Anhui Conch, Beiqi Foton, Hainan Airlines: China Equity Preview
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.
Banks: China’s banking system requires further strengthening of its risk management, Fan Wenzhong, director- general of the China Banking Regulatory Commission said at a forum in Shanghai on May 21. Even though local lenders are significantly better positioned than their global peers in terms of capital adequacy ratios and liquidity, more risk management is “prudent,” Fan said.
Industrial & Commercial Bank of China (601398) Ltd. (601398 CH): The lender fell 0.7 percent to 4.54 yuan. Bank of China Ltd. (601988 CH): The bank was unchanged at 3.38 yuan.
Aluminum Corp. of China Ltd. (601600 CH): The company, known as Chalco, moved 16 female employees, mostly technicians, to cleaning jobs after their husbands left the company seeking higher-paying positions, state-run Xinhua News Agency said. The stock rose 1.2 percent to 10.24 yuan.
Anhui Conch Cement Co. (600585 CH): China’s biggest cement producer set coupon rate of 5.08 percent for its five-year note and 5.2 percent for seven-year bonds. The company will start selling as much as 9.5 billion yuan of debt on May 23. The share fell 2.2 percent to 34.24 yuan.
Beiqi Foton Motor Co. (600166 CH): The automaker, CITIC Guoan Mengguli Co., a unit of CITIC Group, and Southern Power Grid Corp on May 21 agreed to set up an electric-car production base in Zhongshan city in Guangdong province, Nanfang Daily said, without citing anybody. The stock fell 2.7 percent to 9.33 yuan.
China Yangtze Power Co. (600900 CH): the company will pay a dividend of 2.56 yuan for every 10 shares held, according to a decision made at a shareholder meeting. The stock fell 2 percent to 7.92 yuan.
Dalian Port (PDA) Co. (601880 CH): The cargo handling and port services company will begin selling 10-year bonds that pay annual interest of 5.3 percent tomorrow. The stock fell 1.02 yuan to 3.89 yuan.
Eastern Communications Co. (600776 CH): The company will pay a dividend of 0.12 yuan a share on June 8, according to an exchange statement. The stock fell 4.2 percent to 8.68 yuan.
Hainan Airlines Co. (600221 CH): The carrier will pay a dividend of 0.05 yuan a share on June 10, according to a statement to the exchange. The stock fell 0.9 percent to 8.02 yuan.
PetroChina Co. (601857 CH): Oriental Refinery, a venture between the oil producer and Russia’s OAO Rosneft, will start construction in the second half this year in Tianjin, state-run Xinhua News Agency said today. The stock rose 0.4 percent to 11.08 yuan.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org