Chinese stocks recover from early morning loss. The weighted stocks in SHCOMP slip, as STAR trading finally launches. Media and IT sectors lead the gains, while Household Appliance and Leisure sector leads the falls. Combined turnover for both markets is CNY 449.6 513.2 billion, down 12.4% dod.
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*On June 12, China Clearing disclosed that 1,152,600 new investors were added in May, and the growth rate slowed down sharply, which was 24.72% lower than the 1.511 million in April. (Wind)
*It’s been a while since China’s most ubiquitous bank started planning for a second listing on the Chinese mainland. But on Wednesday, Hong Kong-listed Postal Savings Bank of China (PSB) announced that the China Banking and Insurance Regulatory Commission (CBIRC) has agreed to its mainland listing plan. It still needs to obtain approval from other regulators, including the China Securities Regulatory Commission. CBIRC will allow the PSB to issue no more than 5,947,988,900 shares, the bank said. No other details were made available. (Caixin)
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