China Bubble Analysis

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China poised for global stock foray
2007-05-21 18:21:00
From GuardianA huge shift in global capital flows is forecast after the Chinese government's acquisition of a $3bn (£1.5bn) stake in the US private equity group, Blackstone.The weekend purchase - though substantial in its own right - is likely to be only the starting point of a $200bn foray into world stock markets and private companies by the communist government in Beijing.China has the world's biggest foreign exchange reserves, worth $1.3 trillion and growing at the rate of a million dollars a minute. Until now, the bulk of these holdings has been invested in safe, but low-yield US Treasury bonds.[Read more]
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Fears of a Chinese stock bubble may be overinflated
2007-05-21 17:50:00
From Bloomberg newsNEW YORK: Is Li Ka-shing, the richest man in Asia, on target when he says the surge in Chinese stocks "must be a bubble?" Maybe not.There is plenty of evidence on Li's side. The CSI 300 index has rallied 85 percent this year, the second-biggest gain among 90 benchmarks tracked by Bloomberg worldwide. The index is valued at 43 times earnings, triple the ratio for the Morgan Stanley Capital International emerging markets index.Shares of Chinese companies routinely cost more in mainland China than in Hong Kong. The average premium for 22 companies with listings in both is 53 percent, according to data compiled by Bloomberg. Shares of Bank of Communications have a 62 percent premium in Shanghai, where they just made their debut.Yet there is also evidence to suggest that Chinese shares, which largely missed the past decade of gains in global markets, are just catching up in a hurry.The Shanghai composite index, tracking the larger of mainland China's two stock market...
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China Stock Bubble Crash Unlikely — Analyst
2007-05-19 17:15:00
From Money NewsSHANGHAI -- China has taken its first decisive step to deflate a bubble building in its stock market, so equities may fall sharply early next week, but fund managers and analysts expect a correction rather than a crash.The central bank announced late on Friday that it was raising benchmark lending and deposit rates, lifting bank reserve ratios and widening the yuan's trading band, its strongest package of steps since it began tightening policy a year ago."You will see a correction in the market, possibly a sharp one," said Zhu Ping, chief investment officer at GF Fund Management, which manages over 30 billion yuan ($3.9 billion)."Banks will be among the biggest losers on Monday. Their business relies too much on lending. Investors have been worried about that for a long time.[Read more]
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Bubble may burst, says Merrill's China head
2007-05-19 17:12:00
From Investment NewsChina ’s stock valuations are starting to boil over, and it may be time for investors to bail, said Merrill's China chief.“Valuations are too high and it’s getting out of control,” said Merrill Lynch & Co.'s China chairman Liu Erhfei at a private equity conference in Beijing, according to an interview in Bloomberg News.The Shanghai Composite Index, China’s benchmark, gained 1.6% closed at 4,048.29 today, falling slightly below last week’s record of 4,049.70.Chinese stocks plummeted 9% on Feb. 27, setting off a worldwide sell-off.But with China’s blooming economy and a competitive buyout environment, investors have jumped back into the pool.[Read more]
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When will China bubble pop?
2007-05-15 15:19:00
From Canada.comAny way you look at it, China 's investing climate is looking downright scary. But is there a way to profit from the fear?The Shanghai composite index's sharp rise in the past 18 months makes the Nasdaq's glory days in the late 1990s look quaint by comparison. Last year, the Chinese index soared 130%. This year it is up another 50%, bringing its market capitalization nearly even with the US$13.5-trillion market cap of the mighty S&P 500.On the valuation side, stocks are trading at an average of 42- times earnings, making the Chinese market the most expensive of the world's major markets.And in terms of behaviour, Chinese retail investors are showing some of the classic signs of euphoria. Faced with low-yielding bank accounts that do not keep up with inflation, they are pouring into domestic equities.Lately, investors have been opening a total of 300,000 new trading accounts every day, representing an amazing influx of investors even with China's huge populatio...
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China's graveyard bubble bursts
2007-05-15 15:16:00
From BBCFour guards carry a wooden box with the ashes of their latest customer.Another guard walks behind them, carrying a small stereo playing funeral music.Behind the guards walk the mourners. They have come to bury the ashes of their 78-year-old father Li Qiuchang.This family is lucky - they can afford the £1,500 it costs for a basic grave at this cemetery.It does not particularly matter that their father has already been dead for three years. His children have finally got him a good grave. In this country, that is important.Leased plotsAfter a few minutes' slow walk, the procession reaches a black gravestone at the end of a row on the hillside. A funeral official in a black suit addresses the dead man.[Read more]Teddy's Comment: The bubble not only exist in stock and property sectors but also in graveyard ?
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China changes rules on market bubble fears
2007-05-15 15:04:00
From TelegraphFears of a bubble in its booming domestic stock market has forced the Chinese government to relax investing rules.The China Banking Regulatory Commission (CBRC) announced late on Friday that it would let Chinese financial institutions invest in overseas equities for the first time.The news sent Asian stocks listed in Hong Kong, or "H-shares", soaring to record highs today, with analysts predicting further gains to come.The Hang Seng China Enterprises Index, which tracks the performance of all the Hong Kong listed H-shares of China enterprises, closed at 10,948.72, up 5.36pc.Meanwhile, the main Hang Seng Index closed at 20,979.24, a rise of 2.5pc.Dr Frank Gong, head of China research and strategy, and chief economist at JPMorgan, said: "With excess liquidity on such a massive scale, there is the risk of an asset bubble in China arising eventually, if not now. To at least partly defuse that risk, China has tried to let out the "excess gas" by allowing more access to pote...
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Blue chips drive up Chinese shares despite government warning of speculativ
2007-05-15 14:57:00
From CCTVBlue chips helped Chinese shares regain lost ground on Monday, despite mounting government concern about the red-hot share market that prompted an industry watchdog notice over the weekend. In a notice released on Friday, China Securities Regulatory Commission (CSRC) urged stock exchanges, securities dealers and other authorities to educate investors about the risks of stock market investment.These institutions must make investors understand that stock markets are risky and they should be cautious about entering the market, especially those who use all their savings or mortgage their apartments to invest in stocks, the notice said. Analysts said the government is increasingly concerned about the formation of a speculative bubble on the domestic equity markets. The capital markets siphoned more than 70 billion yuan (9.1 billion U.S. dollars) out of savings accounts in Shanghai in the first four months of this year, the Shanghai branch of the People's Bank of China estimated...
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Wider QDII lets banks buy stocks overseas
2007-05-13 12:15:00
From The StandardChina will allow commercial banks and funds to buy overseas stocks in an effort to encourage more fund outflow and ease the excess liquidity which has sent the domestic stock market to new highs.Economists and analysts said the move would have a spillover effect onto the H-share market and help ease upward pressure on the yuan, despite the fact that the total amount allowed for investment under the Qualified Domestic Institutional Investors scheme currently stands at only US$14.2 billion (HK$110.76 billion).On Friday, the China Bank ing Regulatory Commission unveiled its long- awaited plan to widen the investment scope of the QDII scheme to also cover equities and structured products. The plan is effective immediately."It is definitely positive for the Hong Kong market because it means you have new source of money for the Hong Kong bourse."I think H shares will be the bigger beneficiaries, especially those with complementary A shares, as many of those are trading at ...
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China's bubble spells trouble for investors
2007-05-13 12:14:00
From ScotsmanWE live, we are constantly reminded, in a global economy, to whose disciplines and strictures we must bow. So far, globalisation has been benign in the main. It has brought huge export opportunities for UK goods and services. And it has brought low inflation through an ever widening range of keenly priced products from China and the Far East.But the global winds could soon be delivering nasty shocks to our door. China's economy and financial markets are starting to look overheated and immune to calls from the central bank for caution and restraint. It is no longer deflation that China is exporting, but inflation.[Read more]
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Most Asian market retreat after recent gains; China, New Zealand set new re
2007-05-08 18:24:00
From IHTHONG KONG: Most Asian markets retreated from recent gains, with the region's two major bourses in Japan and Hong Kong falling on Tuesday. Shares in China and New Zealand hit fresh highs.Japanese stocks edged lower with the benchmark Nikkei 225 stock index slipping 12.99 points, or 0.07 percent, to finish at 17,656.84 points.Auto stocks slid as concerns over their exposure to a decelerating U.S. economy and the stagnation of market share in the U.S. continued to grow.Auto shares have had very good run-up, but the slowdown in car sales in North America has become particularly obvious over this year," said Koichi Takatsuka, senior fund manager at United Investment.Honda Motor Co. fell 0.49 percent to 4,090 yen (US$34.08).In Hong Kong, the blue chip Hang Seng Index fell 190.29 points, or 0.9 percent, to 20,706.35.JPMorgan Chase & Co. lifted its year-end target for the benchmark index to 23,000 from 21,000, citing diminishing concerns over potential rate hikes in the U.S., s...
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China's masses rise up and buy stocks
2007-05-08 18:20:00
From Asia Times OnlineHONG KONG - Mass movements are part of Chinese tradition. Chinese people tend to act as a group and, whenever conditions are ripe, they rush to join with someone or some group taking the lead. Hence a "mass movement" can be easily formed. In the 1960s and 1970s, there were the "all people becoming citizen-soldiers" movement and the Cultural Revolution launched by Mao Zedong.In the era of economic reform and opening up, "mass movements" appear to have become more spontaneous. In the 1980s, there was a time when "all people rushed to do commercial businesses". And now we are witnessing another mass movement: "all people speculating in stocks".Indeed, as the Shanghai and Shenzhen stock markets keep rising, more and more Chinese citizens join the army of speculators. On April 26, some 325,000 new investor accounts were opened on the single day, pushing the total number to 92.5 million. This means one out of every 14 mainland Chinese (including children and the aged...
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China's equity bubble is building, may burst
2007-05-07 19:11:00
From China DailyChina's all-time high equity market needs "cool water and cool heads" after taking a 7-day Golden Week breather, otherwise the stock bubble runs the danger of a quick bust, experts said.Since its nine-percent correction in late February, the Shanghai A-share equities have now moved back up more than 40 percent, and no letup is seen on the horizon, buoyed by a series of successful initial public offerings as the ranks of investors swell at over 200,000 a day. There are now more than 91 million accounts held at brokers or mutual funds.Xia Bing, director of the State Council's Development and Research Center's Finance Department, warned at a recent CCTV talk show program, that the stock market bubble is building. He and a string of other economists suggested investors take extra caution before jumping onto the bandwagon.And, analysts at BCA Research put it in a recent note to its customers: "We have no doubt if China's market continues to spike up, the stage will be...
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China's price-to-rent ratio suggests bubble-study
2007-05-06 09:59:00
From Economic TimesBEIJING: The ratio between house prices and rental rates in several of China's leading cities has soared well above levels that often indicate a property bubble, the Xinhua agency said on Saturday, quoting an official study.The report from the Chinese Academy of Social Sciences said the price-to-rent ratio for second hand homes had crossed the danger line in large urban centres including Beijing, Shenzhen, Shanghai and Hangzhou.The ratio measures the rent for 1 square metre of floor space divided by its sales price. The lower the ratio the more healthy the housing market, Xinhua quoted CASS researcher Shan Jingjing saying.An increase in house prices not matched by a rising rental market can signal an unsustainable price spiral, the researcher said."The international warning line is 1-to-200. Once the ratio goes over the line, the market is in danger of a bubble," the report quoted Shan saying.[Read more]
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Chinese Spurn Bank Savings in Favor of Booming Stock Market
2007-05-06 09:55:00
From Mans News DailyKeen for a piece of China's red-hot stock market, people all over the country are withdrawing money from their bank accounts to invest in shares. Experts warn this could be a risky move. They say the market boom is a bubble waiting to burst, and that many retail investors could be hurt. Claudia Blume reports from VOA's Asia News Center in Hong Kong.A new survey by China's central bank shows that just over half of the respondents regard bank deposits as their most important financial asset, the lowest level on record.An all-time high of 30 percent - up from 19 percent a year earlier - believe it is better to invest in the stock market.All over the country, people are rushing to banks to withdraw their money and buy stocks."Now that the stock market is booming, they are sort of catching the fever and think it's an easy way to make money," said Robert Broadfoot, who runs a political-risk consultancy in Hong Kong.Chinese retail investors are opening new share tra...
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It's bubble time on a global scale, warns fund manager
2007-05-06 09:51:00
From The Sydney Morning HeraldYOU'D expect someone whom the famously dour Dick Cheney entrusts with millions of his dollars might have a gloomy view of the world. Jeremy Grantham does indeed."From Indian antiquities to modern Chinese art; from land in Panama to Mayfair; from forestry, infrastructure and the junkiest bonds to mundane blue chips - it's bubble time," he writes in Grantham, Mayo, Van Otterloo & Co's latest quarterly letter titled The First Truly Global Bubble.Mr Grantham, 68, is chairman of the Boston-based company that, according to financial disclosure reports, in 2005 managed as much as $US6.1 million for US Vice President Cheney. And if his own recent actions are any guide, he's quite the multitasker.The money manager is a critic of the US energy policies for which Mr Cheney bears considerable responsibility. In February, Mr Grantham donated $US23.6 million to Imperial College London to establish an institute on climate change.Perhaps these multitasking skil...
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China's Baby Steps Bubble
2007-04-30 20:58:00
From Asia SentinelChina can’t slow its roaring markets as its eager punters ignore the government’s cautious steps to rein them in.Baby steps blow bigger bubbles. The Chinese leadership is caught by its own indecision. What it thought was caution is turning out to be complaisance. Fear of the consequences will be not far behind.For too long the government chanted the mantra of rapid growth and the importance of low interest rates and a dollar-linked currency. Then, reluctantly, it was forced to start making some moves, little ones because it was not convinced of their necessity. Then, as the little moves appeared to have scant impact, it began to worry that bigger ones would have too big a result ‑ that an over-bullish stock market would come crashing down, that a sharp rise in the yuan would cause exports to implode.Interest rates have been kept at very low levels relative both to the strength of the economy and the gradual increase in inflation, now at over 3 percent, and mo...
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China Orders Banks to Set Aside More Reserves
2007-04-29 13:52:00
From BloombergApril 29 (Bloomberg) -- China ordered banks to set aside more money as reserves for the seventh time in 11 months to try to prevent an accelerating economy from overheating.Lenders must put aside 11 percent of deposits starting May 15, up from 10.5 percent, the central bank said on its Web site.Premier Wen Jiabao is trying to stop a flood of cash from an export boom from fueling wasteful investment, inflation and a stock market bubble. China's benchmark share index has rebounded 41 percent after the Feb. 27 plunge that sparked a global equities rout.``The liquidity problem is the hardest to deal with,'' said Kent Yau, an economist at Core Pacific-Yamaichi International Ltd. in Hong Kong. ``If it fuels consumption, it's a happy thing, but the government is growing more concerned that it will fund investment or go into the stock markets.''Economic growth accelerated to 11.1 percent in the first quarter, driven by a trade surplus that almost doubled to $46.4 billion...
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Regulator warns on stock market risk
2007-04-29 13:36:00
From China DailyA top Chinese securities regulator warned investors about the risks in stock investment on Saturday, news reports said."There are risks in the stock market and you should think carefully before entering," Fan Fuchun, vice chairman of the China Securities Regulatory Commission told investors at a forum on financial reform in Nanjing, East China's Jiangsu Province.He urged investors not to jump into the equity market blindly or make investment decisions based on rumors. At the same time, people should take precautions to guard against risks, he said.China's stock market has soared 40 percent so far this year after rallying 130 percent in 2006, drawing a record number of investors into the market.In March alone, over four million new A-share trading accounts were opened, compared with the 3.08 million for the whole year of 2006, according to statistics.The figures for new accounts are considered a rough indicator of new retail investors entering the bullish market.[Re...
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Excess liquidity to keep driving Chinese stocks
2007-04-29 00:31:00
From Gulf NewsBeijing: Excess liquidity will keep driving China's share prices higher even though the market is already in bubble territory, according to some economists.The benchmark Shanghai Composite Index has risen 40 per cent this year on top of a 130 per cent leap in 2006. Domestic A shares now trade at an average of more than 40 times their 2006 earnings, compared with around 14 times for Hong Kong blue chips.Zhong Wei, director of the Finance Study Centre at Beijing Normal University, said he expected the price-earnings ratio to reach 50 "without any problem"."There is a possibility that the bubble in the capital market will swell further," Zhong said at a bi-monthly gathering of Chinese economists and researchers hosted by Reuters, adding Chinese firms' strong profitability and an appreciating yuan would also help push up domestic shares.Zhong said there was already a bubble in China's property market, pumped up by a gusher of cash in the global financial system.Sheng Ho...
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The Great Bank Hype
2007-04-29 00:28:00
From MSNBCMay 1, 2007 issue - It was a fair bet that China Citic Bank Corp. would sizzle when its shares debuted on Friday. But few experts anticipated that China's latest bank to go public would see its stock price double in Shanghai within hours, even as it rose a modest, albeit respectable, 14 percent in Hong Kong. By day's end, according to Bloomberg data, Citic Bank's market capitalization had hit $49.2 billion, some 100 times what it earned last year, a premium unheard of anywhere but in China these days. "This shows that foreign investors [in Hong Kong] are more rational in valuing this bank," said Dominic Chan, a bank and insurance-sector analyst for CLSA in Hong Kong, adding that the huge run-up in Shanghai "just doesn't make any sense."Citic's bifurcated debut adds to mounting worries about China's high-flying equities. Just a few years ago, troubled banks were seen as one of the big sinkholes that could bring down the China miracle—but suddenly they're in every e...
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China to step up controls on funds entering stock market - report
2007-04-23 18:17:00
From ForbesBEIJING (XFN-ASIA) - China will step up efforts to rein in rapid growth in the stock market, with controls intended to bar those funds that should not be invested in stocks, the official China Securities Journal reported, citing Zhang Yutai, deputy director of the State Council's Development and Research Center.Zhang added that a short term correction is 'unavoidable' if the market grows at its current pace.'Regulators will tighten their grip on banking funds that are forbidden in the market as well as on stock price manipulation... to prevent market volatility,' the newspaper quoted Zhang as saying.Zhang said he expects several negative factors to kick in towards the second half that may lead to economic growth easing slightly, adding that the slowdown will be good for the economy, the newspaper said.[Read more]
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China economy surges 11 percent
2007-04-23 18:15:00
From Local News LeaderBEIJING - China ‘s sizzling economy surged 11.1 percent in the first quarter, causing the country‘s Cabinet to declare Thursday it will take steps to keep the economy from overheating."If this type of fast growth continues, there is the possibility of shifting from fast growth to overheating. There is that risk," Li Xiaochao, spokesman for the National Bureau of Statistics, told a news conference.The consumer price index in March rose 3.3 percent, data showed, above the government‘s 3 percent target. And fixed-asset investment countrywide grew a robust 23.7 percent during March.Asian markets fell ahead of the report‘s release in anticipation that the numbers would be stronger than expected and prompt Beijing to act to restrain growth in China, a major regional trading power. The nervousness was increased because Beijing delayed the release of the figures by five hours without an explanation.Beijing has already raised interest rates three times in the pas...
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Stocks set for positive week; investors ignore China concerns, look to earn
2007-04-22 18:48:00
From CBC NewsTORONTO (CP) - Stock markets look set for an upbeat week after moving higher last week after investors coped with a short-lived shock from China and were encouraged by initial first-quarter corporate earnings that exceeded modest expectations.Both the Toronto stock market and New York's blue chip index, the Dow Jones industrials, hit record levels during the week before the Chinese government raised fears of higher interest rates, warning it would take steps to cool sizzling economic growth and higher than acceptable inflation.That word came after Chinese inflation rose to its highest level in more than two years in March, up 3.3 per cent - above the government's target of three per cent - while the economy surged 11.1 per cent in the first quarter.It also delivered another short, sharp shock to the Shanghai stock market, already up a dizzying 35 per cent so far this year, prompting warnings that the market is looking frothy and due for a correction, which would likel...
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Key China stock brokerages return to profitability in 2006 on booming marke
2007-04-22 18:47:00
From ForbesSHANGHAI (XFN-ASIA) - A group of major brokerages returned to profitability in 2006, lifted by a jump in stock market activity that pushed share prices up about 130 pct last year, according to the Securities Association of China .Combined net income for the 11 brokerages, including some of the largest, reached 4.4 bln yuan, compared with a loss of 520 mln yuan in 2005, the Association said in a report.Total revenue last year was 10.8 bln yuan of which five bln yuan came from trading commissions and 2.6 bln yuan from proprietary trading, the report said.Citic Securities, Ping An Securities and Changjiang Securities were the most profitable brokerages, it said.The turnaround contrasts with two years ago, when all brokerages, struggling as a result of an industry restructure and a slumping share market, required billions of yuan in government bailout packages.[Read more]
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China's reserves up by $1 million every minute
2007-04-22 18:44:00
From Inside Bay AreaECONOMISTS DON'T LIKE to admit to being stunned by anything, even in unpredictable Asia. UBSAG's Jonathan Anderson couldn't seem to help himself.The cause of the Hong Kong-based economist's dismay: China's currency reserves rose $1 million a minute in the first quarter."This is more than just a jump," Anderson said. "The magnitude and the abruptness of this acceleration are simply stunning."After average reserve growth of about $20 billion a month in 2006, February and March this year had increases of almost $50 billion — and $136 billion for the quarter. The total is now $1.2 trillion. "Just when we had convinced ourselves that China's 2007 releases had nothing left to shock us, the first quarter FX reserve numbers came in," Anderson said.While all this raises many questions, three are probably foremost on investors' minds. One, why are reserves increasing so fast? Two, what in the world will China do with that money? Three, can China continue avoiding ...
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The China Virus
2007-04-22 02:25:00
From ForbesHONG KONG -Four years ago, China gave the world the highly contagious disease SARS, which caused regional trade and business to grind to a halt.Now, it has created a similarly dangerous virus for global equity markets.On Thursday, a jittery Chinese stock market plunged 4.5%, mainly because of a mysterious decision by the government’s statistics bureau to move a morning press conference announcing the latest gross domestic product figures to 3 p.m., the closing time of the Shanghai and Shenzhen stock exchanges.That stock market swoon — plus the higher than expected 11.1% rise in GDP in the first quarter — created a domino effect that brought down all other regional markets, European stocks and the U.S. markets as well, at least in the morning.It reminds us, once again, of how much the world depends on China to deliver steady growth. Yet, it also exposes the paradox the Chinese government is faced with in balancing a red-hot stock market and the need to throttle back ...
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China Adds Billionaires With I.P.O.
2007-04-22 02:22:00
From Star News OnlineCountry Garden’s public offering is just the latest symbol of China ’s meteoric rise, and the country’s continuing stock market fever.SHANGHAI, April 20 — The 52-year-old Chinese farmer turned developer is as plain as the company’s English name: Country Garden. But there was nothing ordinary about his company’s debut Friday on the Hong Kong Stock Exchange.Friday morning, at 9:30 a.m., shares of Country Garden soared 35 percent on the opening day of trading in one of China’s hottest initial public offerings of the year. When trading ended, this little-known real estate company based in southern China was valued at $15 billion, making the family of Yang Guoqiang, a dirt-under-the-fingers property tycoon, perhaps the richest in China.In many ways, Country Garden’s public offering — which raised about $1.6 billion, or as much as Google’s 2004 stock offering raised in the United States — is just the latest symbol of China’s meteoric rise, and t...
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Is China's Economy Overheating?
2007-04-22 02:20:00
From TimeHow, exactly, do you fine tune a freight train?That's the question policymakers in Beijing face in the wake of Thursday's report that China's economy had grown at 11.1% during the first quarter of 2007. As is often the case with the Chinese economy, that number took a lot of people by surprise — it was much faster than expected. China's real economic growth has averaged more than 10% per quarter for four years now, and Li Xiaochao, an official at Beijing's National Bureau of Statistics, on Thursday addressed the creeping fears that the Chinese economy might be overheating: "One very important lesson we have learned is not to make excessively large policy adjustments, but rather to take small, micro steps, and fine-tune them. The aim is to avoid a hard landing of the economy," Li said.So, why is it important that China avoid a "hard landing,” and how serious is the risk that it might not? The answer to the first question is easy: the growth of the global economy, out...
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China stock market hits new record
2007-03-27 02:21:00
From Toronto StarSHANGHAI – Chinese stocks rose to a fresh record Monday, with the benchmark Shanghai composite index topping 3,100 for the first time on lively demand from securities funds and strong 2006 corporate earnings results.The Shanghai composite gained 1.6 per cent to 3,122.81, its fourth straight record close. The Shenzhen composite index rose two per cent to 833.58, its fifth record high in a row."The market was boosted by new funds building portfolios," said Li Xianming, a strategist at Ping An Securities. He estimates the size of securities funds set up since year's start at about 100 billion yuan (US$12.9 billion).Among the most actively traded companies, China United Telecommunications rose 2.3 per cent to 5.4 yuan, Baoshan Iron & Steel was 3.2 per cent higher at 9.39 yuan and Shanghai International Port (Group) gained 4.5 per cent to 8.57 yuan.Companies that reported strong 2006 earnings also advanced.Jiangsu Expressway, which reported Monday that its 2006 net pr...
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