August 22, 2017 / 7:11 AM / a month ago

China shares higher on continued Unicom surge

SHANGHAI, Aug 22 (Reuters) - China stocks ended higher as a unit of China Unicom surged by the daily limit for a second day, and as financial and materials firms also experienced strong gains.

The blue-chip CSI300 index rose 0.3 percent, to 3,752.57 points, while the Shanghai Composite Index gained 0.1 percent, to 3,291.03 points.

China United Network Communications Ltd shares rose 10 percent for a second consecutive day of limit-up trade.

Shares in the China Unicom unit have risen following a statement from the China Securities Regulatory Commission on Sunday that it would treat China Unicom’s $11.7 billion ownership reform plan “as an exceptional case”, granting it approval.

Earlier, Chinese media speculated that the plan would violate rules on private placements.

China Molybdenum Co Ltd, a major non-ferrous metals producer, added 6.6 percent. Despite the rise, its shares are down 7.8 percent this month after gaining nearly 43 percent in July.

On Aug. 28, China Molybdenum is due to announce second-quarter earnings.

Ping An Insurance Group Co of China Ltd led gains among financial firms, rising 4.1 percent.

The financial sub-index rose 1 percent for the day. (Reporting by Andrew Galbraith; Editing by Richard Borsuk)

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