(Yicai Global) March 3 -- China's mainland stock markets hovered high after a strong opening this morning, with the broadcasting and fifth-generation communication sectors heading up the charge after Beijing announced the consolidation of the two yesterday under the umbrella of a single state-backed company.

The Shanghai Composite Index ended up 1.36 percent higher at 3,011.37 at the noon recess. The Shenzhen Component Index was at 11,624.93, up 2.14 percent and the ChiNext Price Index, which tracks growth enterprises in Shenzhen, climbed 3.7 percent to 2,214.36.

Broadcasting shares rose nearly 5 percent today, led by Tvzone Media [SHA:603721], a new media branch of Hunan Changsha Broadcast & Television Group, which jumped to the 10 percent price limit at CNY35.96 (USD5.16) at lunchtime.

China's National Radio and Television Administration will amalgamate the country's local cable TV networks under China Broadcasting Network, that will launch a 5G broadcast mechanism following the integration.

Editor: Ben Armour