Chinese shares rise to nearly 14-month high

It's the first initial public offering (IPO) in Shanghai after regulators resumed its A-share IPO in June following a nine-month suspension. The stock surged 202.78 percent to close at 10.9 yuan.

Non-ferrous metal producers led the gains, with five companies rising by the daily limit of 10 percent, as investors bet on rising demand for such resources to fuel the future economic growth.

Hunan Chenzhou Mining Group rose 10.01 percent to 25.39 yuan, and Yunnan Copper gained 10 percent to close at 34.87 yuan. The heavyweight Chalco, China's top aluminum producer, advanced 8.05 percent to finish at 19.33 yuan.

Steel makers also gained across the board on anticipation of increasing demand as the economy expanded. Baosteel, the country's biggest steel maker, climbed 5.49 percent to 8.65 yuan, and Wuhan Iron & Steel, rose 6.32 percent to 10.6 yuan.

Heavyweights on the Shanghai bourse also rose. Industrial and Commercial Bank of China gained 1.53 percent to 5.3 yuan, and Bank of China rose 2.44 percent to 4.61 yuan. Ping An Insurance surged 3.16 percent to 63.95 yuan.

Source: BizChina