Shares fall despite support measures

    CHINA’S stocks fell yesterday, regardless of both a promise by the central bank to stabilize market expectations and a private survey that showed activity in the services sector accelerated last month.

    The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 81.2556 points, or 2.06 percent, to 3,866.90. The Shanghai Composite Index lost 60.7814 points, or 1.62 percent, to 3,695.76. Analysts say investors have not participated actively in the stock market in the past few weeks as the sharp volatility has dampened their interest despite continuous official policy support.

    CIFM gets approval to invest overseas

    SHANGHAI authorities granted a joint venture involving JP Morgan the right to raise funds in China to invest in overseas assets, a spokesman for the U.S. firm said yesterday.

    China International Fund Management Co. (CIFM), a venture between JP Morgan Asset Management Ltd. and Shanghai International Trust Co., received approval to raise US$100 million, making it the first domestic mutual fund to gain qualified domestic limited partner status. The new license is the latest move by the Chinese Government to internationalize its currency and expand the use of its US$3.73 trillion foreign reserves.

    ChemChina to close Pirelli stake purchase

    CHINA National Chemical Corp. (ChemChina) will close its acquisition of a stake in Pirelli from holding company Camfin next Tuesday, ChemChina said in a joint statement yesterday, clearing the way to a takeover bid for the world’s fifth-largest tire maker.

    ChemChina and Camfin said the deal, which valued the Italian industrial group at more than 7 billion euros (US$7.6 billion), had obtained all regulatory clearances. Under the agreement announced in March, ChemChina will launch a mandatory public tender offer for the remaining Pirelli shares at 15 euros.

    ANTA Sports says first-half profit up 20%

    ANTA Sports Products, China’s top sportswear retailer by market value, yesterday said first-half net profit rose by a fifth due to growth in sales of its children’s lines and high-end FILA apparel and footwear in its offline and online stores.

    ANTA said its earnings grew to 965.3 million yuan (US$155.48 million) for the first half of 2015 from 802.8 million yuan in the same period a year ago. Total revenue rose 24 percent year on year to 5.1 billion yuan and gross profit margin increased to 46.6 percent from 45.1 percent, it said.