China Stocks: Harbin Gloria, Kaidi Electric, Yili, ZTE Corp.

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, fell 13.20 points, or 0.5 percent, to 2,859.57. The CSI 300 Index (SHSZ300) lost 0.6 percent to 3,120.64.

Harbin Gloria Pharmaceuticals Co. (002437 CH) slumped 8.8 percent to 23.81 yuan, the lowest since its listing in June. The China Securities Regulatory Commission’s Heilongjiang bureau sent a notice to the company saying its 2010 annual report was incomplete as it didn’t account for how funds from a share sale were used, Harbin Gloria said in a statement yesterday.

Inner Mongolia Yili Industrial (600887) Group Co. (600887 CH), China’s biggest dairy producer by sales, slumped 6.7 percent to 35.24 yuan, the mist since February 2009. The company said it plans to raise as much as 7 billion yuan ($1.1 billion) in a private placement of 218 million new shares for at least 32.67 yuan each, using the proceeds to increase production. The stock resumed trading after being suspended over the past five days.

Wuhan Kaidi Electric Power Co. (000939 CH) gained 1.5 percent to 24.30 yuan after its board approved a plan to sell up to 1.18 billion yuan of bonds with maturities of no less than five years. The proceeds for bond sales will be used to replenish working capital and pay down debt, it said.

ZTE Corp. (000063) (000063 CH), China’s second-biggest phone- equipment maker, added 1.6 percent to 27.28 yuan after saying it demonstrated its first cloud-computing operating system.

--Zhang Shidong. Editors: Allen Wan, 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.