China stocks hit fresh 7-year highs despite IPOs
SHANGHAI, April 14 (Reuters) - China stocks advanced to fresh seven-year highs on Tuesday, even as 15 companies start taking subscriptions for their initial public offerings, underscoring bullishness about the market.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.4 percent to 4,438.18. The Shanghai Composite Index gained 0.3 percent to 4,135.57.
Infrastructure-related stocks surged as the "Modern Silk Road" concept came back into the spotlight, offsetting losses in financial shares.
China Central Television, the country's predominant state television, begins a TV series on Tuesday promoting China's ambitious "One Road, One Belt" project.
Under the project, China plans to stoke foreign demand for its industrial output by financing infrastructure investment around Asia, aiming to build the 21st century Maritime Silk Road and a land-based counterpart. Analysts say the drive will benefit Chinese train makers, port operators and electricity producers. (Reporting by Samuel Shen and Pete Sweeney; Editing by Richard Borsuk)
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