By Bloomberg News
China’s move to end a 14-month ban on initial public offerings and allow the sale of preferred shares led to a rally in financial stocks as investors bet the measures will boost fees for brokerages and ease banks’ funding.
Citic Securities Co. (6030), China’s largest brokerage by market value, surged to a record high in Hong Kong trading. Smaller companies fell after the securities regulator said on Nov. 30 that 50 companies will be ready for IPOs by end of January and the watchdog may also begin a trial program for letting companies sell preferred stock.
