Mainland Punters Give A Boost To 'emperor' Stocks

Superstitious mainland investors rushed to buy stock in companies with "emperor" in their names on Monday following the latest power boost for President Xi Jinping, who has been likened to a modern-day sovereign.

State media said on Sunday that the ruling Communist Party had proposed abolishing rules limiting leaders to two five-year terms, a move that could allow the increasingly powerful Xi to rule indefinitely like an emperor.

The millions of mom-and-pop investors who dominate trade in Chinese securities often do so more on superstition or perceived portent in corporate names rather than fundamentals, and they appear to have leapt into action again on Monday.

From smart ID card provider Shenzhen Emperor Technology to a producer of marinated chicken feet, half a dozen listed companies with an imperial air in their Chinese names posted solid gains.

Shenzhen Emperor Technology jumped 7.06 percent, Harbin Viti Electronics closed 4.43 percent higher, and Jiangxi Huangshanghuang added 2.93 percent.

Vatti Corporation, which makes dishwashers, stoves and other kitchen hardware, rose 1.74 percent.

The companies' Chinese names all contain one or both of the two characters for "emperor", which is "huangdi" in Mandarin.

"Congratulations, people who hold Jiangxi Huangshanghuang Group Food, such great news for your shares," one investor said in the stock comments section of popular portal Sina.com on Sunday after the announcement. (AFP)