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Sheng
Xiaolan, a 27-year-old county-level civil servant in Zhejiang province and a
long-time investor, considers herself fortunate to have escaped the bloodbath
on the bourses. Sheng, however, maintains that she has ample confidence in
prospects for the A-share market, especially the ChiNext board, China's
Nasdaq-style market.Sheng, who earns about 4,000 yuan ($640) a month, has
invested about 100,000 yuan in the A-share market starting last year and had
earned about 100,000 yuan. In June, she felt that the stock market would have a
mid-course correction and withdrew her investments. She tried to scoop up
stocks three times in recent weeks but failed, although the loss was not much.
"I
think the government's support measures are timely as they have helped
stabilize the market," said Sheng. "I am particularly confident on
the ChiNext board as it is closely linked with China's economic
transition."The ChiNext Index jumped by 3 percent to 2,435.76 points on
Thursday, and of its 100 composite stocks, 24 rose by the daily 10 percent
limit, while trading in 76 was halted.But the situation was totally different
on Tuesday. The ChiNext Index fell by 5.7 percent to 2,352.01 points, and of
the 100 composite stocks, 50 declined by the daily 10 percent limit, while 50
saw trading halt.
The
China Securities Regulatory Commission said on Wednesday that China Securities
Finance Corporation Ltd, the national margin trading service provider, would purchase
more shares of small and medium-sized listed companies to ease the liquidity
crunch."The ChiNext board stock slide threatened people's confidence in
China's emerging sector, and the better performance on Thursday showed the
government's strong capabilities to stabilize the market," said Yi
Huanhuan, head of the research department at Beijing-based Hongyuan Securities
Co Ltd.
"Although
the ChiNext board shares may see some adjustments later, they look good from a
long-term perspective as they represent the new economy," said Yi.Hong
Hao, managing director and chief strategist at BOCOM International Holdings Co,
said the market rebound was a technical fix, and the ChiNext board shares still
have high valuation."The ChiNext board is entering a period of separating
the truth from the fiction, and good companies will have a bright future, while
the unscrupulous ones will be weeded out," said Hong.
Meanwhile,
China Science and Merchants Capital Management Ltd, a private equity firm, said
on Wednesday that it would purchase more than 5 percent of the shares of five
listed companies, of which two are on the ChiNext board.China on Saturday
unveiled an "Internet Plus" action plan, aiming to integrate the
Internet with traditional industries and fuel economic growth.The notion of
"Internet Plus", a national digital drive, was mentioned by Premier
Li Keqiang in March this year while delivering the Government Work Report.
The
action plan maps development targets and supportive measures for key sectors which
the government hopes can establish new industrial modes by integrating with the
Internet, including mass entrepreneurship and innovation, manufacturing,
agriculture, energy, finance, public services, logistics, e-commerce, biology
and artificial intelligence.
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