China Stock Movers: ICBC, Huadian Power, PetroChina, SAIC Motor

Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 83.89 points, or 2.9 percent to 2,774.57. Declines today wiped out the measure’s gains for the year. The CSI 300 Index (SHSZ300) declined 3.2 percent to 3,022.98.

Automakers: SAIC Motor Corp. (600104 CH), the nation’s largest carmaker by market value, slid 3.3 percent to 16.01 yuan, the lowest level since Jan. 24. FAW Car Co. (000800 CH) slipped 5.8 percent to 13.61 yuan.

Central agencies of the government and the Communist Party will be allowed one vehicle for every 20 employees as public agencies seek to reduce spending, the 21st Century Business Herald reported today, citing an official statement that hasn’t been released to the public.

Banks: Industrial & Commercial Bank of China (601398) Ltd. (601398 CH), the world’s largest bank by market value, fell 1.8 percent to 4.46 yuan, the lowest since March 25. Agricultural Bank of China Ltd. (601288) (601288 CH) dropped 2.1 percent to 2.87 yuan.

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.

Huadian Power International Corp. (600027 CH) sank 4.1 percent to 3.76 yuan, the lowest close since April 7. The company’s board approved a plan to raise as much as 2.1 billion yuan ($323 million) selling new domestic shares to investors, Huadian said May 20. It will sell as many as 600 million A shares for at least 3.69 yuan each.

PetroChina Co. (601857 CH), the nation’s second-largest oil refiner, retreated 1.9 percent to 10.87 yuan, the lowest close since Nov. 23. The company shut its Dalian refinery for maintenance until the end of June, parent China National Petroleum Corp. said in its online newsletter today. Eight refinery units were closed on May 20, according to the report.

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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