February 26, 2018 / 4:21 AM / 3 months ago

China stocks rise as start-ups shine; HK shares higher

* SSEC 0.7 pct, CSI300 0.7 pct, HSI 0.6 pct

* HK->Shanghai Connect daily quota used 8.5 pct, Shanghai->HK daily quota used 6.3 pct

* FTSE China A50 +0.1 pct, BNY Mellon ADR China Select Index +1.6 pct

SHANGHAI, Feb 26 (Reuters) - China stocks rose on Monday, led by start-ups, as traders expected small-caps including start-ups to benefit from a proposal to delay reforms for initial public offerings (IPOs).

China’s top securities regulator Liu Shiyu proposed to delay a deadline for the government to authorise a registration-based initial public offering mechanism until Feb. 29, 2020, the official Xinhua News Agency reported on Friday.

Market participants were also keeping a close watch on the impact of certain amendments in the wording of China’s constitution.

China’s ruling Communist Party on Sunday set the stage for President Xi Jinping to stay in office indefinitely, with a proposal to remove a constitutional clause limiting presidential service to just two terms in office.

“We will be vigilant to its impact on China’s economic cycle. We believe the authorities have a chance to extend the current policy direction and other initiatives for a longer time,” ANZ wrote in a report.

“The authorities believe it needs more reforms (for example, the SOE reform) and the reform agenda would last for a few more decades,” ANZ added. ** At 04:01 GMT, the Shanghai Composite index was up 23.74 points or 0.72 percent at 3,312.77. ** China’s blue-chip CSI300 index was up 0.7 percent, with its financial sector sub-index 0.28 percent lower, the consumer staples sector down 0.18 percent, the real estate index down 2.57 percent and healthcare sub-index up 0.7 percent. ** Chinese H-shares listed in Hong Kong rose 0.68 percent to 12,821.15, while the Hang Seng Index was up 0.61 percent at 31,459.15. ** The smaller Shenzhen index was up 1.7 percent and the start-up board ChiNext Composite index was higher by 2.89 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was 0.59 percent firmer, while Japan’s Nikkei index was up 1.03 percent. ** The yuan was quoted at 6.318 per U.S. dollar, 0.31 percent firmer than the previous close of 6.3379. ** The largest percentage gainers on the main Shanghai Composite index were Pengxin International Mining Co Ltd, up 10.01 percent, followed by Guangdong Guanhao High-Tech Co Ltd , gaining 9.95 percent, and Zhongnongfa Seed Industry Group Co Ltd, which was 8.15 percent higher. ** The largest percentage losers on the Shanghai index were Aluminum Corp of China Ltd, down 10.01 percent, followed by Poly Real Estate Group Co Ltd, losing 4.09 percent, and Sichuan Languang Development Co Ltd , down 3.32 percent. ** So far this year, the Shanghai stock index is down 0.55 percent, while China’s H-share index is up 8.8 percent. Shanghai stocks have declined 5.51 percent this month. ** The top gainers among H-shares were Great Wall Motor Co Ltd , up 6.19 percent, followed by Byd Co Ltd, which gained 3.69 percent and Anhui Conch Cement Co Ltd , which was 2.24 percent higher. ** The three biggest H-shares percentage decliners were China Minsheng Banking Corp Ltd, which has fallen 0.70 percent, China Vanke Co Ltd, which has lost 0.5 percent, and China Citic Bank Corp Ltd, down 0.5 percent. ** About 10.49 billion shares have traded so far on the Shanghai exchange, roughly 49.7 percent of the market’s 30-day moving average of 21.12 billion shares a day. The volume traded was 14.58 billion as of the last full trading day. ** As of 04:01 GMT, China’s A-shares were trading at a premium of 27.29 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and above its 200-day moving average. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares rose 1 percent, while the IT sector rose 0.1 percent. The top gainer on the Hang Seng index was Geely Automobile Holdings Ltd, up 7.74 percent, while the biggest loser was Country Garden Holdings Co Ltd, which was down 1.73 percent.

Reporting by Luoyan Liu, Samuel Shen and John Ruwitch; Editing by Biju Dwarakanath

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