HONG KONG Jan 8 China's ChiNext index jumped on
Wednesday as investors cheered an official report that insurance
companies will be allowed to invest in firms listed on the
Nasdaq-like board of mostly technology start-ups in Shenzhen.
At 0152 GMT, the ChiNext index was up 3 percent
at 1,317.8 points, outperforming the 0.8 percent rise for the
CSI300 index of the biggest Shanghai and Shenzhen
The official China Securities Journal reported on Wednesday
that the China Insurance Regulatory Commission (CIRC) is
allowing insurers to invest in ChiNext-listed firms as long as
they are not under investigation by regulators.
Firms that have been punished or censured by regulators in
the past year are also out of bounds, the report said.
Additionally, insurers have to report to CIRC any holdings
that reach or exceed 5 percent.
(Reporting by Clement Tan; Editing by Kenneth Maxwell)