China Stocks: Baoshan Steel, Beiqi Foton, Chalco, China United
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 81.91, or 2.9 percent, to 2,922.95 at the 3 p.m. close. The CSI 300 Index gained 3.1 percent to 3,261.06. Stock symbols are in parentheses after company names.
Aluminum Corp. of China Ltd. (601600 CH), the listed unit of nation’s biggest maker of the lightweight metal, rose 3.2 percent to 10.53 yuan. The company said it will change its accounting treatment for amortization, increasing full-year 2010 pretax profit by 400 million yuan ($60 million) to 500 million yuan.
Anhui Zhongding Sealing Parts Co. (000887 CH) jumped 3.7 percent to 22.60 yuan. The company received China Securities Regulatory Commission approval to sell convertible debt, according to a statement on the website of the regulator.
Baoshan Iron & Steel Co. (600019 CH), the listed unit of China’s second-biggest steelmaker, climbed 4.5 percent to 6.68 yuan. The company said it raised prices of hot-rolled products for January delivery by a range of 100 yuan to 260 yuan a metric ton, the first increase in three months.
Beiqi Foton Motor Co. (600166 CH), China’s biggest commercial-vehicle maker, advanced 5.7 percent to 25.87 yuan after saying it will invest 10 million yuan to set up a manufacturer of auto air-conditioners with Shanghai Jialeng Songzhi Automotive Air Conditioning Co. and Beijing Public Transportation Holding Ltd.
Changsha Zoomlion Heavy Industry Science & Technology Development Co. (000157 CH), which is seeking to raise as much as $2.1 billion in a Hong Kong stock sale, added 3.6 percent to 15.36 yuan. The company said urbanization will continue to drive demand for construction equipment.
China United Network Communications Ltd. (600050 CH), which controls the nation’s second-largest cell phone operator, surged the 10 percent daily limit to 5.72 yuan, the highest since May 5. China International Capital Corp. recommended buying the stock on Dec. 10, saying the shares may rise to 9 yuan, according to analyst Chen Haofei. CICC forecast an additional 30 million new users of third-generation mobile phones in 2011 and 2012.
China State Construction Engineering Corp. (601668 CH), the largest housing contractor, gained 4 percent to 3.62 yuan. The company said the total value of its contracts rose 64 percent to 514.4 billion yuan during the January to November period and real estate sales increased 32 percent to 57.5 billion yuan.
Jiangsu Changfa Refrigeration Co. (002413 CH) rose 2.7 percent to 25.36 yuan after saying it obtained subsidies of 11.9 million yuan from the local government.
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