Editorial Summary

The Shanghai Composite Index increased 1.54% to close at 2,803 while the Shenzhen Composite Index rose 2.76% to close at 801.5 on Tuesday. Trading volume on the Shanghai and Shenzhen Stock Exchanges reached RMB 49.943 billion and RMB 23.811 billion, respectively.

Shares of Poly Real Estate (600048.SH), Guoxing Rongda Real Estate (000838.SZ) and RiseSun Real Estate (002146.SZ) soared 9.98%, 10.01% and 10.04%, on Tuesday, respectively. According to a report from Chongqing Morning Post, Chongqing-based real estate company Chongqing South Group Corporation is planning to list, and several other local real estate companies are also inquiring about listing regulations. The 4th China Real Estate & Finance Forum will be held in Chongqing on June 27 with participants including experts from Hong Kong Exchange and research center of China Securities Regulatory Commission (CSRC).

Shares of Baoshan Iron & Steel Co., Ltd. (600019.SH) decreased 7.8% to close at RMB 9.06 on Tuesday. The company announced on Tuesday that its majority shareholder Baosteel Group will establish an iron and steel joint venture in Guangzhou with the State-owned Assets Supervision Administration Commission's (SASAC) subsidiaries in Guangdong province and Guangzhou city. According to a company announcement released on June 24, Baosteel Group will invest RMB 28.7 billion in cash in the new joint venture for an 80% stake, with the rest going to SASAC's Guangdong and Guangzhou subsidiaries via Guangzhou Iron & Steel Enterprises Group and Guangdong Shaoguan Iron & Steel Group, which have assets of RMB 7.71 billion.