Editorial Summary

The Shanghai Composite Index increased 4.82 percent to close at 3,693.106, while the Shenzhen Composite Index increased 3.97 percent to end the day at 1,097.76 on Wednesday. Trading volume on the Shanghai and Shenzhen Stock Exchanges reached RMB 156.313 billion and RMB 63.14 billion, respectively. The exchanges will be closed for a national holiday on Thursday and Friday.

In the pre-Labor Day dash, shares of China Petroleum & Chemical Corporation (Sinopec Corp.) (600028.SH, 0386.HK, NYSE: SNP) leapt 9.98 percent to close at RMB 12.56. On Monday, Sinopec reported first quarter net profit growth of 65.78 percent year-on-year reaching RMB 6.701 billion, along with total revenue of RMB 332.01 billion, up 20 percent year-on-year.

Shares of Hua Xia Bank Co., Limited (600015.SH) and Shanghai Pudong Development Bank (600000.SH) soared 10.01 percent to close at RMB 14.51, and 8.76 percent to close at RMB 32.4, respectively, on Wednesday. Hua Xia Bank reported first quarter earnings with net profit up 80.43 percent year-on-year to RMB 821.61 million the same day. Hua Xia Bank had revenue of RMB 4.35 billion, compared to RMB 3.15 billion in the year-ago period, during the first quarter.