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.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 2.84 points, or 0.1 percent, to 2,649.32. The CSI 300 Index (SHSZ300) was little changed at 2,908.58.
Banks: The People’s Bank of China will suspend a sale of bills today, the central bank said in a statement posted on its website yesterday, without providing a reason. The seven-day repurchase rate, which measures interbank funding availability, has more than doubled since June 14, when the central bank ordered lenders to set aside more money as reserves for a sixth time this year.
Industrial and Commercial Bank of China Ltd. (601398 CH), the world’s largest bank by market value, gained 0.7 percent to 4.33 yuan. Agricultural Bank of China Ltd. (601288) (601288 CH) added 1.9 percent to 2.70 yuan.
Developers: The Beijing government will support the sale of 50 billion yuan ($7.7 billion) of corporate bonds by property developers to fund the construction of affordable housing, the Securities Times reported yesterday, citing Zhang Guilin, president of Beijing Zhuzong Group Co.
China Vanke Co. (000002 CH), the nation’s largest developer by value, fell 0.6 percent to 8.22 yuan. Poly Real Estate Group Co. (600048 CH) lost 0.5 percent to 10.49 yuan.
Wind power companies: China will increase offshore wind power installed capacity to five gigawatts by 2015 and 30 gigawatts by 2020, Xinhua News Agency reported, citing the National Energy Administration at a meeting in Jiangsu province. Public tender for the second round of offshore wind power concession projects with a total installed capacity of up to 2 gigawatts will be completed during the first half of 2012, according to the report.
Sinovel Wind Group Co. (601558 CH), China’s largest wind- turbine maker, added 2.1 percent to 27.54 yuan. Xinjiang Goldwind Science & Technology Co., (002202 CH), the second- biggest wind-turbine maker, gained 3.2 percent to 14.43 yuan.
China Yangtze Power Co. (600900 CH): China will invest 400 billion yuan in the construction of four hydroelectric dams on a tributary of the Yangtze river to help boost the share of non- fossil fuels in the energy consumed by the nation, the China Daily reported today, citing Han Wenke, director of the Energy Research Center at the National Development and Reform Commission. The stock climbed 0.1 percent to 7.42 yuan.
China Railway Construction Corp. (601186 CH): The railway builder said its board has agreed to set up a unit that will engage in the construction of ports, waterways, roads and bridges, the company said in a filing to the Shanghai Stock Exchange. The subsidiary will have registered capital of 1 billion yuan, according to the filing. The shares slipped 0.7 percent to 5.70 yuan.
Dongfang Electric Corp. (600875 CH): The power-equipment producer said its controlling shareholder bought 5.6 million shares between Dec. 1 and June 22, increasing its stake to more than 50 percent, according to a Hong Kong stock exchange filing. The stock advanced 0.2 percent to 23.70 yuan.
Haitong Securities Co. (600837 CH): The brokerage said its board approved a plan to set up an investment company that will have 3 billion yuan of registered capital, according to a Shanghai Stock Exchange filing. The new unit will invest in financial products, it said. The stock retreated 0.2 percent to 8.46 yuan.
To contact the editor responsible for this story: Darren Boey at email@example.com