SHANGHAI :
Fintech, Vaccine Stocks Lift China’s Markets at Close
Xu Wei
DATE:  Jul 21 2020
/ SOURCE:  Yicai
Fintech, Vaccine Stocks Lift China’s Markets at Close Fintech, Vaccine Stocks Lift China’s Markets at Close

(Yicai Global) July 21 -- China’s mainland equities nudged higher today, driven by gains among fintech and vaccine-related stocks after Ant Group, the financial services arm of e-commerce giant Alibaba, set out plans to go public in Shanghai and Hong Kong, and on global progress made in the search for a Covid-19 jab.

The Shanghai Composite Index finished at 3,320.89, up 0.2 percent, while the Shenzhen Component Index rose 0.65 percent to 13,536.17. The ChiNext Price Index, which tracks growth stocks in Shenzhen, gained 1.45 percent to 2,636.51.

Stocks connected with Ant, the parent company of the world’s largest mobile payments platform Alipay, jumped by the exchange-imposed limit of 10 percent today after the Hangzhou-based company said yesterday that it has set in motion the processes for parallel initial public offerings on Shanghai’s Nasdaq-like Star Market and the Hong Kong Stock Exchange.

Among those to benefit from the news were Hefei Urban Construction Development [SHE:002208], which reached CNY12.55 (USD1.80), Hunan Copote Science and Technology [SHA:600476], which soared to CNY15.46, and Youon Technology [SHA:603776], which hit CNY22.21.

News that clinical trials for vaccines against the novel coronavirus developed separately by teams in China and the UK have proved to be safe and to induce immune responses in human subjects, sent vaccine-related equities higher by an average of 5.2 percent.

Editor: Kim Taylor

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Keywords:   Stock markets,Closed