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GD Midea, Laiwu Steel, Minsheng: China Equity Preview

By Bloomberg News

Oct. 21 (Bloomberg) -- The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of the last close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, gained 46.18, or 1.5 percent, to 3,084.45. The CSI 300 Index added 1.5 percent to 3,377.57.

China Minsheng Banking Corp. (600016 CH): The nation’s first privately owned lender, said third-quarter profit rose 18 percent from a year earlier to 2.83 billion yuan ($415 million) on household and corporate demand for loans. Full-year profit won’t be less than 11 billion yuan, the company said. Minsheng climbed 2.4 percent to 7.63 yuan.

GD Midea Holding Co. (000527 CH): The household-appliance maker will swap a 69.47 percent stake in a washing machine unit for 720 million yuan of Wuxi Little Swan Co. shares, according to separate filings by the companies to Shenzhen’s stock exchange. GD Midea will also acquire 83.4 million Little Swan shares at 8.63 yuan each, according to the statements. Shares of the two companies will resume trading in Shenzhen today, they said. GD Midea added 3.8 percent to 17.30 yuan, while Little Swan advanced 4 percent to 8.93 yuan on Sept. 30.

Huaneng Power International Inc. (600011 CH): China’s biggest listed electricity producer returned to profit in the third quarter because of lower coal costs. Net income rose to 2.17 billion yuan from a revised net loss of 2.15 billion yuan a year earlier, according to a filing to the Hong Kong stock exchange. That beats a median estimate of 1 billion yuan profit in a Bloomberg survey of three analysts. Its shares gained 0.7 percent to 7.75 yuan.

Inner Mongolian Baotou Steel Union Co. (600010 CH): The smelter said full-year profit may fall by between 80 percent and 120 percent from 920 million yuan a year earlier. Baotou Steel added 1 percent to 4.22 yuan.

Laiwu Steel Corp. (600102 CH): The steelmaker said third- quarter net income rose 89 percent from a year earlier to 426 million yuan, according to a filing to Shanghai’s stock exchange. Sales fell to 7.8 billion yuan from 11.6 billion yuan, according to the statement. Laiwu Steel fell 1.5 percent to 12.72 yuan.

Shanxi Xinghuacun Fen Wine Factory Co. (600809 CH): The alcoholic-beverage maker said its 2009 annual net income may rise more than 50 percent from 245 million yuan a year earlier on increased liquor sales, according to a filing to Shanghai’s stock exchange. Xinghuacun gained 7.6 percent to 33.86 yuan.

To contact the Bloomberg News staff for this story: Chua Kong Ho in Shanghai at kchua6@bloomberg.net

Last Updated: October 20, 2009 20:16 EDT

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