Suntech Jumps on Japan Subsidies as Elong Gains: China Overnight
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Suntech Power Holdings Co. led advances in Chinese stocks, sending the benchmark index to the highest level in three weeks, after Japan introduced incentives to encourage greater use of clean energy.
The Bloomberg China-US Equity Index of the most-traded Chinese shares in the U.S. climbed 1.1 percent to $92.39 at the close of trading in New York, the highest since May 29. Suntech, the world’s biggest solar manufacturer, surged the most in three months after Japan announced the subsidies will go into effect July 1. Elong Inc., a Chinese online travel company whose largest shareholder is U.S.-based Expedia Inc., had the biggest gain in 11 weeks after announcing a share buyback.