Shares of the following companies may have unusual moves in China trading. Stock symbols are in parentheses and prices are as of the previous close, unless stated otherwise.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 8.52 points, or 0.3 percent, to 2,863.89. The CSI 300 Index (SHSZ300) fell 0.2 percent to 3,121.40.
Oil producers: China will “appropriately” increase a resource tax, the Securities Times reported today, citing a government plan for the five years through 2015. The government will change the tax system for “key” resources to a price- based levy from one that is based on volume, the newspaper reported. China will also gradually increase the scope of the nation’s resource tax, according to the report.
PetroChina Co. (601857 CH), the nation’s largest oil producer, lost 2.2 percent to 11.15 yuan. China Petroleum and Chemical Corp. (600028 CH), the biggest refiner, declined 1.2 percent to 8.48 yuan.
Rare earth producers: China may increase the resource tax the nation imposes on rare earths, the China Times reported, citing an unidentified official at the Ministry of Finance. The government may also make the resource tax on rare earths a price-based levy, the newspaper reported May 6, without saying how much the tax is now or what it may be increased to.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH) jumped 7.9 percent to 89.44 yuan. Rising Nonferrous Metals Share Co. (600259 CH) advanced 2.3 percent to 64.15 yuan.
Angang Steel Co. (000898 CH): The steelmaker said it plans to buy up to 2.6 billion yuan ($400 million) of iron concentrate from Pangang Group Steel Vanadium & Titanium Co. (000629 CH) this year. Angang dropped 1.2 percent to 7.66 yuan. Pangang lost 3.8 percent to 12.13 yuan.
China Southern Airlines Co. (600029 CH): The nation’s largest carrier signed an agreement with the southwestern municipality of Chongqing to build an aviation hub in the city, and will increase the number of Chongqing flights to Tibet and Yunnan, the Xinhua News Agency reported on May 6, citing a company spokesman. The shares rose 3.8 percent to 8.69 yuan.
China Resources Sanjiu Medical & Pharmaceutical Co. (000999 CH): The drug maker signed an agreement with the China Academy of Chinese Medical Sciences to cooperate on research and development. It will invest more than 150 million yuan for a 55 percent stake in a joint venture production base with the academy in Beijing. The stock climbed 1.6 percent to 20.73 yuan.
CITIC Securities Co. (600030 CH): China’s biggest brokerage by market value said its April net income was 991 million yuan on revenue of 1.5 billion yuan. The shares retreated 0.6 percent to 12.62 yuan.
Chongqing Changan Automobile Co. (000625 CH): The Chinese partner of Ford Motor Co. and Mazda Motor Corp. will recall 942 China-made Volvo S40 sedans from May 9 because of a flaw with the pump used for cleaning headlights, according to a statement on the website of the General Administration of Quality Supervision, Inspection and Quarantine. The stock added 0.2 percent to 9.78 yuan.
Guangdong Electric Power Development Co. (000539 CH): The utility producer said power price cuts by the Guangdong provincial government will reduce profit this year by 53.1 million yuan. The stock gained 1.8 percent to 6.21 yuan.
Guoyuan Securities Co. (000728 CH): The brokerage said net income in April was 82.5 million yuan and sales were 150 million yuan. The shares fell 0.6 percent to 11.90 yuan.
Hainan Airlines Co. (600221 CH): The carrier said it received approval from China’s securities regulator for a proposed corporate bond issue of as much as 5 billion yuan. The shares gained 1 percent to 8.85 yuan.
Ningxia Yinxing Energy Co. (000862 CH): 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. The shares rose 2.2 percent to 13.77 yuan.
Shenzhen Airport Co. (000089) (000089 CH): The airport operator said passenger volume for April gained 7.3 percent from a year ago to 2.4 million, and cargo handled rose 1.4 percent to 70,700 metric tons last month. The shares increased 0.3 percent to 5.96 yuan.
Xi’an Aircraft International Corp. (000768) (000768 CH): The manufacturer of aircraft components said its joint venture plan with Goodrich Corp. expired. The stock advanced 2 percent to 10.86 yuan.
--Zhang Shidong, Helen Sun. Editor: Allen Wan
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