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China stocks gain as securities regulator clarifies concerns over delisting rules
HONG KONG: Chinese stocks rose on Wednesday, as the nation's top securities regulator clarified the new delisting rules to calm the market panic following a sell-off in small-cap shares. Hong Kong stocks edged down.
The China Securities Regulatory Commission (CSRC) said late Tuesday that tighter rules would not spark a wave of delistings.
The regulator also refuted the view that latest delisting rules would hit small caps, saying that only about 30 companies would be delisted next year under the new regulation.
China's small-cap CSI 2000 INDEX surged 5.5% by midday to lead the gains.
Meanwhile, UBS upgraded 2024 real GDP growth forecast to 4.9% from 4.6% on Wednesday, due to the better first quarter economic data and stronger export outlook.
- Reuters
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