China Stocks: Nationz Tech, Shanghai Tunnel, Suning Appliance
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, dropped 21.46 points, or 0.8 percent, to 2,642.82. The CSI 300 Index (SHSZ300) lost 0.9 percent to 2,892.16.
Nationz Technologies Inc. (300077) (300077 CH), an integrated circuits and chipmaker, dropped 3.1 percent to 25.60 yuan, its lowest close since listing in April last year. ZTE Corp. (000063) (000063 CH), China’s second-biggest phone-equipment maker, said it sold 2.6 million shares of Nationz Technologies for a net pretax gain of about 42 million yuan ($6.49 million).
Shanghai Tunnel Engineering Co. (600820 CH), an infrastructure construction company, rose 2.9 percent to 10.51 yuan, the biggest gain since June 1. The company said it plans to buy 6.6 billion yuan worth of assets from parents and affiliates, the company said in a statement yesterday.
Suning Appliance Co. (002024 CH), China’s biggest home- appliance retailer by market value, advanced 3.2 percent to 12.19 yuan after saying it plans to sell 5.5 billion yuan of shares in a private placement. The appliance retailer will use the funds to accelerate the expansion of its retail outlets, it said.
--Zhang Shidong. Editor: Matthew Oakley
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