China Stocks: Dongfang Electric, Sinopec, Yangtze Power, Zijin

Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 3 p.m. close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 33.51, or 1.1 percent, to 2,897.30. The CSI 300 Index (SHSZ300) declined 1.6 percent to 3,197.10.

Nuclear power-related stocks: Nanfang Ventilator Co. (300004 CH), a manufacturer of ventilation facilities for nuclear power stations, slumped the 10 percent daily cap to 48.59 yuan. Dongfang Electric Corp. (600875 CH), which makes nuclear power-related products, plunged 7.6 percent to 28.43 yuan, the most since Nov. 12.

China has suspended approval of new nuclear projects and will conduct safety inspections of all nuclear power plants under construction in the wake of the radiation leaks in Japan, the State Council said yesterday.

Power producers and power equipment makers: China Yangtze Power Co. (600900 CH), owner of the world’s biggest hydropower project, climbed 3.8 percent to 8.01 yuan, the most since Oct. 11. China XD Electric Co. (601179 CH), a manufacturer of power transmission equipment, climbed 3.7 percent to 8.36 yuan.

“Should nuclear power growth slow down, the energy shortfall will be filled by thermal and hydro power,” Yang Fan, an analyst at Citic Securities Co., wrote in a report today.

China Petroleum & Chemical Corp. (600028) (600028 CH), Asia’s biggest oil refiner, also known as Sinopec, added 1.1 percent to 8.57 yuan. Sinopec said it signed a memorandum of understanding with Saudi Aramco to take a 37.5 percent stake in the planned 400,000 barrel-a-day Yanbu refinery.

Shanghai Nine Dragon Co. (600555 CH), a garment manufacturer, surged the 10 percent daily limit to 5.93 yuan as it resumed trading today after four-week long suspension. Hainan Airlines Group agreed to buy a 29.9 percent take in the company for 1.67 billion yuan ($254 million) through its property unit, Shanghai Nine Dragon said in a statement yesterday.

Shanxi Taigang Stainless Steel Co. (000825 CH), China’s biggest producer of the rust-proof metal, slid 2.2 percent to 5.79 yuan after saying 13 percent of its shares, or 737.8 million of stock, will become tradable on March 21.

Zijin Mining Group Co. (601899 CH), China’s largest gold producer, slid 3.1 percent to 7.63 yuan after saying its tax rate will rise to 25 percent from 15 percent after the Fujian provincial government canceled the group’s status as a high- technology enterprise.

--Zhang Shidong. Editor: Richard Frost

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at +86-21-6104-3040 or szhang5@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.