China Life Insurance, SAIC Motor, Xinjiang Joinworld: China Stock 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 38.94, or 1.4 percent, to 2,656.35. The CSI 300 Index fell 1.8 percent to 2,926.46.
Automakers: China’s passenger-car sales to dealerships grew at a faster pace in August. Wholesale deliveries of passenger cars rose 18.7 percent to 1.02 million units in August, compared with 13.6 percent growth in July, the China Association of Automobile Manufacturers said yesterday in an e-mailed statement.
SAIC Motor Corp. (600104 CH), China’s largest carmaker, fell 3.2 percent to 17.43 yuan. FAW Car Co. (000800 CH), which makes passenger cars in China with Volkswagen AG, lost 2.6 percent to 19.39 yuan.
China Life Insurance Co. (601628 CH): The nation’s biggest life insurer aims to build “very big” banking operations through acquisitions as it seeks to become a financial conglomerate, Chairman Yang Chao said today. The stock fell 0.8 percent to 22.15 yuan.
China State Construction Engineering Corp (601668 CH): The construction equipment provider said contract value in the first eight months rose 56 percent from a year ago. The stock fell 1.7 percent to 3.54 yuan.
Xinjiang Joinworld Co. (600888 CH): The aluminum producer plans to raise as much as 2 billion yuan ($295 million) in a private sale to fund an increase in aluminum-foil capacity. The stock has been suspended since Sept. 6.
--Zhang Shidong, Xiao Yu. Editor: Glenn J. Kalinoski
To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at +86-21-6104-7014 or szhang5@bloomberg.net
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