Chinese shares rise strongly amid strong performance by tech companies

Chinese shares rose broadly today — with ChiNext posting the biggest gains — after technology companies rose strongly.  

The Nasdaq-style ChiNext jumped 1.40 percent to 1,882.41, while the Shanghai Composite Index edged up 0.59 percent to close at 3,326.70 and the Shenzhen Component index gained 1.17 percent to end at 11,326.27.

Technology companies listed on the small and medium enterprise board performed strongly yesterday.

Shares of Mindata Group, a Shenzhen-based Internet service provider, surged by the 10 percent daily cap to close at 10.08 yuan per share.

Shares of a unicorn, Beijing Easpring Material Technology Co Ltd, a lithium battery producer, also rose by the 10 percent daily cap to close at 27.96 yuan.

Unicorns refer to start-ups with a value of US$1 billion or more, which observers said are expected to increasingly list on China’s stock market as the government aims to promote their development.