Leo Zhang/Shanghai Daily news

Shares in Shanghai rose yesterday as the nation's securities regulator will adopt market-oriented mechanisms for additional share sales, fanning optimism the quality of listed firms may improve.
The shanghai Composite Index, which covers yuan-denominated A shares and hard-currency B shares, increased 0.86 percent to 1,110.15.
The a-share index was up 0.85 percent at 1,166.97 and the B-share index advanced 1.71 percent to 61.38.
"Poor corporate governance overhangs Chinese stock bourses and dents investor confidence," said Liu Yu, an Orient Securities Co trader, "Unchecked share offerings may cause a glut of equity."
The china Securities Regulatory Commission plans to make fund-raising activities more market-based by allowing supply and demand play a larger role in determining prices and scale, the Securities Times reported, citing Yao Gang, assistant to chairman at the stock-market watchdog.
The government won't use "unnecessary administrative measures" to supervise stock sales, Yao was quoted as saying. He pledged to streamline approval procedures and boost transparency.
The country suspended both additional share sales and initial public offerings on the Shanghai and Shenzhen bourses as the government in May started to convert as much as US$240 billion of state stockholdings into free-floating shares. It didn't specify when they would resume stock offers.
Yanzhou coal Mining Co, China's biggest listed coal miner, gained 1.15 percent to 5.26 yuan (65 US cents). The company said it produced 2.8 million metric tons of raw coal last month. It did not provide comparative figures.
China united Telecommunications Corp, which controls the nation's second-biggest cell phone operator, increased 1.16 percent to 2.62 yuan.
China petroleum & Chemical Corp, Asia's largest refiner, added 1.74 percent to 4.10 yuan.
Crude oil futures closest to expiring dropped 1.8 percent on Monday in New York to US$59.47 per barrel, the lowest since July 27.