Changhong, Jianghuai Auto, TCL, Zijin Mining Group: 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.
Anhui Jianghuai Automobile Co. (600418 CH) formed a joint venture with a company in Tianjin to develop alternative-energy cars. Its shares fell 0.9 percent to 8.78 yuan.
China Petroleum & Chemical Corp.’s (600028 CH) $9 billion joint venture refinery in the Guangdong province may receive government approval by the end of the year, partner Petrochemical Industries Co. of Kuwait said. Sinopec, as the Chinese company is known, fell 2.1 percent to 8.72 yuan.
Gold prices rose for a fifth day, heading for the longest rally in almost four months, on speculation that a weaker dollar and expanding markets in China will boost demand for the precious metal.
China may “increase foreign members on the Shanghai Gold Exchange and will also study ways to allow foreign qualified bullion suppliers to deliver to the exchange,” the People’s Bank of China said.
Zijin Mining Group Co. (601899 CH), China’s largest gold producer, fell 1.8 percent to 6.16 yuan.
Luoyang Glass Co. (600876 CH) expects to post a profit in the first half compared with a net loss a year earlier. The stock fell 0.7 percent to 8.33 yuan.
Panasonic Corp., the world’s biggest maker of plasma televisions, may cut TV prices by as much as half in China to qualify for government subsidies and spur sales in the world’s third-largest economy.
Southwest Securities Co. (600369 CH) received government approval to set up two sales branches in Chongqing municipality. The stock fell 1.5 percent to 13.62 yuan.
Yuan Longping High-Tech Agriculture Co.’s (000998 CH) first-half net income fell 32 percent to 20.6 million yuan ($3.04 million) from a year earlier. The stock fell 2.5 percent to 20.20 yuan.
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