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IPO delay gives a lift to Shanghai stocks
Aggregated Source: Shanghai Daily: Business

SHANGHAI stocks gained four days in a row this morning on reports that China's securities regulator may postpone new IPOs to August.

The benchmark Shanghai Composite Index added 8.20 points, or 0.35 percent, to 2,329.52. Turnover was 63.8 billion yuan (US$10.5 billion) by the noon break.

The China Securities Regulatory Commission may resume IPO approvals in the second half of August, The 21st Century Business Herald reported today, citing unnamed sources.

The timing is later than the widely expected June. The commission has suspended IPO approvals since December and ordered companies applying for IPOs on domestic bourses to double-check their financial status in a bid to eliminate frauds.

Heavy industries led the market up. Jiangxi Hongdu Aviation Industry Co gained 5 percent to 21.01 yuan. China Spacesat Co added 1.6 percent to 19.02 yuan.

SAIC Motor Corp Ltd rose 2.8 percent to 16.02 yuan. Guangzhou Automobile Group Co surged by the daily limit of 10 percent to 10.13 yuan.

Brokerages declined. Founder Securities lost 1.5 percent to 7.75 yuan. CITIC Securities, China's largest broker shed 0.5 percent to 13.19 yuan.

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Copyright Shanghai Daily: Business