SHANGHAI B-share prices rose for the 10th time in 12 days yesterday, boosted by strong earnings posted by air-conditioner maker Shangling Electrical Co. The company announced net profits for the first six months of 90 million yuan (about HK$80.1 million), 62.6 per cent of its target for the year. ''Many investors feel the company is holding something back and will produce even better results for the year as a whole,'' a trader with Wangguo Securities said. Shangling rose 2.5 per cent to 82 US cents on turnover valued at US$1.46 million. The Credit Lyonnais Shanghai B Index rose 14.94 points, or 1.7 per cent, to 873.37 on moderate turnover valued at almost $11 million. Bloomberg reported that 22 stocks rose, two fell and four were unchanged. Among active stocks, real estate developer Jinqiao gained 2.4 per cent to 84 cents on turnover of $1.38 million. Earlier this week, the company announced a 120 per cent jump in net profits for the first half of the year against the same period last year. Overall, the Shanghai market reversed Tuesday's declines after an article in the official Shenzhen Special Zone Daily provided details about planned market reforms. ''The newspaper article provided impetus, because it fleshed out details of the reforms,'' said Zhang Yuyin, a trader with Shenzhen's Pingan Insurance Co. The Credit Lyonnais Shanghai A Index surged 663.69 points, or 19.74 per cent, to close at 4,025.35 on near-record turnover valued at 9.7 billion yuan. The index has now surged 131 per cent in the past eight days, even though it fell 13 per cent on Tuesday. However, traders said the high turnover was misleading, since many investors were buying and selling shares on the same day. ''If the government comes through with loans, we could see daily turnover reach 20 to 30 billion yuan,'' a trader said. The Chinese Government has announced plans to loan funds to big securities houses to support the market, but no figures have been revealed.