China Stocks: Anhui Conch, Huaxin, Rizhao Port, Yueyang Paper
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, rose 25.23 points, or 1 percent, to 2,646.48. The CSI 300 Index (SHSZ300) advanced 1.2 percent to 2,909.07.
Cement producers: Anhui Conch Cement Co. (600585 CH) jumped 4.3 percent to 26.30 yuan, the highest since April 22. BBMG Corp. (601992 CH) climbed 2.5 percent to 14.64 yuan. Huaxin Cement Co. (600801 CH) rose 3.4 percent to 23.38 yuan.
The National Development and Reform Commission has allowed local government financing vehicles to sell bonds for affordable housing projects, Shanghai Securities News reported today, citing a notice issued by the commission.
Inner Mongolia Junzheng Energy & Chemical Industry Co. (601216 CH) gained 4.1 percent to 22.91 yuan. The company said it expects first-half net income to rise by as much as 120 percent from a year earlier, citing higher sales of polyvinyl chloride, caustic soda and improved margins, according to a statement to the Shanghai Stock Exchange.
Rizhao Port Co. (600017 CH) fell 2.3 percent to 4.20 yuan, the lowest since May 31. The company plans to sell as many as 474 million shares at 4.27 yuan each, according to a statement to Shanghai’s stock exchange yesterday. The shares were suspended since June 6.
Yueyang Paper Co. (600963 CH) dropped 4.2 percent to 8.04 yuan following a one-week suspension. The company plans to raise as much as 2 billion yuan from a private placement of as many as 239 million shares to finance acquisitions and production upgrades, according to a statement to the Shanghai Stock Exchange yesterday.
--Irene Shen, Lifei Zheng. Editor: Matthew Oakley
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.