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High-tech firms gain from support vow

By Zhu Shenshen   (Shanghai Daily)

13:27, February 19, 2013

SHARES of companies engaged in the business of semiconductors, sensors and connectors surged yesterday after China said it would encourage state funds and private capital to develop the Internet of Things industry.

Invengo Information, which provides card readers, surged 4.77 percent to close at 8.34 yuan (US$1.32) yesterday. Xiamen Xindeco, which makes electronic tags, jumped 2.71 percent to 9.10 yuan. Aisino Corp and Jiangsu Changjiang Electronics Technology also gained yesterday.

The Shanghai Composite Index shed 0.45 percent to 2,421.56 yesterday.

The Internet of Things refers to wireless connections among various devices including smartphones, home appliances and other electronic devices to facilitate a high-tech lifestyle for people.

The State Council, or China's Cabinet, announced on Sunday that the government would establish state-level funds and unveil policies such as favorable tax measures to benefit software and integrated firms in the Internet of Things projects nationwide.

The government will also encourage private capital, including venture capital, to invest in the sector.

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