Shares rise over 2% on reforms to SOEs
Print Edition
SHANGHAI stocks jumped over 2 percent yesterday as recent measures to reform state-owned enterprises brought a wide smile on investors’ faces.
The Shanghai Composite Index rose 2.17 percent to 5,131.88 points.
The State-owned Assets Supervision and Administration Commission has released a guideline encouraging SOEs to restructure their affiliated companies to become more efficient and competitive.
Qilu Securities said investors took the cue from the measures and the recent huge merger of China’s top two trainmakers to pursue blue chips related to the SOE reform.
The brokerage added that industries linked to the “One Belt, One Road” initiative will also benefit from the SOE restructuring move.
Air China and China International Travel Service Corp both rallied by the 10 percent daily limit to 13.48 yuan (US$2.17) and 68.37 yuan.
The China Securities Regulatory Commission on Friday said 166 companies have raised 104.1 billion yuan from their initial public offerings this year, surpassing 69.1 billion yuan raised for the whole of last year.
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