China Stocks: Inner Mongolia MengDian, Jiangsu Holly, Poly
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, gained 18.17 points, or 0.6 percent, to 2,890.63. The CSI 300 Index (SHSZ300) rose 0.8 percent to 3,153.22. Hong Kong’s stock market is shut today.
China’s hydroelectric power producers: Guangxi Guidong Electric Power Co. (600310 CH) jumped 9.1 percent to 22.90 yuan, completing the biggest two-day gain since November 2008 after surging by the 10 percent daily limit yesterday. Sichuan Mingxing Electric Power Co. (600101) (600101 CH) surged the maximum 10 percent to 20.08 yuan. Sichuan Xichang Electric Power Ltd. (600505 CH) climbed 10 percent to 15.19 yuan.
More than 10 Chinese provinces face power shortages, Shanghai Securities News reported today, boosting speculation that hydroelectric power will benefit as an alternative source of energy.
Inner Mongolia MengDian HuaNeng Thermal Power Co. (600863 CH) jumped 6.9 percent to 10.68 yuan, the biggest gain since Jan. 31. The company plans to sell as many as 600 million shares to buy coal mines and two power plants from its parent and affiliates, Inner Mongolia MengDian said in a statement yesterday. The stock resumed trading after being suspended the past six days.
Jiangsu Holly Corp. (600128) (600128 CH), a trading company, jumped by the 10 percent daily limit to 17.42 yuan, its highest close since April 27. The company plans to inject 400 million yuan ($61.6 million) into its subsidiary Jiangsu Artall Arts Delicacies Co., Jiangsu Holly said in a statement last night.
Poly Real Estate Group Co. (600048 CH), the second-biggest developer, rose 1.3 percent to 13.17 yuan after saying April sales rose 63 percent from a year earlier to 6.68 billion yuan.
Shenzhen Jinjia Color Printing Group Co. (002191 CH) surged by the 10 percent daily limit to 11.57 yuan. The company proposed to issue 1 bonus share and 0.40 yuan cash dividend for every share held, it said in a statement last night.
--Zhang Shidong. Editor: Reinie Booysen
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