China Southern, SAIC, Western Mining: 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.
Agricultural Bank of China Ltd. (601288 CH): The nation’s third-largest by assets signed a contract with the State Tourism Bureau to provide a 300 billion yuan ($45.3 billion) credit line to support the tourism industry over the next five years, Xinhua News Agency reported. The stock was unchanged at 2.63 yuan.
Beiqi Foton Motor Co. (600166 CH): The biggest commercial- vehicle maker targets 2020 global vehicle sales of more than 4 million units, China Securities Journal reported today, citing the company. The stock rose 0.3 percent to 23.13 yuan.
China Southern Airlines Co. (600029 CH): The country’s biggest carrier said its 2010 net income will be about 15 times the previous year’s. The shares fell 1.6 percent to 9.19 yuan.
Citic Securities Co. (600030 CH): China’s biggest listed brokerage said December net income was 241.5 million yuan. The stock rose 0.9 percent to 12.54 yuan.
CSG Holding Co. (000012 CH): The glassmaker said it expects net income in 2010 to grow by about 75 percent to about 1.46 billion yuan. The shares gained 1.1 percent to 18.45 yuan.
Gemdale Corp. (600383 CH): The property developer said it expects 2010 net income to rise about 50 percent from a year earlier. Its 2010 contract sales increased 35 percent to 28.3 billion yuan. The shares jumped 7.8 percent to 7.43 yuan.
Poly Real Estate Group Co. (600048 CH): The second-largest developer by market value said 2010 contract sales rose 53 percent to 66.2 billion yuan, and 31 percent to 6.88 million square meters. Separately, the company said it won the right to buy land in five cities for a total of 10.3 billion yuan. The stock climbed 5.6 percent to 14.74 yuan.
SAIC Motor Corp. (600104 CH): China’s largest automaker said it will invest 500 million yuan to set up an equity- investment unit in Shanghai, and 86.7 million yuan for a 51 percent stake in a venture that will build vans in China’s Hebei province. The shares fell 0.8 percent to 15 yuan.
Western Mining Co. (601168 CH):The fourth-largest maker of zinc concentrate said it expects 2010 net income to rise more than 50 percent from a year earlier. The shares added 0.8 percent to 18.40 yuan.
Zhonghong Real Estate Co. (000979 CH): The property developer said net income for 2010 probably rose 610 percent from a year earlier to about 900 million yuan. The stock dropped 0.5 percent to 18.35 yuan.
Zhongtong Bus & Holding Co. (000957 CH): The busmaker said net income for 2010 may have doubled from the previous year to 41 million yuan. The shares dropped 0.6 percent to 8.58 yuan.
Zhuzhou Times New Material Technology Co. (600458 CH): The producer of high polymer materials said it plans to pay A$2.8 million ($2.75 million) to acquire a 100 percent stake in Delkor Rail Pty from Vossloh AG. The shares rose 0.7 percent to 59.99 yuan.
--Zhang Shidong, Eva Woo. Editors: Brendan Walsh, Gregory Turk
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