China Shares Jump on Industrial Profit Rebound, Positive Holiday Outlook

Chinese stocks rose on Monday, with the Shanghai Composite Index up 0.9% and the Shenzhen Component Index up 2.1%, driven by a rebound in industrial profits and positive consumer spending forecasts for the upcoming holidays. Industrial profits increased 0.9% year-on-year to 4.693 trillion yuan from January to August. Notable corporate gains included Jiangsu Boqian New Materials, which surged 10% after securing a significant nickel powder order, and Guosheng Financial, also up 10% due to plans to sell shares in Qudian. Allgens Medical Technology rose nearly 4% after regulatory approval for a new product.

Allgens: Absorbable composite bone repair material medical device product approved

According to the Zhitong Finance APP, Allgens announced that the company submitted the registration application materials for its absorbable composite bone repair material medical device products to the National Medical Products Administration in August 2024. The company recently received notification from the National Medical Products Administration that its absorbable composite bone repair material medical device products have been approved

Allgens: Qilun Tianyou plans to reduce its holdings by no more than 1% of shares

According to the Zhitong Finance APP, Allgens announced that the company recently received a notice from Qilun Tianyou regarding the share reduction plan. Due to its own funding arrangements, Qilun Tianyou will reduce its holdings based on market conditions through centralized bidding and block trading. Qilun Tianyou plans to reduce its holdings in Allgens by no more than 1.3555 million shares, accounting for 1% of Allgens' total shares

The three major A-share indices closed mixed at noon, with Eoptolink down over 12%

36Kr learned that the three major A-share indices showed mixed results at the midday break, with the Shanghai Composite Index up 0.17%, the Shenzhen Component Index up 0.16%, and the ChiNext Index down 1.33%. The healthcare, shipping, and automotive parts sectors led the gains, with Allgens rising over 12%, Ningbo Yuantong and Shuanglin Co., Ltd. rising over 6%. The communication equipment, precious metals, and diversified financial sectors weakened, with Eoptolink falling over 12%, Western Gold falling over 5%, and PetroChina Capital falling over 2%

The A-share medical device sector fluctuated and rose, with Allgens and United Imaging Healthcare increasing by over 10%. SONOSCAPE, MGI, Double Medical, Tinavi, and Mindray also followed suit