Leo Zhang/Shanghai Daily news

Shanghai stocks rose yesterday as compensation packages offered by this week’s 13 public companies to convert non-tradable shares were better than expected.
The Shanghai Composite Index, which tracks yuan-denominated A shares and foreign-currency B shares, added 0.63 percent to 1,220.63.
The A-share Index grew 0.63 percent to 1,282.59 and the B-share Index advanced 1.27 percent to 70.03. “Investors cheered as more bonus equity will be distributed,” said Liu Yu, an Orient Securities Co trader. “These companies’ proposals have good prospects to gain the nod from minority share owners.”
The 13 Shanghai-listed companies plan to give 3.2 shares on average to public investors for every 10 held in exchange for the right to sell down non-tradable state-owned stocks, according to separate exchange filings.
The offer was up from an average 3 shares for every 10 during trial sales in the June to August period.
Baoshan Iron & Steel Co, the country’s biggest steelmaker, was up 0.45 percent to 4.48 yuan while Citic Securities Co, China’s biggest listed broker, expanded 2.16 percent to 5.21 yuan.
China Eastern Airlines Corp, the nation’s No. 3 carrier by fleet size, jumped 2.21 percent to 2.78 yuan (34 US cents). The company said it expects to turn a profit this year as cargo and passenger capacity has increased.