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    002670   CNE100001D21

GUOSHENG FINANCIAL HOLDING INC.

(002670)
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China, Hong Kong stocks rise as financial stocks gain on stamp duty cut proposal

06/04/2021 | 12:43am EDT

* SSEC 0.1%, CSI300 0.5%, HSI 0.1%

* HK->Shanghai Connect daily quota used 3.4%, Shanghai->HK daily quota used 1.8%

* FTSE China A50 +0.6%

May 28 (Reuters) - China stocks rose on Friday, recouping earlier losses from renewed worries over Sino-U.S. tensions, as financial firms gained after Beijing proposed a reduction in stamp duty.

** The CSI300 index rose 0.5% to 5,280.20 points at the end of the morning session, while the Shanghai Composite Index gained 0.1% to 3,589.28 points.

** The CSI300 and SSEC both fell as much as 0.6% in early morning trade, as Sino-U.S. tensions weighed.

** U.S. President Joe Biden signed an executive order on Thursday that bans U.S. entities from investing in dozens of Chinese companies with alleged ties to defence or surveillance technology sectors.

** However, gains in financial firms helped pull the market out of negative territory by midday.

** China has proposed an "appropriate reduction" to stamp dutysaid a spokesperson for the Legislative Affairs Commission of the National People's Congress Standing Committee.

** Shares in China's brokerages firms jumped, with the CSI SWS securities index up 2% and the CSI300 financials index up 1.1%, respectively.

** Guolian Securities Co Ltd, Guosheng Financial Holding Inc, CITIC Securities Co Ltd , China Galaxy Securities Co Ltd and Haitong Securities Co Ltd climbed between 2.9% and 8.2%.

** For the week, CSI300 dropped 0.8%, set to snap a three-week winning streak, while SSEC eased 0.3%, with tepid investor reaction to China's major birth policy shift as analysts and traders saw limited impact.

** "I believe it will have an impact on China's longer term economic growth rather than on the stock market," said Luo Kun, investment manager at Chasing Securities' equities investment arm.

** "The policy would have limited impact on those couples who already have two children," he added.

** The Hang Seng index added 0.1% to 29,007.32 points, while the Hong Kong China Enterprises Index gained 0.2% to 10,843.35. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Ramakrishnan M.)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA GALAXY SECURITIES CO., LTD. 0.45% 4.51 End-of-day quote.-7.20%
CITIC LIMITED -0.93% 8.52 End-of-day quote.55.19%
CITIC SECURITIES COMPANY LIMITED 0.82% 25.86 End-of-day quote.-12.04%
GUOLIAN SECURITIES CO., LTD. 1.96% 3.64 End-of-day quote.-6.91%
GUOSHENG FINANCIAL HOLDING INC. -1.08% 9.16 End-of-day quote.-33.38%
HAITONG SECURITIES CO., LTD. 1.08% 12.21 End-of-day quote.-5.05%
HANG SENG 1.37% 24529.74 Real-time Quote.-9.92%
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Financials
Sales 2020 2 206 M 341 M 341 M
Net income 2020 -366 M -56,6 M -56,6 M
Net cash 2020 6 121 M 947 M 947 M
P/E ratio 2020 -72,7x
Yield 2020 -
Capitalization 17 725 M 2 744 M 2 744 M
EV / Sales 2019 12,9x
EV / Sales 2020 9,29x
Nbr of Employees 2 580
Free-Float 41,2%
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Wei Zhang Vice Chairman & General Manager
Cen Zhao CFO, Board Secretary & Director
Li Du Chairman
Qiang Ye Chairman-Supervisory Board
Qiang Guo Xu Independent Director
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