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China news tagged with: stock markets (18)

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Trading To Start On China’s New Small Stock Index
From AP:
Trading on China’s new stock market catering to smaller companies will begin Oct. 23, the chairman of the country’s securities regulator said Saturday.
The Growth Enterprises Market is meant to nurture private companies that struggle to get financing in a system favoring big state enterprises.
Shang Fulin said the first day of the new board will see an initial batch of 28 companies listed and available for trading, according to the official Xinhua News Agency.
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- October 17, 2009 6:48 PM
China Stocks Drop Most in 9 Months, Led by Commodity Suppliers
From Bloomberg:
China’s benchmark stock index fell the most in nine months as foreign direct investment plunged, Ping An Insurance (Group) Co.’s profit missed estimates and Yunnan Copper Industry Co. said there are “no clear signs” of a recovery.
Ping An, the nation’s second-biggest insurance company, fell 3.9 percent after first-half net income dropped 45 percent. Yunnan Copper sank the 10 percent daily limit after posting a first-half loss and the metal dropped by the maximum in Shanghai. Foreign direct investment fell 35.7 percent in July as companies stalled expansion plans amid the global financial crisis.
The Shanghai Composite Index, tracking the bigger of China’s exchanges, fell 176.34, or 5.8 percent, to 2,870.63 at the close, the worst day since Nov. 18 and the lowest since June 18. The gauge has declined 17 percent from this year’s high on Aug. 4 on concern a slump in exports and new loans will damp economic growth. It remains 58 percent higher this year.
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- August 17, 2009 6:49 PM
China’s Stimulus-fueled Stock Boom Alarms Beijing
From AP:
The middle-aged crowd in the packed Guosen Securities office jostle around buzzing printers that spit out receipts for their share buys, hoping to cash in on China’s stimulus-fueled stock market boom.
“The central government has to fulfill their promise of 8 percent economic growth,” said Wu Jun, 62, a retired civil servant who invested part of his life savings of 50,000 yuan ($7,300) and lives on a 2,000 yuan-a-month ($290 a month) pension. “They’ll come up with measures to keep the market in good shape.”
But while investors expect the market — up more than 80 percent this year — to keep rising, Chinese leaders are alarmed. They worry that too much of the $1 trillion lending binge by state banks that paid for China’s nascent revival was diverted into stocks and real estate, raising the danger of a boom and bust cycle and higher inflation less than two years after an earlier stock market bubble burst.
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- August 2, 2009 9:29 PM
Sanjin, Wanma Halted in Shenzhen After Surging on Trading Debut
From Bloomberg:
China’s first two companies to go public in nine months surged on their trading debuts, triggering stock suspensions under a new system aimed at curbing speculation.
Guilin Sanjin Pharmaceutical Co. and Zhejiang Wanma Cable Co. were halted on the Shenzhen exchange after jumping 20 percent from their opening prices. Both stocks resumed trading after a 30-minute suspension.
The gains underscore demand for new equity in a nation where households wield $3.6 trillion in bank savings and cast doubt on the effectiveness of the government’s attempts to prevent excessive first-day price swings. The China Securities Regulatory Commission halted initial public offerings in September and revised pricing rules last month, after companies that went public in 2008 gained an average 152 percent on debut.
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- July 10, 2009 12:13 AM
Chinese Shares Rise To New 1-year High
From AP:
China’s shares edged up Friday to a new one-year high on optimism about a possible economic revival, with real estate and dairies up but banks and metals mixed.
The benchmark Shanghai Composite Index climbed 1.67 points, or 0.05 percent, to close at 3,061.93, its highest level since June 10, 2008. For the week, it rose 3 percent.
The Shenzhen Composite Index for China’s second, smaller market rose 1.38 percent, or 13.66 points, to 1,000.68.
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- July 3, 2009 7:25 PM
Markets in China Fly High Once More
Optimistic financial news from the New York Times:
Fueled by renewed confidence in economic growth in China and perhaps the kind of frenzied buying that took place a few years ago, Chinese stock prices are once again soaring.
The Shanghai composite index rose 52 points Thursday, to close at 3,060.25, putting the index up 68 percent this year.
In Hong Kong, the Hang Seng index fell slightly Thursday after ending its best quarter in 15 years on Tuesday. That index is up about 20 percent for 2009.
Though well off their 2007 highs, Chinese stock markets are again among the world’s best performing this year.
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- July 3, 2009 7:08 PM
Is a China Stock Bubble Forming?
From Time:
When the outlandish stock-market events of 2009 are tallied up, the initial public offering (IPO) in Hong Kong of Chinese herbal shampoo maker Bawang International will be a standout. Within 10 minutes of the June 22 opening of the subscription period for shares, one local brokerage, Bright Smart Securities, was swamped with the equivalent of $129 million in orders. In all, the shampoo company received more than $9 billion in orders from Hong Kong retail investors for an IPO that initially sought to raise just $215 million.
Such examples of excessive investor ardor for new Chinese stocks aren’t hard to find. Shares of Chinese water-treatment-equipment supplier Duoyuan Global Water soared 37% on June 24, its first day of trading on the New York Stock Exchange. Back in Hong Kong, Chinese thenardite producer Lumena Resources (thenardite is a key ingredient in powder detergents, textiles, glass, chemical feedstock and pharmaceuticals) rang up 19% in gains on June 17. On June 22, the IPO of China Metal Recycling closed 22% higher.
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- July 2, 2009 12:52 AM
China Issues Rules To Allow Resumption Of IPOs
From Reuters:
China’s securities regulator has issued new rules reforming initial public equity offers, paving the way for an immediate resumption of a backlog of stock IPOs that had been halted since last September.
More than 30 companies, including Everbright Securities, a top-10 brokerage, and China State Construction Engineering Corp, the biggest home builder, have won regulatory approval and have been waiting for up to a year to go public after a slumping stock market in 2008 spurred the regulator to quietly suspend IPOs last autumn.
An IPO resumption could push at least 100 billion yuan ($15 billion) in new shares onto the market this year, according to Reuters calculations based on the waiting list, but China’s stock market has generally been rising after the regulator hinted in late May that it would soon resume such offerings.
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- June 10, 2009 10:56 PM
Chinese Stock Market Lacks Solid Foundation, Regulator Says – AP
From AP via the International Herald Tribune:
The top Chinese securities regulator warned Monday that the country’s stock markets lacked long- term stability and required significant reforms, despite a sustained rally over the past year that has lifted valuations on both the country’s bourses to unprecedented levels.
Chinese stocks surged to another record high Monday, with the benchmark Shanghai Composite Index gaining 3.6 percent to close at 2,933.19 because of strong buying of retailers and transportation shares. The smaller Shenzhen Composite Index jumped 4.2 percent to 700.20, also a record close.
In a speech published on the front page of the Shanghai Securities News, Shang Fulin, head of the China Securities Regulatory Commission, said that the recent “positive change” in the Chinese stock market was only preliminary.[Full Text]
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- January 22, 2007 3:39 PM
China Allows Nasdaq, NYSE to Set up Shop – AP
From AP via Business Week:
China has agreed to allow the Nasdaq Stock Market and the New York Stock Exchange to open formal business offices in China, Finance Minister Jin Renqing announced Friday.
Jin did not give a timetable for opening the offices or any other details. The announcement came after two days of high-level talks with U.S. officials.
Dozens of Chinese companies have listed shares on the Nasdaq and NYSE Group Inc.’s New York Stock Exchange, and both are eager for business as China’s economy booms.[Full Text]
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- December 15, 2006 11:22 AM
Soaring Chinese Stock Market Breaks Record – David Barboza
From International Herald Tribune:
Riding an incredible wave of investor optimism, the main Chinese stock index jumped Thursday to close at 2,249.11 points, breaking a 2001 record.
The run-up adds to a powerful rally in which Chinese stock prices nearly doubled in 2006, ending an ugly and debilitating four-year bear market in stock prices here.
Although the Chinese economy has been sizzling over the past few years, until recently the country’s markets had been depressed. Many economists and financial analysts had even labeled the Chinese stock market a casino stocked with companies with dubious balance sheets. But suddenly, after a raft of government changes, investors are once again piling into stocks and sending prices to record highs.[Full Text]
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- December 14, 2006 7:57 PM
Individual Investors Flock to Booming China Shares – Reuters
From Reuters via the Washington Post:
Sitting on worn plastic chairs in a downtown Shanghai brokerage hall, more than a hundred people in their 50s and 60s trade rumors, stare at electronic boards displaying prices, or just get on with their knitting.
“I like to come here every day. I regard this as my new office,” said Madame Zhou, who retired two years ago and has recently put 20,000 yuan ($2,545) in the stock market, roughly the annual disposable income of an average Shanghai resident.
Zhou, who knits when no fast-rising stock takes her fancy, is part of a major shift in China’s financial world — the return of individual investors to the equity market.[Full Text]
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- November 14, 2006 11:00 AM
Guangfa’s Chen Buys Winemakers to Lift Small-Cap Fund – Zhang Shidong
From Bloomberg:
Chen Shide is beating all mutual funds investing in China by buying shares of Shanxi Xinghuacun Fen Wine Factory Co. and Yantai Changyu Pioneer Wine Co., which are benefiting from growing personal incomes.
Chen’s 1.69 billion yuan ($212 million) Guangfa Small Cap Growth Equity Fund has returned 101 percent over the past 12 months. That is more than double the gain, including reinvested dividends, of the Shanghai Composite Index. It is the top mutual fund among 346 open-end China equity funds that are tracked by Bloomberg.
“My sole criteria for selecting small-cap stocks is stable earnings growth,” said Chen, 40, a fund manager with GF Fund Management Co. in Guangzhou, in a telephone interview. “The earnings growth for consumer stocks will be quite sustainable and impressive in the coming couple of years.” [Full Text]
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- August 3, 2006 7:45 AM
Bank of China lists shares in Shanghai after mega IPO – China Economic Net
From China Economic Net:
Shares in Bank of China, one of the nation’s “big four” lenders, made a strong debut in Shanghai Wednesday morning as the new number-one on China’s stock markets.
BOC’s initial public offering was valued at a hefty 20 billion yuan (2.5 billion U.S. dollars), and its equities, totaling 253.8 billion shares, dwarfed the former front-runner Sinopec Corp., which has 86.7 billion shares.
Investors were snapping up shares of Bank of China, the first state bank listed in China’s mainland, as there is strong pent-up demand for new shares, analysts say.[Full Text]
For more news about Bank of China’s IPO, [click to see]
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- July 5, 2006 6:56 AM
‘Illogical’ China IPO examined – Richard Spencer
From Telegraph:
The first share float on the Chinese stock exchanges since the end of a temporary moratorium on initial public share offerings by state-run firms is being investigated by the Chinese authorities because of suspicions of market-rigging.
CAMC Engineering, a machinery contractor, saw its share price quadruple when it was launched on the Shenzhen stock exchange on Monday last week. It fell 10pc each day thereafter – the maximum allowable – for the rest of the week until Friday.
The shares soared from 7.40 yuan to 31.97 yuan on the first trading day, after rising as high as 50 yuan. By Monday, when the inquiry was launched, they were down to 18.87 yuan.[Full Text]
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- June 28, 2006 6:08 AM