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Chinese A-share markets open at high level after strong recovery in tourism

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Shenzhen Stock Exchange in Shenzhen, Guangdong Province (South China) Photo: Xinhua

China’s A-share markets opened on Tuesday following a strong recovery in the domestic tourism industry during the Qingming festival holiday.

The Shanghai benchmark composite index rose 0.21% on Tuesday, while the Shenzhen composite index rose 0.38%. The NASDAQ-style ChiNext card rose 0.46%.

Stocks of semiconductor materials, military industry, iron and steel unit performed well.

Trading on the Hong Kong Stock Exchange closed on Tuesday due to the Easter holidays.

Photo: VCG

Photo: VCG

“The recovery in tourism during the Qingming Festival holidays was unexpected, with the level of recovery exceeding even that of 2019, laying a solid foundation for China’s economic recovery, especially the recovery of consumption, in the post era. -COVID, “Dong Dengxin, director of the Financial Securities Institute at Wuhan University of Science and Technology, told the Global Times on Tuesday.

According to data from the Ministry of Culture and Tourism, 102 million domestic trips were made during the holidays, an increase of 144.6% year-on-year and a recovery to 94.5% of the same period before the COVID-19 outbreak. Domestic tourism revenues reached 27.168 billion yuan ($ 4.14 billion), up 228.9% year on year, and fell to 56.7% in the same period before the epidemic.

Tuesday also marks the merger of the main board of the Shenzhen Stock Exchange and the board of SMEs, leaving the exchange with only two boards as of Tuesday: the main board and the Nasdaq-style ChiNext board.

The merger sent the number of companies listed on the main board of the Shenzhen Stock Exchange, accounting for 35% of the total number of companies listed on China’s A-share markets, financial data provider Tonghuashun said. The total market capitalization of the motherboard on the Shenzhen Stock Exchange is estimated to exceed 23 trillion yuan, or about a third of the total A-share markets.

The Shenzhen stock exchange merger did not result in high market volatility on Tuesday and would have no short-term impact for investors, Dong said.

“In the longer term, the merger improved the inclusiveness of the Shenzhen Stock Exchange, which would allow companies to resume listing on the main board, which has not seen an IPO for nearly 20 years. “Dong noted, calling the merger a victory for institutional innovation.

Regarding the obstruction and risks of listing on the US stock exchange, some Chinese companies are gradually turning to the Hong Kong stock markets and A-shares, both of which can meet the listing demands of Chinese companies, according to Dong.

“The reform and innovations adopted by the A-share markets mean that it will be more open and comprehensive,” he said, believing that more and more Chinese companies would choose Hong Kong or mainland Chinese markets as priority listing option.

A-share markets edged down during the midday break, with the Shanghai Composite Index falling 0.32%, the Shenzhen Composite Index 0.49% and the ChiNext 1.05%.

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