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Minsheng, Poly Real, SAIC Motor, Sinopec: China Equity Preview

By Bloomberg News

Nov. 10 (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 11.55, or 0.4 percent, to 3,175.59. The CSI 300 Index rose 0.4 percent to 3,495.79.

Automakers: China’s passenger-car sales rose 76 percent to 946,400 units, the China Association of Automobile Manufacturers said yesterday. Sales in the first 10 months rose 45.2 percent from a year earlier to 8.19 million, it said.

SAIC Motor Corp. (600104 CH), China’s largest carmaker, rose 0.7 percent to 24.92 yuan. The company said sales in October rose 90 percent from a year earlier to 240,300 vehicles. Sales for the first 10 months rose to 2.19 million units from 1.45 million vehicles, it said.

FAW Car Co. (000800 CH), which makes passenger cars in China with Volkswagen AG, added 2.5 percent to 21.97 yuan.

Refiners: China raised gasoline, diesel and jet fuel prices by as much as 8 percent, the first increase in more than two months. Pump prices for 90 octane gasoline will be set at a maximum of 5.98 yuan (88 cents) a liter, or about 22.6 yuan a gallon, in Beijing, the National Development and Reform Commission, said yesterday.

China Petroleum & Chemical Corp. (600028 CH), Asia’s biggest oil refiner, also known as Sinopec, fell 0.1 percent to 12.16 yuan. PetroChina Co. (601857 CH), the nation’s biggest oil company, slid 0.7 percent to 13.67 yuan.

Changjiang & Jinggong Steel Structure (Group) Co. (600496 CH): The company said it raised 352 million yuan via the private placement of 42 million shares at 8.39 yuan each. The shares added 0.5 percent to 10.65 yuan.

China Minsheng Banking Corp. (600016 CH): The nation’s first privately owned bank said it will book a loss of 824 million yuan on its stake in UCBH Holdings Inc., whose bank was seized by U.S. regulators last week. Separately, billionaire investor George Soros may invest as much as $100 million in Minsheng Banking’s Hong Kong initial share sale, the Hong Kong Economic Journal reported, without saying where it obtained the information. The stock fell 0.3 percent to 8.11 yuan.

China Railway Construction Corp. (601186 CH): The builder of more than half the nation’s rail links since 1949 said it won two contracts worth a combined 5.96 billion yuan. The shares dropped 0.4 percent to 9.04 yuan.

Gemdale Corp. (600383 CH): The country’s fourth-largest developer by market value said October property sales rose 37 percent from a year earlier to 1.57 billion yuan. Sales in the first 10 months rose 84 percent to 16.5 billion yuan, it said. The stock dropped 1.2 percent to 16 yuan.

Industrial & Commercial Bank of China Ltd. (601398 CH) and Bank of China Ltd. (601988 CH): Hong Kong-traded shares of the two banks were raised to “outperform” from “neutral” at Credit Suisse Group AG, which said it’s more positive on Chinese lenders relative to the local market.

Industrial & Commercial Bank of China, the nation’s biggest listed lender, rose 0.6 percent to 5.27 yuan. Bank of China (601988 CH), the No. 3, rose 0.2 percent to 4.18 yuan.

Poly Real Estate Group Co. (600048 CH): China’s second- largest developer by market value said property sales for the first 10 months rose 155 percent from a year earlier to 36.9 billion yuan. The shares lost 0.9 percent to 26.26 yuan.

--Zhang Shidong. Editor: Richard Frost

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at +86-21-6104-7014 or szhang5@bloomberg.net

Last Updated: November 9, 2009 19:52 EST

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