Chinese shares rebound mildly

Chinese shares rebounded on Wednesday after the country's securities regulator vowed to build a more mature and developed stock market.

Guo Shuqing, chairman of the China Securities Regulatory Commission (CSRC), pledged more efforts to step up reforms for the initial public offering system and stock delisting mechanism at a working conference held on Tuesday.

The CSRC will also accelerate the opening up of the stock market and improve monitoring efforts, according to Guo.

The refreshed resolution raised investors' outlook for 2013, with the benchmark Shanghai Composite Index gaining 0.25 percent, or 5.77 points, to end at 2,320.91, and the Shenzhen Component Index climbing 0.13 percent, or 11.95 points, to reach 9,548.31.

On both bourses, 25 shares surged by the 10-percent daily limit, with no stocks falling by the limit.

However, combined turnover on the two bourses declined to 188.73 billion yuan (20.06 billion U.S. dollars) from 240.1 billion yuan the previous trading day.

Gainers slightly outnumbered losers by 460 to 458 in Shanghai, while losers outnumbered gainers by 834 to 648 in Shenzhen.

B shares on the Shanghai and Shenzhen bourses continued strong gaining streaks, up 1.02 percent and 3.95 percent, respectively, marking the third straight day of growth after property developer China Vanke announced its plan to switch its B shares in Shenzhen to H shares in Hong Kong on Jan. 18.

Vanke's B shares jumped 6.87 percent to finish at 16.17 Hong Kong dollars per share after soaring by the daily limit on Monday and Tuesday.

Aircraft manufacturers led the rises, with the sector's sub-index up 4.33 percent. China AVIC Avionics Equipment Co. increased by the daily limit to close at 20.55 yuan per share, while China Spacesat Co. went up 4.29 percent to finish at 15.3 yuan.

Shipbuilders also outperformed the main board, with the sector's sub-index up 3.21 percent. China CSSC Holdings rose 2.27 percent to finish at 23.41 yuan per share, while CSSC Jiangnan Heavy Industry Co. closed at 14.69 yuan, up 2.3 percent from the previous close.

Bucking the trend, cement producers suffered, with the sub-index for the sector down 1.55 percent. Xishui Strong Year Co. slid 1.34 percent to 6.63 yuan per share, while Shaanxi Qinling Cement (Group) Co. lost 3.17 percent to 6.72 yuan.