China Stocks: FAW Car, Shanghai Zhenhua Heavy, Zhongjin Gold
Shares of the following companies are having unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 45, or 1.5 percent, to 2,957.14. The CSI 300 Index (SHSZ300) dropped 1.8 percent to 3,280.26.
Automakers: FAW Car Co. (000800 CH), which makes passenger cars in China with Volkswagen AG, slipped 2.2 percent to 17.90 yuan. Tianjin FAW Xiali Automobile Co. (000927 CH) lost 2.5 percent to 8.68 yuan. The company said sales fell 19 percent last month.
China’s passenger-car sales in February increased 2.6 percent from a year earlier to 967,200 units, the China Association of Automobile Manufacturers said yesterday in a statement. That is the slowest pace of growth since January 2009, when car purchases fell 7.8 percent.
Guangdong Electric Power Development Co. (000539 CH) lost 3.3 percent to 6.40 yuan, the biggest decline since Nov. 16. The utility producer said 2010 net income fell 34 percent from a year ago to 765.8 million yuan ($116.5 million).
Henan Yinge Industrial Investment Holding Co. (600069 CH) fell 7.8 percent to 11.31 yuan, the biggest loss since Feb. 22. The company denied a media report saying Henan Coal Chemical Industry Group Co. will inject assets into the listed company, according to a statement to Shanghai Stock Exchange yesterday.
Shanghai Zhenhua Heavy Industry Co. (600320 CH), the world’s biggest maker of quayside cranes, fell for a second day, losing 1.2 percent to 8.16 yuan. It posted a net loss of 694.8 million yuan last year, compared with a profit of 839.9 million yuan in 2009.
Shenzhen InfoTech Technologies Co. (300085 CH), a digital software producer, surged by the 10 percent daily limit to 32.51 yuan, the highest close since its listing on May 26, 2010.
The company plans to issue a cash dividend of 0.6 yuan and one bonus share for each share held, it said in a statement to the exchange yesterday. Net income increased 16 percent to 34 million yuan in 2010 from a year earlier, it said.
Xiamen C&D Inc. (600153 CH) climbed 8 percent to 9.09 yuan, the highest in three years after saying net income may have increased 50 percent to 100 percent in 2010. The company’s net profit was 1.06 billion yuan in 2009.
Zhengzhou Sanquan Foods Co. (002216 CH), China’s biggest producer of frozen food, jumped 3.7 percent to 36.34 yuan, the highest since Jan. 6. Net income for 2010 rose 39 percent from a year earlier on sales that increased 33 percent, the company said in a statement last night.
Zhongjin Gold Corp. (600489 CH), the country’s second- largest bullion producer by market value, slid for a third day, falling 1.5 percent to 37.08 yuan. The company said a subsidiary plans to sell controlling stakes in three mining units.
--Irene Shen. Editor: Allen Wan
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