Chinese shares open sharply higher

BEIJING, Feb. 26 (Xinhua) -- Chinese shares opened up 2.62 percent on Tuesday after securities regulator relieved investors' panic late Monday by urging listed companies to gauge market conditions in making decisions on refinancing.

The benchmark Shanghai Composite Index opened at 4302.74, 110.21 points up from the previous close. The Shenzhen Component Index opened at 15888.10, 401.43 points, or 2.59 percent higher.

The China Securities Regulatory Commission issued a statement on Monday evening, urging listed firms to "carefully" consider investor opinion when making refinancing plans by share offering.

Huge refinancing plans by companies including Ping An Insurance and Shanghai Pudong Development Bank have dampened investor sentiment and triggered panic selling, with shares in Shanghai tumbling 4.07 percent on Monday amid market talk of refinancing by China Unicom.