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China Stocks Edge Up on Policy Support Pledge; Shein Falls to Post-Debut Low
Mainland Chinese stocks closed slightly higher Tuesday after the State Council pledged stronger counter-cyclical policy support, with the CSI300 up 0.1% and Vanke surging 10%. Hong Kong's Hang Seng fell 0.5% as Shein sank to its lowest since its debut after reporting Q2 results.
Mainland shares edge higher
On Tuesday, September 29, China's blue-chip CSI300 Index closed 0.1% higher and the Shanghai Composite gained 0.2%. The gains followed a State Council meeting pledging to step up counter-cyclical policy support and roll out measures to stabilise the property market. Real estate developers led the advance, with Vanke up 10%. Trading was thin ahead of the holiday, with combined Shanghai-Shenzhen turnover of just 1.41 trillion yuan, the lowest since July 7, 2025.
Analyst views
Goldman Sachs analysts expect policymakers to further broaden the use of housing provident funds to slightly reduce weighted-average mortgage rates, with more large cities introducing local housing easing measures. Northeast Securities said rising U.S. Treasury yields and insufficient liquidity ahead of the week-long holiday weighed on sentiment.
Hong Kong falls, Shein sinks
Hong Kong's Hang Seng Index fell 0.5%, with tech majors down 1.1%, while the Hang Seng Innovative Drug Index rose 3.2%. Fast-fashion platform Shein fell to its lowest level since its September 1 debut after reporting a 66.6% year-on-year drop in second-quarter adjusted net income to $228 million.
Holiday schedule
China's week-long National Day holiday starts Thursday, with onshore trading resuming on October 8. (Source: Reuters)
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