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Manage Chinese automaker Chery to supply engines to Italy's Fiat Survey reveals make-up of China's individual stock investors Online stores evade millions in taxes a year Report: 1.24 trln yuan gap between local, central gov't GDP figures OCBC opens incorporated bank in Shanghai Paulson, Chinese officials meet amid trade, currency tensions carve out Billionaire inventors China warns gasoline retailers not to hoard, profiteer Categorization of brokerages completed Computer maker Lenovo reports 12-fold jump in profits Ultra-lavish corporate picnics Bean products prices to increase tomorrow Resources China's CPI likely to climb but rise set to be under 4% 1st express air service launched between Beijing, Shanghai China to import more trailers from Airbus China orders price probe amid sharp rise in food costs Food price hikes begin to grate on Chinese consumers China's short-term foreign debt hits new high

Shanghai stocks hit new high despite small gains SHANGHAI, Aug. 7 -- SHANGHAI stocks hit a new high again today although investors appeared more cautious after the market repeatedly touched new highs in the past two weeks. The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, climbed 23.12 points, or 0.5 percent, to finish at 4,651.23. The Shenzhen Composite Index, which covers the smaller mainland stock market, rose 0.75 points, or 0.06 percent, to 1,351.11. Poly Real Estate Group Co led the day's gain with a jump of 9.97 percent to 75.81 yuan per share. Trading was suspended in the country's third-biggest listed developer from August 1 to yesterday for its issuance of 350 million new shares to raise money for investments in nine projects worth 13.4 billion yuan. Poly's growth failed to spur the real estate sector as China Vanke Co led a decline on concerns that gains were excessive. China Vanke dropped 1.74 percent to 33.38 yuan. The metals sector reported a strong gain on speculation that the nation's economic growth will increase demand for metals and drive up prices. Jiangxi Copper, China's second-biggest copper producer, jumped 4.6 percent to 36.85 yuan and Aluminum Corp of China, the nation's biggest producer of the metal, surged 4.47 percent to 31.81 yuan. Baoshan Iron & Steel Co surged 5.65 percent to 15.72 yuan and Ma'anshan Iron & Steel Co Ltd jumped 5.74 percent to 9.58 yuan. Hangxiao Steel Structure Co dropped 8.37 percent to 21.35 yuan after the company said on Saturday its multibillion-US-dollar project in Angola was delayed due to risks and uncertainties. The banking sector had a sluggish day. Shanghai Pudong Development Bank dropped 2.11 percent to 44.09 yuan (US$5.83) per share and China Merchants Bank dropped 1.52 percent to 33.11 yuan. Industrial and Commercial Bank of China was unchanged at 5.80 yuan. Bank of Nanjing dropped 2.49 percent to 23.46 yuan and Bank of Ningbo lost 2.62 percent to 29.77 yuan. China Citic Bank Corp Ltd was the only bank to gain when the market closed at 3pm. Its shares rose 1.04 percent to 10.64 yuan.

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