China's Mainland Stock Markets Rise Into Lunch on New Energy Policy
Dou Shicong
DATE:  Dec 23 2020
/ SOURCE:  Yicai
China's Mainland Stock Markets Rise Into Lunch on New Energy Policy China's Mainland Stock Markets Rise Into Lunch on New Energy Policy

(Yicai Global) Dec. 23 -- New energy sectors led China's mainland stock markets to a higher close at the half break after the country declared its priority commitment to the development of clean energy in a white paper.

The Shanghai Composite Index closed 0.85 percent higher at 3,385.35. The Shenzhen Component Index was at 14,033.19, up 1.09 percent and the ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, climbed 1.53 percent to 2,854.72.

Firms in the photovoltaic and wind power industries led the gainers. Risen Energy [SHE:300118], a solar cell maker based in Zhejiang province, surged to the 20 percent limit to halt trading at CNY28.26 (USD4.32). Wind power generator developer Zhejiang Windey [SHE:300772] jumped 18.55 percent to CNY18.60.

China will prioritize non-fossil energy, including solar, wind and hydropower, and strive to substitute low-carbon for high-carbon energy and renewables for fossil fuels, per a report the country’s cabinet the State Council released on Dec. 21.

Editor: Ben Armour

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Keywords:   Shanghai Composite Index,Shenzhen Component Index,ChiNext Price Index