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China shares rise on restructuring hopes
(AP)
Updated: 2005-09-19 19:51

China shares rose modestly on Monday as investors bought shares in ailing companies in hopes they will be delisted and restructured, the Associated Press reported.

The benchmark Shanghai Composite Index nudged upward 0.63 percent to 1,220.63. The Shenzhen Composite Index rose 0.89 percent to 301.71. Buying in special treatment shares, or companies that have posted two straight years of losses, boosted the market Monday.

If companies in this category post losses for a third year, they are delisted. "The absolute prices of special treatment stocks are low. That has made them more enticing to investors," said Wu Jianxiong, an analyst at Guotai Junan Securities.

Anhui Feicai Vehicle Co. rose 5 percent, the daily limit for special treatment shares, to 1.79 yuan. Hunan Guoguang Ceramic Group Co. was also up its 5 percent limit, closing at 1.80 yuan.

Shares of companies that generate electricity from hydro, wind, and solar power, also attracted large amounts of speculative funds.

"The market is crowded with speculators now. Many people are ignoring company fundamentals to bet money on companies regarded as new or different on hopes they will attract attention," said analyst Pei Xiaoyan at Joint Securities.

Baoding Tianwei Baobian Electric Co. surged 10 percent, the daily limit for regular shares, to 11.39 yuan. Wuhan Linuo Solar Energy Group Co. also went the limit to close up at 6.59 yuan.

With China's weeklong National Day holiday approaching, traders say trading activity will decline in coming sessions.

China's stock markets will be closed during the period, which begins Oct. 1.

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