'Trump wins big' China firm sees shares surge

Shares in Shenzhen-listed Wisesoft, a computer software company whose Chinese name "chuan da zhi sheng" is a homophone for "Trump wins big", closed up 6.35 per cent

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Beijing, Nov 9: A Chinese company whose name sounds like "Trump wins big" saw its shares surge on Wednesday as the Republican candidate stormed to a shock upset in the US presidential election.

Shares in Shenzhen-listed Wisesoft, a computer software company whose Chinese name "chuan da zhi sheng" is a homophone for "Trump wins big", closed up 6.35 per cent today even as the wider market fell.

China firm sees surge as Trump wins

At the same time shares in the Yunnan Xiyi Industrial company, whose name sounds like the Mandarin word for "Hillary shares", plunged 10.0 per cent, the daily maximum, on the Shenzhen exchange.

The US presidential election has drawn widespread interest in China, with people sharing images of the rolling election results on the popular social media platform WeChat.

The benchmark Shanghai Composite Index closed down 0.62 per cent at 3,128.37 and the Shenzhen Composite Index was off 0.58 per cent at 2,068.47.

Also read: From Trump, Pakistan expected to get some tough love

Despite Trump's tough talk on China's trade policies he has some admirers in the country, with spectators in Beijing expressing a mixture of optimism and bemusement at his victory.

Teacher Zhang Meiyang told AFP she thought "he will have some very friendly foreign policies towards China".

Mainland Chinese stock exchanges have an unusually high proportion of non-professional investors and have been criticised for casino-like behaviour, with insider trading and dramatic swings in share prices seemingly unconnected to underlying business prospects.

Global markets slumped on the swing towards Trump. Indian stocks dropped 3 percent, Tokyo shares plunged 5.4 per cent and Hong Kong shares fell 2.2 per cent.

PTI

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