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Shanghai Composite Slips 0.3%; CAMBRICON (688256.SH) Jumps Over 6%; ZHONGJI INNOLIGHT (300308.SZ) Becomes Second GEM Stock to Top RMB1,000
The People's Bank of China (PBOC) stated that it will continue to implement a moderately accommodative monetary policy and further improve the interest rate regulation framework. T...
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Shanghai Composite Slips 0.3%; CAMBRICON (688256.SH) Jumps Over 6%; ZHONGJI INNOLIGHT (300308.SZ) Becomes Second GEM Stock to Top RMB1,000
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The People's Bank of China (PBOC) stated that it will continue to implement a moderately accommodative monetary policy and further improve the interest rate regulation framework. The RMB central parity against the USD was set at 6.8426, strengthened by 41 bps MoM. Today (12th), the PBOC conducted RMB500 million of seven-day reverse repo operations in the open market at an unchanged rate of 1.4%. With no reverse repos maturing, the single-day net injection amounted to RMB500 million. The three major A-share indices opened 0.1% to 0.5% higher before diverging.

The Shanghai Composite Index closed down 10 points, or 0.3%, at 4,214, with turnover of RMB1.47 trillion. The Shenzhen Component Index fell 74 points, or 0.5%, to close at 15,824, with turnover of RMB1.78 trillion. The ChiNext Index rose 5 points, or 0.2%, to 3,934, with turnover of RMB838.293 billion.

Related NewsExports YoY for Apr in China is 14.1%, higher than the previous value of 2.5%. The forecast was 7.9%.
Mainland banking stocks were broadly steady. ICBC (601398.SH)  -0.080 (-1.094%)   rose 0.1%, while CCB (601939.SH)  -0.020 (-0.208%)   gained 0.3%. BYD Company (002594.SZ)  -0.630 (-0.635%)   fell 1.2%. CONTEMPORARY AMPEREX (300750.SZ)  +2.800 (+0.649%)   declined 3.3%.

Among chip stocks, SMIC (688981.SH)  -0.120 (-0.098%)   and HUA HONG (688347.SH)  -0.040 (-0.025%)   slipped 0.4% and 2.3%, respectively. AI chipmaker CAMBRICON (688256.SH)  +39.010 (+3.053%)   surged 6.5% against the broader market trend. Domestic GPU makers METAX (688802.SH)  +5.600 (+0.721%)   and MOORE THREADS (688795.SH)  +0.950 (+0.132%)   fell 1.4% and edged up 0.02%, respectively. LQKJ (688008.SH)  +18.100 (+7.520%)   dropped 3.4%. Optical fibre producer YANGTZE OPTICAL FIBRE (601869.SH)  -4.500 (-1.094%)   climbed 2.8%.

The second RMB1,000 stock on the ChiNext board was born as ZHONGJI INNOLIGHT (300308.SZ)  +31.210 (+3.066%)   , a leading optical module manufacturer, hit an intraday high of RMB1,022.9 and closed at RMB1,017.99, up 8.3%. It is the second stock in ChiNext history and the tenth A-share in history to surpass the RMB1,000 mark. (jl/u)(A Shares quote is delayed for at least 15 mins.)

Related NewsPPI YoY for Apr in China is 2.8%, higher than the previous value of 0.5%. The forecast was 1.5%.

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