Shares rise on easing fears of IPO flood
Print Edition
SHANGHAI shares rose yesterday after China’s securities regulator signaled the shift to registration-based initial public offerings will be delayed, easing fears about a flood of new listings.
The Shanghai Composite Index gained 1.75 percent to settle at 2,859.5 points.
Investors were encouraged by comments of Liu Shiyu, the newly appointed head of the China Securities Regulatory Commission, who said during a press conference on Saturday that it was too early to talk about the exit of state-backed funds from the stock market.
Liu also said that the reform toward a registration-based IPO system would “take a relatively long time.”
“Liu’s remarks indicated a delay in the registration-based IPO system, which was one of the main drivers behind market gains,” Gao Ting, head of China strategy at UBS Securities, said yesterday.
Technology firms rose. Inspur Software Co rose by the daily limit of 10 percent to 28.90 yuan (US$4.45), as did Hundsun Technologies Inc to 40.80 yuan.
Gao predicted that medium and large-cap stocks to rebound in the following two to three months.
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