Shanghai shares edge up

Source: Xinhua | 2018-05-04

SHANGHAI stocks rose yesterday on news that Xiaomi planned an initial public offering in Hong Kong while investors were also cheered by China’s central bank injecting funds into the financial system.

The Shanghai Composite Index added 0.64 percent to close at 3,100.86 points.

Investor sentiment rose after Chinese smartphone maker Xiaomi applied for IPO.

Data from Shanghai Securities News showed that shares related to Xiaomi jumped 2.23 percent today. Tongling Jingda Special Magnet Wire Co Ltd added 5.54 percent to 4.38 yuan (69 US cents) and Fujian Torch Electron Technology Co Ltd climbed 2.10 percent to 26.80 yuan.

Investors cheered as the People’s Bank of China injected 50 billion yuan into the financial market yesterday, said a notice on its official website.