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China's blue-chip, start-up indexes hit over five-year high on growth hopes

SHANGHAI, Dec 30 (Reuters) - China’s blue-chip index and start-up board ChiNext both hit their highest in more than five years on Wednesday, as Asian stocks hit a record on hopes of a strong economic recovery next year.

** The blue-chip CSI300 index rose 1.4% to 5,113.71 points, its highest close since June, 2015. The Shanghai Composite Index advanced 1.1% to 3,414.45 points.

** Shenzhen’s start-up board jumped over 3%, as investors bet on green technologies.

** Investors shrugged off the move by U.S. President Donald Trump’s administration to strengthen an executive order barring U.S. investment in Chinese firms with alleged military backing.

** Global index publisher FTSE Russell said it may delete more Chinese companies from its global benchmarks in response.

** Most sectors climbed, with energy and resources gaining the most. Investors are anticipating a robust economic recovery as several nations seek to contain the coronavirus spread with vaccines.

** Environmental protection shares also jumped. Beijing has vowed to reduce carbon emissions to meet the government’s green pledge.

** Shares in battery giant Contemporary Amperex Technology Co Ltd jumped 10.4% to record closing high on its production expansion plans.

** Some internet firms, which witnessed panic-selling earlier this week due to Beijing’s anti-trust probe into Alibaba Group , and its affiliate Ant Group, rebounded sharply on Wednesday. ** Hundsun tech, partly owned by Alibaba, jumped 7.5%. ** Ant Group Co Ltd is considering folding most of its online financial businesses, including consumer lending, into a holding company that would be regulated like traditional financial firms, two people with direct knowledge of the matter said. (Reporting by Shanghai Newsroom; Editing by Vinay Dwivedi)

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