Editorial Summary

The Shanghai Composite Index dropped 1.19 percent to close at 3,613.494, while the Shenzhen Composite Index fell 0.46 percent to close at 1,097.42 on Friday. Trading volume on the Shanghai and Shenzhen Stock Exchanges reached RMB 128.934 billion and RMB 59.25 billion, respectively.

Shares of Ping An Insurance (601318.SH, 2318.HK) rose 2.23 percent to RMB 64.08 on rumors that the company would take a five percent stake in Bank of Ningbo (002142.SH), reports The Investor Journal. China Construction Bank (CCB) (601939.SH, 0939.HK), Industrial and Commercial Bank of China (ICBC) (601398.SH, 1398.HK), Bank of Communications (601328.SH, 3328.HK), China Minsheng Banking Corp. (CMBC) (600016.SH) and China Merchants Bank (600036.SH, 3968.HK) fell 2.43 percent, 2.69 percent, 3.68 percent, 3.76 percent and 5.22 percent, respectively, to reach RMB 7.64, RMB 6.14, RMB 9.42, RMB 7.94 and RMB 31.26 the same day.

Jilin-based automotive software and electronic device maker Qiming Information Technology (002232.SZ) began trading on the Shenzhen SME board on Friday. Company shares opened at RMB 18.01 and went as high as RMB 19.45 before closing the day at RMB 17.55. Qinming issued 32 million shares at RMB 9.44 a piece in its initial public offering, reports ChinaVenture.