China's stock markets raised 76.1 billion yuan (about US$9.88
billion) of capital in the first two months of 2007, or 26.86
percent of the total financing in 2006, according to the latest
data from Wind Info., a leading financial data and software
provider.
Initial public offering (IPO) financing reached 61.8 billion
yuan, or 37.64 percent of the total IPO financing last year,
statistics showed.
Refinancing amounted to 14.3 billion yuan, or 12 percent of that
in 2006.
After a four-year recession, China's mainland stock markets
rallied at the beginning of 2006, with the stock index continuously
hitting new highs.
By March 7, a total of 206 out of the more than 1,400 Chinese
listed companies had issued their annual reports.
The 206 companies, listed on the Shanghai and Shenzhen stock
exchanges, registered combined business income of 372 billion yuan
(US$46.5 billion) last year, a year-on-year rise of 25 percent,
according to their annual reports.
More than 97 percent of the 206 companies gained profits, with
net profits totaling 23.51 billion yuan, up 89 percents.
On Feb. 27, Chinese stocks suffered their biggest single-day
fall in a decade, plunging 8.8 percent.
However, a new report from US investment bank Goldman Sachs
takes a confident stance about the long-term prospects of China's
stock market.
Goldman Sachs updated an earlier prediction to claim that the H
share index would hit 12,000 points at the end of 2007 and argued
that Chinese stocks would resume their upward movement in the
second half of this year.
(Xinhua News Agency March 11, 2007)