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Felicia Tan
in
Stocks
June 22 20:45

Chinese startup index rose to a maximum in 4.5 years amid new reforms

China's startup index reached its highest level in more than 4 years on Monday as investors were optimistic about Beijing's new reforms designed to support the world's second largest economy.
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Shanghai Composite index dropped 0.08% to 2.965.27 points, while the CSI300 blue chip index added 0.08% to 4.102.05 points.
Index of ChiNext Composite startups grew by 1.01%, to its maximum since January 7, 2016.
Last weekend, China said it would revise its benchmark stock index, increasing the share of high-tech technologies and excluding loss-making companies.
The decision was made shortly after Beijing finalized the rules for companies seeking a listing on the ChiNext exchange in Shenzhen.
The financial sub-index rose 0.24%, the consumer goods sub-index dropped 0.31%, the real estate sub-index declined 1%, and the health sector rose 0.59%.
The rise was led by Ningxia Xinri Hengli Steel Wire Rope Co Ltd, Northern United Publishing & Media Group Co Ltd and Zhejiang Red Dragonfly Footwear Co Ltd, which rose by 10.08%, 10.08% and 10.07% respectively.
The drop leaders were Guangdong Songyang Recycle Resources Co Ltd, Lifan Industry Group Co Ltd and Nacity Property Service Group Co Ltd, which lost 10.01%, 10% and 10% respectively.
The Hong Kong Hang Seng index dropped 0.54% to 24.511.34 points, while the Hang Seng China Enterprises index dropped 0.96% to 9.879.02 points.