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1st LD-Writethru: Chinese shares rebound strongly Friday

Xinhua, May 8, 2015 Adjust font size:

Chinese shares rallied after a three-day losing streak on Friday with a key index tracking listed startup companies rising considerably.

The benchmark Shanghai Composite Index rose 2.28 percent to finish at 4,205.92 points, while the Shenzhen Component Index gained 2.6 percent to close at 14,481.25 points.

Total turnover on the two bourses amounted to 1.1 trillion yuan (179.89 billion yuan), up from 987 billion yuan registered on the previous trading day.

Shares of more than 200 listed firms soared by the 10-percent daily changing limit.

Sectors related to the Internet, investment in innovative projects and smart home led the rise. Beijing Baofeng Technology Co. jumped 10 percent to close at 189.97 yuan per share, while Iflytek Co. surged 9.8 percent to finish at 48.38 yuan.

Small cap and growth companies were also robust after Premier Li Keqiang visited Thursday Beijing's Zhongguancun, a technology hub dubbed as China's Silicon Valley, met with innovative entrepreneurs and promised more favorable policies for start-ups.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, surged 5.97 percent to end at 2,973.6 points. Sun Xiwei, an analyst with CITIC, expects start-ups to remain dynamic as shares of more innovative companies will start trading on the market. Endi