China stocks surge on state firm merger hopes

April 27, 2015 7:16 AM

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SHANGHAI, April 27 (Reuters) - China stocks jumped to fresh seven-year highs on Monday, led by heavyweights such as China Petroleum & Chemical Corp and PetroChina Co Ltd on expectations that Beijing will accelerate mergers among state-owned enterprises (SOEs).

China will likely cut the number of its central government-owned conglomerates to 40 through massive mergers, as Beijing looks to overhaul the vast underperforming state sector, state media reported on Monday.

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