Update December 23, 2015

Dhaka 8-59 am, 27-October, 2020

China stocks rise

Sumel Sarker

China stocks

China stocks rise

23 December 2015, Nirapad News: China’s major stock indexes rose on Wednesday, amid fresh signs that cash-rich insurers were on a shopping spree at the year-end, jostling to buy stakes in blue chip companies. The blue-chip CSI300 index rose 0.4 per cent, to 3,892.25 points by the lunch break, while the Shanghai Composite Index gained 0.2 per cent, to 3,657.79 points. In the latest twist to the bidding war for control of Chinese developer China Vanke Co, exchange filings disclosed late on Tuesday showed that Anbang Insurance Group had raised its stake in Vanke to 7.01 per cent, before Vanke shares were suspended last Friday. Previously, another insurance group, Shenzhen Jushenghua Co, had acquired more than a 20 per cent stake in Vanke, becoming its biggest shareholder, and prompting Vanke’s management to initiate a restructuring in an apparent effort to wrestle for control of the company. Also late on Tuesday, Chang Chun Eurasia Group said its top shareholder, Changchun Automobile Town Commercial, had recently increased shares in the company, and may continue to do so, according to Reuters.

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