Asia
Chinese Shares Rose as Industrial Profit Growth Accelerates; China Spacesat Rises 4%
Chinese equity markets climbed on Monday, fueled by data demonstrating an accelerated pace of profit growth across the country's major industrial enterprises during the first five months of the year.The Shanghai Composite Index, the main gauge of Chinese stocks, rose 1.2% to 4,073.90. The Shenzhen Component Index climbed 0.2% to 15,812.87.Profits of China's major industrial firms grew 18.8% year over year to 3.14 trillion yuan during the first five months of the year, according to data from the National Bureau of Statistics on Saturday.The year-to-date pace accelerated compared with the 18.2% expansion recorded in the previous four-month period, but missed the Trading Economics forecast for a 20% growth. In May alone, industrial profits jumped 21% year over year.Meanwhile, Xiong'an New Area has secured state approval to launch a national-level intellectual property protection hub.The center, green-lit by the State Intellectual Property Office, promises a "one-stop" service for rapid patent reviews and rights protection. The move is expected to slash average patent approval times by 70%.In company news, China Spacesat (SHA:600118) affiliate Shenzhen Aerospace Xinyuan Technology is planning a capital increase via a public listing process on a property rights exchange platform. Shares of the satellite manufacturer closed 4% higher Monday.
Shanghai Composite^SZSESHA:600118
