Chinese Stocks Rally On Tech Equities' Surge Despite Drug Export Restrictions Concerns

MT Newswires Live
Sep 11

Chinese shares rallied at the close as technology equities led the market, despite concerns that the US would impose drug export restrictions from China.

The Shanghai Composite Index jumped 1.7%, or 63.09 points, to finish Thursday's trade at 3,875.31. The Shenzhen Component Index soared 3.4%, or 422.21 points, to 12,979.89.

Chinese drug equities dipped following reports that the Trump administration is looking at placing curbs on medicines from China, but the slump was offset by a surge in tech stocks, such as Cambricon Technologies (SHA:688256), which received approval from the Chinese securities regulator for a private share placement. The pricing details were not yet disclosed.

Zhongji Innolight (SHE:300308) and Eoptolink Technology (SHE:300502) both surged 14% and 13%, respectively.

In corporate news, Guangdong HEC Technology (SHA:600673) jumped 4.7% after plans to indirectly own a stake in Chindata China through a capital increase.

Huatai Securities' (SHA:601688, HKG:6886) Shanghai shares rose 3.5% after applying to list $3 billion medium-term bonds on the Hong Kong Stock Exchange.

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