Chinese Stocks Drop on Rate Cut Bets; Baotou Tianhe Magnetics, HuangShan Googe Stage Strong Debuts

MT Newswires Live

Jan 03, 2025

Chinese shares extended their losses on Friday, driven by reports that the central bank is considering cutting interest rates later this year.

The Shanghai Composite Index slipped 1.6%, or 51.13 points, to cap the trading week at 3,211.43. The Shenzhen Component Index lost 1.9%, or 190.94 points, to 9,897.12.

The People's Bank of China (PBOC) signaled its intention to potentially lower key rates "at an appropriate time" from the current 1.5% level, the Financial Times reported.

In corporate news, two companies recorded gains at the close of their trading debut.

Rare earth magnet materials maker Baotou Tianhe Magnetics Technology (SHA:603072) surged 290% after its shares closed on the Shanghai bourse at 48 yuan apiece versus its IPO price of 12.30 yuan per share.

HuangShan Googe (SHE:301581) soared 155% from its initial public offering price of 27.50 yuan per share to 70.01 yuan on the Shenzhen bourse.

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The Shenzhen Component Index lost 1.9%, or 190.94 points, to 9,897.12.</p><p>The People's Bank of China (PBOC) signaled its intention to potentially lower key rates \"at an appropriate time\" from the current 1.5% level, the Financial Times reported.</p><p>In corporate news, two companies recorded gains at the close of their trading debut.</p><p>Rare earth magnet materials maker Baotou Tianhe Magnetics Technology (SHA:603072) surged 290% after its shares closed on the Shanghai bourse at 48 yuan apiece versus its IPO price of 12.30 yuan per share.</p><p>HuangShan Googe (SHE:301581) soared 155% from its initial public offering price of 27.50 yuan per share to 70.01 yuan on the Shenzhen bourse.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"603072","symbol_name":"天和磁材","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2500684911","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2500684911","pubTimestamp":1735890095,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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