Shares rise despite IPO approvals
Print Edition
SHANGHAI stocks rose 1 percent yesterday despite the securities regulator approving a record number of new share offers.
The Shanghai Composite Index added 1 percent to 3,863.93 points. For the week, the barometer gained more than 4 percent.
The China Securities Regulatory Commission approved 30 initial public offerings after trading closed on Thursday. Half of the new IPOs will open for subscription on April 14. Of the 30 IPOs, 11 will list on the Shanghai exchange.
Haitong Securities said the market rally could cool as the new round may lure 3 trillion yuan (US$484 billion).
Sichuan Chengfa Aero Science & Technology Co jumped 3.68 percent to 45.92 yuan, and China Aerospace Times Electronics Co rose 3.82 percent to 20.94 yuan.
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