China payment firms jump on yuan-denominated Hormuz toll report

About this update from Shenzhen Forms Syntron Information Co., Ltd. Class A

Shares of some Chinese companies engaged in cross-border payments surged on Friday, after commerce ministry mentioned that ships had used the Chinese yuan to pay tolls passing through the Strait of Hormuz.CNPC Capital Co. SZSE:000617, the financial service arm of China National Petroleum Corp., ended 7.9% higher on Friday. Beijing Cuiwei Tower Co. SSE:603123 leapt 10% at the close.Lakala Payment Co. SZSE:300773 and Shenzhen Forms Syntron Information SZSE:300468 rose as much as 8% and 9%, respectively.Sharp gains followed a Ministry of Commerce post published on Thursday, citing Lloyd's List, which said that fees for passage through the Strait of Hormuz were settled via an intermediary after customs clearance. The fee was set at $2 million and can be paid in Chinese yuan.

View stock analysis, news, and events for Shenzhen Forms Syntron Information Co., Ltd. Class A