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CHONGQING IRON Soares ~20% as Mkt Value Mgmt Guidelines Issued by CSRC May be Favorable for Steel Re-rating
Steel stocks were popular this morning (18th). CHONGQING IRON (01053.HK) opened 2.15% higher before its gains expanded today (18th), and soared 21.5% to a high of $1.13. It last pr...
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CHONGQING IRON Soares ~20% as Mkt Value Mgmt Guidelines Issued by CSRC May be Favorable for Steel Re-rating
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Steel stocks were popular this morning (18th). CHONGQING IRON (01053.HK)  -0.040 (-4.082%)   opened 2.15% higher before its gains expanded today (18th), and soared 21.5% to a high of $1.13. It last printed at $1.1, up 18.28%, with 43.146 million shares traded, involving $46.3326 million. ANGANG STEEL (00347.HK)  -0.060 (-4.054%)    Short selling $698.42K; Ratio 7.720%   last rallied 9.22% to $1.54, while MAANSHAN IRON (00323.HK)  -0.020 (-1.724%)    Short selling $378.14K; Ratio 9.548%   swelled 6.09% to last at $1.22.

The China Securities Regulatory Commission (CSRC) issued guidelines on market capitalization management last Friday (15th) setting out specific requirements on the formulation of market value management system for the constituents of major indices and the disclosure of valuation enhancement plans by companies that are below net asset value in the long term.

The A-share companies that are below net asset value in the long term are mainly concentrated in 6 traditional industries, such as steel, Chinese media quoted Chasing Securities as saying. It is expected that, with the implementation of new rules for market value management, the relevant industries have certain room for valuation restoration.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-11-22 16:25.)

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