The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of the previous close.
The Shanghai Composite Index gained 2.32, or 0.1 percent, to 2,708.98 yesterday. The CSI 300 Index added 0.1 percent to 2,977.65.
Banks: Premier Wen Jiabao pledged to counter “abnormal” credit growth after speculation that lending may have surged by as much as 1 trillion yuan ($151.8 billion) in the first two weeks of this year.
Industrial and Commercial Bank of China Ltd. (601398 CH) rose 0.7 percent to 4.26 yuan. Bank of Communications Co. (601328 CH) fell 0.4 percent to 5.47 yuan.
Developers: The State Council revised rules giving it the power to oversee the implementation of property taxes in China, the Shanghai Securities News reported today, citing the rules.
The Ministry of Finance may announce a property tax plan for the cities of Shanghai and Chongqing before the start of the National People’s Congress in March, according to a China Securities Journal report.
China Vanke Co. (000002 CH), the nation’s largest developer, lost 0.8 percent to 8.35 yuan. Poly Real Estate Group Co. (600048 CH) closed unchanged.
PetroChina Co. (601857 CH), the nation’s largest oil producer, fell 1.4 percent to 11.24 yuan. China Petroleum & Chemical Corp. (600028 CH) rose 0.8 percent to 8.46 yuan.
China Cosco Holdings Co. (601919 CH): BNP Paribas cut its rating for the company’s Hong Kong-listed shares to “reduce” from “buy,” citing its “bearish” view on the dry-bulk shipping market and an “aggressive earnings cut.” The brokerage lowered its share-price estimate to HK$7.77 from HK$10.98, according to a report by analysts including Sarah Liu. The stock added 0.6 percent to 9.46 yuan.
China Life Insurance Co. (601628 CH) said premium income in 2010 was 318.2 billion yuan, according to a filing to the Hong Kong stock exchange. The stock rose 0.3 percent to 21.05 yuan.
China National Chemical Engineering Co. (601117 CH): The company’s full-year net income probably increased between 55 percent and 65 percent, according to a company filing to the Shanghai Stock Exchange. The stock rose 4.9 percent to 5.15 yuan.
China Shipping Container Lines Co. (601866 CH) said its 2010 profit was “better-than-expected” because of a recovery in the global industry, according to a statement filed to the Shanghai stock exchange. The stock fell 0.7 percent to 4.45 yuan.
Chongqing Iron & Steel Co. (601005 CH): The company’s output of shipbuilding plates rose about 80 percent in 2010 from a year earlier to 1.7 million tons, Caijing Online reported, citing company executive You Xiaoan. The stock rose 0.8 percent to 3.72 yuan.
Dongfeng Automobile Co. (600006 CH) said its 2010 profit probably rose between 80 percent and 90 percent on year because of rising sales, according to a statement to the Shanghai stock exchange. The stock rose 0.4 percent to 4.80 yuan.
Double Coin Holdings Ltd.’s (600623 CH) full-year net income probably increased more than 50 percent on tire sales, according to a Shanghai Stock Exchange filing. The stock rose 1.2 percent to 15.70 yuan.
Huadian Energy Co. (600726 CH): The company’s net income attributable to its parent was probably 30 million yuan for 2010, compared with a net loss the previous year, the company said in an exchange filing. The stock rose 2.5 percent to 3.26 yuan.
Huaneng Power International Inc. (600011 CH): The listed unit of the nation’s largest power producer said it generated 257 billion kilowatt-hours of electricity in China last year, an increase of 26 percent from a year earlier. The stock fell 0.2 percent to 5.20 yuan.
Jinan Qingqi Motorcycle Co. (600698 CH) will likely post a net loss for 2010 because of rising costs and a weakening domestic market, the company said in a filing to the Shanghai stock exchange. The stock rose 0.8 percent to 5.99 yuan.
SDIC Huajing Power Holdings Co. (600886 CH) received regulatory approval for its planned 3.4 billion yuan issue of convertible bonds. The stock was unchanged at 7.19 yuan.
Sinotrans Air Transportation Development Co.’s (600270 CH) full-year net income probably increased 110 percent on the first-half rebound in China’s imports and exports, according to a Shanghai Stock exchange filing. The stock fell 0.1 percent to 8.82 yuan.
Zijin Mining Group Co. (601899 CH): The company’s vice presidents Chen Jiahong and Li Side have resigned for “personal reasons,” the company said in a statement to the Shanghai stock exchange. The stock fell 0.1 percent to 7.21 yuan.
--Irene Shen, Baizhen Chua. Editor: Glenn J. Kalinoski
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