Shenzhen Development Bank, Xinhua Media, Ping An: China Equity Preview
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, dropped 7.60, or 0.3 percent, to 2,900.33. The CSI 300 Index fell 0.4 percent to 3,097.35.
Shenzhen Development Bank Co. (000001 CH): The bank said its first-quarter net income rose 40.6 percent from a year earlier to 1.58 billion yuan ($231.5 million) and aims to boost its capital adequacy ratio to above 10 percent between 2010 and 2012. The stock gained 1.5 percent to 20.14 yuan.
China Merchants Bank Co. (600036 CH): The nation’s fifth- largest lender by market value said first-quarter net income rose 40 percent to 5.91 billion yuan, rebounding from its first annual profit decline in at least six years. The stock rose 0.1 percent to 13.82 yuan.
Shanghai Xinhua Media Co. (600825 CH): The stock was raised to “hold” from “sell” at Bank of China by analyst Duke Liu Du. The shares gained 3.1 percent to 15.16 yuan.
Ping An Insurance (Group) Co. (601318 CH): The nation’s second-biggest insurer, which entered an agreement in June 2009 to buy a 22 billion yuan stake in Shenzhen Development Bank Co., extended the deadline for the transaction to June 28 from April 30. The stock fell 1.3 percent to 48.99 yuan.
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