ZTE Corp., SAIC Motor Corp., China Merchants Bank: China Stocks Preview
Stock Chart for China Merchants Bank Co Ltd (600036)
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 9.98, or 0.4 percent, to 2,588.71. The CSI 300 Index fell 0.4 percent to 2,849.83. China’s markets will be closed from tomorrow to Sept. 24 for the Mid-Autumn Festival holiday.
Developers: China may announce property tax measures before or after the National Day holidays in October which takes place from Oct. 1 to Oct. 7, China Business News reported today, citing an unidentified person. China Vanke Co. (000002 CH), the nation’s biggest listed property developer, fell 0.1 percent to 8.07 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, dropped 1.9 percent to 10.80 yuan.
China Merchants Bank Co. (600036 CH): The bank said it will appoint Fu Yuning as chairman, replacing the retiring Qin Xiao, pending approval from the China Banking Regulatory Commission. Separately, the lender’s proposal to set up a Taiwan office was rejected by the island’s Financial Supervisory Commission, the Economic Daily News reported. The company didn’t meet the requirement of operating in a country from the Organization for Economic Co-operation and Development for at least two years, the Taipei-based Chinese-language daily said. China Merchants rose 0.3 percent to 12.89 yuan.
Metallurgical Corp. of China Ltd. (601618 CH): The construction company that helped build the “Bird’s Nest” Olympic stadium in Beijing said its venture agreed to pay 20 billion yuan ($2.99 billion) for two building sites in Nanjing. The stock was unchanged at 3.87 yuan on Sept. 17 before trading was suspended.
SAIC Motor Corp. (600104 CH): China’s largest carmaker said it may invest in General Motors Co.’s initial public offering if conditions are favorable. The stock gained 2.1 percent to 16.94 yuan.
Shanghai International Port Group Co. (600018 CH): The operator of the world’s second-busiest harbor said it plans to raise 2.5 billion yuan ($372.4 million) in short-term loans. Shares were unchanged at 4.2 yuan.
Xinjiang Guotong Pipeline Co. (002205 CH): The maker of concrete pressure pipes to transport water said it won a bid for a water management project worth 17.3 million yuan. The stock rose 0.9 percent to 24.21 yuan.
Zhejiang Shuanghuan Driveline Co. (002472 CH): The manufacturer of gears and shafts said net income for the first nine months probably rose between 90 percent and 110 percent from a year earlier as it benefits from a rise in China’s domestic vehicle sales. The shares slipped 0.2 percent to 36.42 yuan.
Zhuhai Zhongfu Enterprise Co. (000659 CH): The producer of beverage packaging products said it won conditional approval from the China Securities Regulatory Commission for private placement of shares. The stock was unchanged at 6.76 yuan.
ZTE Corp. (000063 CH): China’s second-biggest phone- equipment maker said it will respond to a European Union probe of whether Chinese wireless modems receive trade-distorting government aid. ZTE hasn’t been involved in dumping or subsidy activities and the products at issue account for only a small part of the company’s business, Guo Jianjun, a legal director at ZTE, said at a press briefing in Beijing yesterday. The stock dropped 2.4 percent to 27.34 yuan.
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