China Stocks: China Shipbuilding, CSR, Shenhua Energy, Zoomlion
Shares of the following companies are having unusual moves in China trading. Stock symbols are in parentheses and prices are as of 10:47 a.m. local time.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, gained 0.3 percent to 2,736.1. The CSI 300 Index (SHSZ300) advanced 0.3 percent to 2,995.16.
Coal producers: China Shenhua Energy Co. (601088 CH), the listed unit of China’s biggest coal producer, declined 2.2 percent to 27.95 yuan. Yanzhou Coal Mining Co. (600188 CH) slid 1.9 percent to 33.44 yuan.
The National Development and Reform Commission warned power-station coal producers against price increases, threatening fines of as much as five times the revenue generated, the official Xinhua News agency reported on June 5.
China Shipbuilding Industry Co. (601989 CH) rose 3.1 percent to 12.17 yuan, set for the highest close since May 20. The company plans to raise as much as 11.5 billion yuan ($1.8 billion) in a private sale of as many as 962 million shares for at least 11.96 yuan each.
Changsha Zoomlion Heavy Industry Science & Technology Development Co. (000157 CH) added 2 percent to 14.22 yuan. The company said its board approved an investment of 2.6 billion yuan to build production plants for cranes and excavators in Jiangyin, Jiangsu province.
CSR Corp. (601766 CH) gained 1.8 percent to 6.74 yuan. The company estimated that its net profit rose more than 80 percent in the first six months compared with a year earlier.
Harbin Pharmaceutical Group Co. (600664 CH) retreated 3.5 percent to 17.16 yuan, set for its biggest loss since May 23. A plant belonging to the company’s parent, Harbin Pharmaceutical Group, was found to have caused air and water pollution, CCTV reported on June 5.
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