Yicai Global) March 27 -- China's stock market opened higher with an expanded subsidy policy for electric vehicles driving new energy vehicle infrastructure sectors high.

The Shanghai Composite Index rose by 0.5 percent to 3,012.26, the Shenzhen Component Indexincreased 0.73 percent to 9,582.03 and the ChiNext Index rose 0.61 percent to 1,640.20.

Hydrogen energy, fuel cells and charging piles formed the vanguard after Beijing announced it is lowering subsidies for new energy vehicles, but extending them to include producers of supporting infrastructure, hence these rose the most.

Firms behind the sci-tech innovation board and those in the hemp sector led the rout, apparently going out of fashion after a two-day splurge.

Hong Kong's Hang Seng Index opened 0.01 percent lower at 28,564.71. Cathay Pacific [HK:0293] gained 1.46 percent after announcing its HKD4.9 billion (USD624 million) takeover of Hong Kong's only budget carrier HK Express. Fosun International [HK:0656] gained 4 percent after reporting 1.9 percent profit growth to CNY13.4 billion (USD2 billion) last year.

Editor: Ben Armour