The Hang Seng China Enterprises Index has climbed 25% from a low reached in March, while the benchmark CSI 300 Index has rebounded 7%, though the pace of the gains have slowed significantly this week.
Some market watchers caution that any sustained move higher would require further policy support from the authorities, with a lack of follow-through potentially providing investors an excuse to sell into a short-term advance.A front-page editorial piece in the Securities Times on Wednesday said that the government’s “traffic light” mechanism for platform firms may help not only to better regulate the industry but also to “green light” areas that should be supported for development.
China regulators are stepping up efforts to ensure that domestic companies remain listed in New York, asking firms with ADRs to prepare for more audit disclosures, according to a Reuters“The Chinese government is clearly willing to compromise on allowing the to inspect audit working papers of some firms without disclosing sensitive data, and the effort looks serious,” wrote Deutsche Bank AG’s Edison Yu in a note.
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