Shares in Hainan-linked firms sizzle as free-trade zone plan announced
Ten bidders to be selected by June 27, with preliminary proposals expected to be submitted for evaluation by a committee of experts in September
Shares in Hainan-related companies climbed on Monday after an official announcement over the weekend that international agencies have now been invited to bid for the planning and design of the tropical island’s pilot free-trade zone.
The zone will have an exhibition centre at its core, in its capital Haikou’s Jiangdong New District, covering about 298 square kilometres, Haikou’s mayor Ding Hui said.
Ten bidders are scheduled to be selected by June 27, with their preliminary proposals expected to be submitted for evaluation by a committee of experts in September.
Beijing plans to transform the southernmost Chinese island into a hub for gambling and foreign investment. As well as the pilot international free-trade zone, a horse racing track and sports lotteries are on the planners’ schedule.
“Hainan’s free-trade zone is expected to be more open, innovation-focused and obtain stronger policy support than others in the country. These stocks are outperforming as the plan materialises,” said Wu Kan, a fund manager at Shanshan Finance.
