Chinese Stocks Snap Three-Day Losing Streak On Positive Sentiment on Tech

MT Newswires Live12-05

China's equities rebounded after three days of losses due to optimism on technology stocks, including the newly-debuted Moore Threads Intelligent Technology (Beijing) (SHA:688795).

The Shanghai Composite Index added 0.7%, or 27.01 points, to cap the trading week at 3,902.81. The Shenzhen Component Index jumped 1.1%, or 140.96 points, to 13,147.68.

Moore Threads, which analysts call "China's Nvidia", soared 425.5% at the close of its trading debut on the Shanghai Stock Exchange. Its shares closed at 600.5 yuan apiece, which is more than five times its initial public offering of 114.28 yuan apiece.

In corporate news, Guizhou Chitianhua (SHA:600227) soared 10% after appointing Liu Ning as chief financial officer.

Tongling Nonferrous Metals (SHE:000630) jumped 3.7% after obtaining approval for the capital increase of Tongling Nonferrous Metals Group Finance.

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