


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