Brokerages and easier IPO rules propel shares
Print Edition
SHANGHAI stocks rebounded more than 1 percent yesterday, as investors were encouraged by a government plan to ease curbs on initial public offerings while brokerages also soared.
The Shanghai Composite Index rose 1.39 percent to 2,486.79 points. For the week, the barometer shed 0.80 percent.
The State Council, or China’s Cabinet, said on Wednesday that the government will loosen administrative control on the IPOs of companies, such as cancelling the requirement that a company must show consistent profit history, in order to ease efforts by smaller enterprises to list on the exchange.
Meanwhile, Guotai Junan Securities said the brokerage sector was encouraged by the profits of 19 listed brokerages which soared 238 percent year on year in October.
China Merchants Securities, Industrial Securities and Everbright Securities all surged by the daily limit of 10 percent to 14.85 yuan (US$2.42), 9.24 yuan and 14.19 yuan.
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