Hong Kong Shares Leap as Investors Eye China’s Market Reform Measures; PC Partner Closes 27% Higher

MT Newswires Live06-19

Hong Kong stocks rose on Wednesday following a boost in investor sentiment resulting from the announcement of financial market reforms at the Lujiazui financial forum in Shanghai today.

Wu Qing, China’s top stock market regulator, announced its plan to introduce eight reform measures to overhaul Shanghai’s Nasdaq-style tech board, the Shanghai Science and Technology Innovation Board, which is also known as the Star market.

According to the head of China’s securities regulator, the measures are a part of the country’s effort to improve the quality of listed companies while maintaining the crackdown on market misconduct.

The Hang Seng Index jumped by 2.87 %, or 514.84 points, to close Wednesday’s session at 18,430.39. The Hang Seng China Enterprises Index also jumped by 3.45%, or 219.67 points, to close at 6,587.77.

In corporate news, Ride-hailing app Dida Chuxing is now a step closer to its Hong Kong initial public offering plan after passing a listing hearing with the Hong Kong Exchange, according to a June 12 filing with the bourse. The company, China's second-largest ride-hailing platform after DiDi Chuxing, has not yet disclosed the amount it intends to raise from the IPO.

PC Partner Group (HKG:1263) forecasts its attributable profit will surge 7.5 times higher to HK$150 million in the six months ended June 30 from HK$20 million in the year-ago period. The company’s shares were up over 27% on Wednesday’s close.

Shougang Century Holdings’ (HKG:0103) substantial shareholder Fair Union Holdings and Lyre Terrace Management, a shareholder of the company, intend to transfer shares they hold in the company by soliciting transferees through public bidding. The company’s shares were up over 6% on Wednesday’s close.

KNT Holdings (HKG:1025) expects a loss of at least around HK$25 million for the year ended March 31, down from HK$31.3 million a year prior. The company’s shares were down over 7% on Wednesday’s close.

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