FX.co ★ China Stocks Rise on Tech Boost, MetaX Debut

The Shanghai Composite Index surged by 1.19% to conclude at 3,870, while the Shenzhen Component Index advanced by 2.4%, reaching 13,225 on Wednesday. This positive movement comes as both indices recouped earlier losses in the week, largely driven by a rebound in technology stocks and a highly successful initial public offering (IPO) that bolstered market sentiment. Chinese chipmaker MetaX Integrated Circuits experienced an extraordinary market debut, with its shares skyrocketing over 700% following its $600 million IPO. Like Moore Threads, which was listed earlier this month, MetaX specializes in developing graphics processing units for artificial intelligence applications. Other significant performers within the technology sector included Eoptolink Technology, which rose by 9.6%, Zhongji Innolight with a 6.9% increase, Foxconn Industrial gaining 4.3%, Suzhou TFC Optical surging by 9.3%, and Victory Giant appreciating by 6%. In the meantime, property developer China Vanke has requested an extension of the grace period for a 2 billion yuan bond payment from the existing five trading days to 30, raising concerns about a potential default.