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China shares rise on improved liquidity, strong IPO debuts
June 26, 2014 / 7:06 AM / 3 years ago

China shares rise on improved liquidity, strong IPO debuts

HONG KONG, June 26 (Reuters) - China shares finished higher on Thursday, helped by the central bank’s move to allow more funds in the market and the debut of the first three listings in more than four months.

The People’s Bank of China abstained from open market operations on Thursday, traders said, meaning it will inject a net 12 billion yuan ($1.93 billion) into the market this week, easing some jitters about a possible cash crunch.

The Shanghai Composite Index gained 0.7 percent at 2,038.68 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings was also up 0.7 percent.

In Shenzhen, all three new listings - Feitian Technologies , Wuxi Xuelang Environmental Technology, and Shandong Longda Meat Foodstuff - surged the maximum allowed 44 percent in their trading debuts, showing pent-up demand that bodes well for a raft of coming initial public offerings.

Brokerages were stronger, lifted by the IPOs. CITIC Securities climbed 1.2 percent and Haitong Securities 0.8 percent, among the biggest CSI300 boosts.

$1 = 6.2090 Chinese Yuan Renminbi Reporting by Grace Li; Editing by Richard Borsuk

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