China Stocks: China Eastern, GF Securities, Songcheng Tourism

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 37.60, or 1.3 percent, to 2,810.95 at the 3 p.m. close. The CSI 300 Index declined 1.5 percent to 3,123.37. Stock symbols are in parentheses after company names.

China Eastern Airlines Corp. (600115 CH), the second- largest carrier, dropped 3 percent to 6.90 yuan. China Eastern said it expects to reach an agreement on combining air-cargo ventures this month as it consolidates operations following the acquisition of Shanghai Airlines Co.

GF Securities Co. (000776 CH) slid 2.4 percent to 51.24 yuan. The securities firm said it agreed to sell a controlling stake in a brokerage unit for 2.5 billion yuan.

Hangzhou Songcheng Tourism Development Co. (300144 CH), a theme park operator, climbed 22 percent from its offer price to 64.49 yuan in Shenzhen debut today.

Henan Yuguang Gold & Lead Co. (600531 CH), the largest lead producer, gained 1.7 percent to 38.52 yuan after saying it plans to raise as much as 650 million yuan in a rights offer by issuing three shares for every 10 held by investors at 9.49 yuan each.

Liuzhou Liangmianzhen Co. (600249 CH), the Chinese maker of oral hygiene products, climbed 5.7 percent to 8.36 yuan, the biggest gain since Nov. 1. The company said it plans to sell as many as 8 million shares of Citic Securities Co. (600030 CH) for 13 yuan each. It held 95.5 million shares of the brokerage as of Dec. 6, it said. Citic Securities, China’s biggest listed brokerage, slid 2.2 percent to 12.93 yuan.

Starway Bio-technology Co. (300143 CH), China’s manufacturer of edible fungi, jumped 31 percent from its offer price to 47.20 yuan on the first day of trading in Shenzhen today.

--Zhang Shidong. Editors: Allen Wan, Richard Frost

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at +86-21-6104-3040 or szhang5@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.