Angang, Chalco, ICBC, Ping An, Sinovel: 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.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 84.68, or 3 percent, to 2,706.66. The CSI 300 Index fell 3.8 percent to 2,974.35.
Aluminum Corporation of China Ltd. (601600 CH): The listed unit of nation’s biggest maker of the lightweight metal and also called Chalco said it may have turned to profit in 2010 on increases in market prices and sales volume, citing cost cut. The shares fell 2.5 percent to 9.72 yuan.
Angang Steel Co. (000898 CH): The company said net income for 2010 may have risen as much as 161 percent from a year earlier to as much as 1.9 billion yuan ($288.1 million). The shares dropped 3.4 percent to 7.68 yuan.
Beiqi Foton Motor Co. (600166 CH): China’s biggest commercial-vehicle maker said December vehicle sales rose 13 percent to 55,075 units from a year ago. The stock dipped 5.4 percent to 21.11 yuan.
China Everbright Bank Co. (601818 CH): The bank said 2010 profit rose to 12.7 billion yuan from 7.64 billion yuan the previous year. The shares fell 5.3 percent to 3.78 yuan.
Haitong Securities Co. (600837 CH): The brokerage said net income for 2010 slid 19 percent from a year earlier to 3.68 billion yuan. The shares fell 2.9 percent to 9.15 yuan.
Industrial and Commercial Bank of China Ltd. (601398 CH): The nation’s biggest listed lender has opened branches in Paris, Brussels, Amsterdam, Milan and Madrid, it said in an e-mailed statement. The stock dropped 2.8 percent to 4.23 yuan.
Industrial Bank Co. (601166 CH): The bank that’s part-owned by a unit of HSBC Holdings Plc said 2010 profit rose 40 percent to 18.5 billion yuan from the previous year. The shares fell 3.8 percent to 25.09 yuan.
Maanshan Iron & Steel Co. (600808 CH): The steelmaker said it expects 2010 profit to increase by more than 50 percent from 392.5 million yuan a year earlier. The stock dropped 3.4 percent to 3.41 yuan.
Ping An Insurance (Group) Co. (601318 CH): The second- biggest insurer said written premiums of its life insurance unit in 2010 totaled 159.1 billion yuan. The shares fell 4.1 percent to 49.85 yuan.
Sinovel Wind Group Co. (601558 CH): The biggest maker of wind turbines said net income for 2010 may have risen more than 50 percent from a year earlier, as sales in the wind power industry rose. The shares slid 4.5 percent to 74.39 yuan.
--Zhang Shidong, Helen Yuan. Editor: Glenn J. Kalinoski
To contact the editor responsible for this story: Darren Boey at email@example.com