Chinese stocks climbed the most in more than a week after the new head of the securities regulator signaled he will keep propping up the equity market and developers announced acquisitions.
The Shanghai Composite Index advanced 1.8 percent, with more than 50 shares rising for each one that fell. China Vanke Co. jumped the most in more than a year in Hong Kong after saying it plans to pay as much as 60 billion yuan ($ 9.2 billion) for a stake in Shenzhen’s urban transit company. China Overseas Land & Investment Ltd. climbed to the highest close this year after saying it’ll acquire Citic Ltd.’s property assets.
Liu Shiyu, chairman of the China Securities Regulatory Commission, said it was too early to think about the state rescue fund leaving the market, while a new registration-based system for IPOs would take time. Data over the weekend showed the nation’s industrial production and retail sales both grew less than economists forecast in the first two months of 2016, while China’s broadest measure of new credit for February came in less than half of the estimate in a Bloomberg survey.
The Shanghai Composite rose to 2,859.50 at the close. The ChiNext Index of smaller companies jumped 4.6 percent, the most in six weeks. The Hang Seng China Enterprises Index climbed 1.4 percent at 3:30 p.m. in Hong Kong, while the Hang Seng Index advanced 1 percent.