Editorial Summary

The Shanghai Composite Index rose 3.01% to close at 2,831.736 while the Shenzhen Composite Index rose 1.82% to close at 794.75 on Friday. Trading volume on the Shanghai and Shenzhen Stock Exchanges reached RMB 79.217 billion and RMB 34.59 billion, respectively.
Shares of China Pacific Insurance (Group) Co., Ltd (CPIC) (601601.SH), Ping An Insurance (601318.SH; 2318.HK) and China Life Insurance (China Life) (601628.SH; 2628.HK; NYSE: LFC) were up 4.84%, 5.16%, and 6.68%, respectively on Friday. China Life Insurance (2628.HK, 601628.SH, NYSE:LFC) plans to purchase a total of 100 million shares in Bank of Ningxia as part of a new round of fundraising for the bank, reports China Business News quoting a Bank of Ningxia insider during a finance summit held in Tianjin from June 10 to June 12. The source said that Bank of Ningxia plans to sell 500 million shares in the new round of funding. According to the report, Bank of Ningxia will sell the share for RMB 2.2 per share. The bank's 2007 earnings per share was RMB 0.22, said the report. Bank of Ningxia plans to sell another 200 million shares to an overseas investor in 2009, said the report.

Shares of Wuhan Iron and Steel Co., Ltd. (600005.SH), Angang Steel Company Limited (000898.SZ), and Tangshan Iron & Steel (000706.SZ) decreased 4.14%, 5.61% and 5.72%, respectively, on Friday.