Tech-focussed STAR market lifts China shares; Hong Kong gains

** Shanghai's STAR rose 1.3% from near eight-month lows, after China's securities regulator said it would pilot market-making on the Nasdaq-style market, in a bid to deepen reforms and improve liquidity. ** In Hong Kong, the Hang Seng Tech Index is set to rise for the third consecutive session, up nearly 2% by the lunch break.


Reuters | Shanghai | Updated: 10-01-2022 10:35 IST | Created: 10-01-2022 10:30 IST
Tech-focussed STAR market lifts China shares; Hong Kong gains
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China shares rose on Monday, led by Shanghai's tech focussed STAR Market amid reform expectations, while Hong Kong shares gained on sustained rebound in technology shares. ** China's bluechip CSI300 index rose 0.4% to 4,839.22 at the end of the morning session, while the Shanghai Composite Index gained 0.3% to 3,588.40.

** In Hong Kong, the Hang Seng index added 0.8%, while the Hong Kong China Enterprises Index gained 1.2%. ** Shanghai's STAR rose 1.3% from near eight-month lows, after China's securities regulator said it would pilot market-making on the Nasdaq-style market, in a bid to deepen reforms and improve liquidity.

** In Hong Kong, the Hang Seng Tech Index is set to rise for the third consecutive session, up nearly 2% by the lunch break. ** The index has gained more than 7% from record lows hit last Thursday, as some investors think the sell-off in Chinese tech shares - fuelled by concerns of Beijing's crackdown - is overdone.

** Shares in China Life Insurance Co fell nearly 2% in both China and Hong Kong, after Chinese Central Commission for Discipline Inspection (CCDI) said on Saturday that it had placed China Life's Chairman Wang Bin under investigation. ** Citi analysts said the news could "cast a shadow" over China Life's share price, as "investors may have concerns over the insurer's corporate governance as well as potential business disruptions brought by the Chairman change".

** Shares of Chinese property developer Shimao Group Holdings jumped. ** Shimao Group has put on sale all of its real estate projects, including both residential and commercial properties, as the cash-strapped Chinese property developer accelerates asset disposals, Caixin reported.

** Shares of rival Longfor Group Holdings also rose sharply, after the developer proposed to spin off and separately list its unit Longfor Intelligent Living Ltd.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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