(Yicai Global) Jan. 28 -- China's stock markets went into the lunchtime break only slightly higher despite an early surge at the opening after the sector's regulator named a new head.
Major indexes traded strongly early on before subsiding mid-morning. China's A-share market was buoyed by the installation of a new chairman at the China Securities Regulatory Commission.
The Shanghai Composite Index was up 0.3 percent to close at 2,610.14 points for lunch, after hitting 2,630.32 earlier. The Shenzhen Component Index closed up 0.6 percent at 7,639.11 points and the ChiNext Price Index, which tracks growth enterprises in Shenzhen, was up 0.2 percent at 1,268.09 points after gaining as much as 1 percent intraday.
The CSRC appointed Yi Huiman, former chairman of China's biggest commercial lender, the Industrial and Commercial Bank of China, as chair to replace Liu Shiyu who has taken another role in market regulation.
Under Liu, the CSRC had launched a series of measures to crack down on illegal activities in the capital market, but he was unable to stop the market's downtrend which had drained investor confidence. The Shanghai Composite Index has lost as much as 30 percent of its value since peaking last January.