HIT Welding Industry Appoints CFO

Chinese shares rebounded with modest gains at the close of Thursday's trade after slumping earlier due to dampened sentiment over the central bank's decision to hold back from cutting rates.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose marginally to finish at 3,398.08. The Shenzhen Component Index climbed 0.7%, or 70.87 points, to 10,673.97.

On Wednesday, the People's Bank of China issued 300 billion yuan of one-year medium-term lending facility loans to financial institutions at a steady rate of 2%.

Analysts called the decision underwhelming, with some believing that the central bank is withholding from using its policy tools until later to relieve the economic impact of President-elect Donald Trump's election, the South China Morning Post said.

Chinese stocks are expected to continue trading sideways as investors await clarity on the government's stimulus policies, according to analysts.

In corporate news, Weihai Guangwei Composites soared 10% following a 3.66 billion yuan agreement to provide carbon fiber fabrics to an unnamed customer through a subsidiary.

Guangzhou Jointas Chemical jumped 3.9% at the close after announcing it will repurchase shares worth between 20 million yuan and 40 million yuan.

HIT Welding Industry closed 3.3% higher amid plans to acquire 60% of stainless steel products maker Haiyan Zhongda Metal Electronic Materials.

HIT Welding Industry plans to acquire 60% of stainless steel products maker Haiyan Zhongda Metal Electronic Materials through the subscription of new shares, according to a Shenzhen Stock Exchange disclosure on Thursday.

The Chinese welding products distributor will subscribe to Zhongda Metal's new shares for 122.3 million yuan, with a premium of 47.3 million yuan to be included in Zhongda Metal's capital reserve.

Zhongda Metal's capital will rise to 125 million yuan from 50 million yuan after the completion of the transaction.

The company's shares jumped 3% in recent trade.