China Shares Trade Mixed as Tech Losses Temper Commodity, Gold Gains; Fuji-Ta Bicycle Surges 115%
Chinese shares saw mixed trade on Thursday with gains in commodities and precious metals tempered by losses in the technology sector.The Shanghai Composite Index, the main gauge of Chinese stocks, closed 0.6% lower to 3,900.35. The Shenzhen Component Index fell 0.2% to 14,110.12.The coal sector led the gains in China's equities market, supported by the rise of the CCI index for thermal coal across the board, China Fund News reported. Beijing Haohua Energy Resource (SHA:601101) and Henan Dayou Energy (SHA: 600403) saw their stocks jump 10%.The precious metals sector also saw continuing gains, with major gold players Shanjin International Gold (SHE:000975) and Zhaojin International Gold (SHE:000506) rising more than 5%.Meanwhile, tech stocks were down amid a selloff stemming from reports that the U.S. is drafting regulations to ban imports of Chinese-made next-generation optical transceivers, and rising concerns about AI spending after SpaceX reported a surge in capital spending in its first quarterly results as a public company.In company news, Tianjin Fuji-Ta Bicycle Industrial (SHA:603468) shares closed at 37.49 yuan on their first day of trading on the Shanghai bourse. This marked a 115% jump from the bicycle maker's initial public offering price of 17.46 yuan.
