Chinese Stocks Rise Over Government Crackdown on Illicit Overseas Securities Activities, Probe on Liushenyu Mine Blast
Chinese shares started the week strong, closing Monday with gains after the government announced a crackdown on illicit cross-border securities activities and a probe into one of China's deadliest mining accidents last week.The Shanghai Composite Index added 1%, or 39.67 points, to close Monday's trade at 4,152.57. The Shenzhen Component Index climbed 1.7%, or 259.31 points, to 15,856.61.The equities of some Chinese brokerages rose amid the China Securities Regulatory Commission's crack down on overseas brokers that are conducting cross-border business operations without the regulator's approval.The Shanghai stocks of CITIC Securities' (SHA:600030, HKG:6030) and Guotai Haitong Securities (SHA:601211, HKG:2611) rose 1.2% and and 0.8%, respectively.Equities, especially coal stocks, were lifted after the government announced a probe into the gas explosion at Shanxi Tongzhou Group's Liushenyu coal mine.In corporate news, Tianshui Huatian Technology (SHE:002185) jumped 10% amid plans to construct an integrated circuit industrial base for 3 billion yuan.Cambricon Technologies (SHA:688256) climbed 9.4% after the board of directors' approval of a 12-billion-yuan comprehensive credit line for the chipmaker.Wingtech (SHA:600745) inched 5% higher after suing its subsidiary, Nexperia, as it sought up to 8 billion yuan in damages while demanding to regain control of the Dutch subsidiary.
