China Stocks: CNR, CSR, Datang Power, Huayi Brothers, Powerway
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, rose 8.57 points, or 0.3 percent, to 2,872.46. The CSI 300 Index (SHSZ300) gained 0.3 percent to 3,129.76.
Train makers: CSR Corp. (601766 CH), the nation’s biggest, added 5 percent to 6.93 yuan, the most since Jan. 19. China CNR Corp. (601299 CH), the second largest, jumped 5.5 percent to 6.95 yuan, its biggest gain since Jan. 31.
China’s rail investment will be 745.5 billion yuan ($115 billion) this year, the China Central Television reported on May 6, citing Wang Yongping, a spokesman from the Ministry of Railways. That compares with the investment plan of 850 billion yuan proposed by the ministry early this year, Dong Yaguang, an analyst at Sinolink Securities Co., wrote in a report today. The Economic Observer reported on April 30 that high-speed railway investment would be cut by more than 200 billion yuan.
“The worst for the railway-equipment industry is over,” the Sinolink report said. “The current prices of CSR and CNR have already reflected the overly pessimistic expectations.”
Datang International Power Generation Co. (601991 CH) climbed 3.3 percent to 7.44 yuan, its highest close since Nov. 8. Datang’s parent company increased its holding in the listed company to 36.09 percent from 36.07 percent and said it would boost its stake in the next 12 months by as much as 2 percent.
Huayi Brothers Media Corp. (300027) (300027 CH), the nation’s biggest listed filmmaker, jumped 8.5 percent to 15.80 yuan, the most since June 2. Citic Securities Co. boosted its rating to “buy,” citing the company’s “leading” position in the film- making industry and the stock’s valuations. Tencent Holdings Ltd. bought 27.8 million shares, or a 4.6 percent stake, in the company for about 445 million yuan, Huayi Brothers said in a statement today.
Ningxia Yinxing Energy Co. (000862 CH) increased 3.3 percent to 14.22 yuan, set for its biggest gain since March 18. The wind turbine-maker signed a framework agreement with Beijing Ecom Energy Technology Co. to develop wind power and photovoltaic-cell projects in Inner Mongolia with a combined investment of 610 million yuan.
Ningbo Powerway Alloy Material Co. (601137 CH) surged by 10 percent daily limit to 23.35 yuan, the most since its listing in January. Powerway Group Co., the company’s controlling shareholder, increased its holdings to 48.8 percent, according to a statement to the exchange on May 6.
To contact the editor responsible for this story: Darren Boey at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.