Leo Zhang/Shanghai Daily news

Shanghai shares rose in the first session of the year as investors bought on optimism newly revised securities laws will help better protect small investors.
Banking counters moved higher after China Merchants Bank Co, Chinese mainland's biggest listed lender, raised its offer to minority investors in exchange for the right to sell government ownership.
The Shanghai Composite Index, which groups yuan-denominated Class A shares and hard-currency Class B shares, jumped 1.71 percent to 1,180.96. The A share index soared 1.72 percent to 1,241.89 while the B share index grew 1.47 percent to 62.93.
"Investors turned bullish as they bet the market will have regulatory powers" to take the interests of small investors into account, said Liu Yu, an Orient Securities Co trader.
The securities laws, revised in October and took effect from Sunday, require broking firms to install fire walls among different businesses, improve internal controls and prevent embezzlement and misuse of clients' funds.
Brokerages that conduct insider trading, rig equity prices and swindle customers will have to compensate investors.
China Merchants Bank soared by the 10 percent daily trading cap to 7.24 yuan (90 US cents) when it resumed trading after being suspended since December 19, the day it announced it would dispose non-tradable stockholdings under a nationwide program.
The lender improved the offer on Friday by planning to distribute to investors six warrants for every 10 shares held, up from two previously.
The warrants will let holders sell the bank's shares at 5.63 yuan each, up from an earlier proposed 5.53 yuan, in 18 months.
China Minsheng Banking Corp, the country's first privately held lender, added 4.68 percent to 4.25 yuan. Huaxia Bank Co, partly owned by Deutsche Bank AG, rose 4.22 percent to 4.94 yuan.
Shanghai Pudong Development Bank Co, Citigroup Inc's Chinese partner, expanded 5.13 percent to 10.25 yuan.
"Anyway it's a good start," said Wu Ke, an analyst at Zhongtian Investment Consulting Co. "The market may move in a narrow range in the month with the benchmark index to test the 1,200 level."
Zhongjin Gold Corp, China's largest publicly traded gold miner by market value, soared 8.19 percent to 8.19 yuan.