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China Stocks: China Construction Bank, Sichuan Swellfun, ZTE

Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 10:15 a.m. local time.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 0.3 percent to 2,749.99. The CSI 300 Index (SHSZ300) lost 0.2 percent to 3,031.12.

Banks: China Construction Bank Corp. (601939) (601939 CH) lost 0.8 percent to 4.96 yuan. Agricultural Bank of China Ltd. (601288) (601288 CH) declined 1.1 percent to 2.77 yuan.

China’s banking regulator has ordered lenders to check each discounted bill financing transaction, National Business Daily reported today, citing an unidentified person familiar with the situation. Banks must check how the discounted funds are used and whether they use the discounted bills to get around lending limits, according to the Shanghai-based newspaper.

Jointo Energy Investment Co. (000600 CH) added 2.1 percent to 5.26 yuan, the highest since June 8. The company plans to sell as much as 800 million yuan ($123.5 million) of bonds, according to a notice to the Shenzhen stock exchange.

Sichuan Swellfun Co. (600779 CH) jumped 4.8 percent to 22.24 yuan, the most since Nov. 26. Diageo Plc said it received regulatory approval to take a majority stake in China’s Sichuan Chengdu Quanxing Group Co., the parent of Swellfun.

ZTE Corp. (000063) (000063 CH), China’s second-biggest phone- equipment maker, advanced 2.7 percent to 27.81 yuan. The company plans to invest 500 million reais ($313.3 million) in Brazil by 2014 to build an industrial complex in Hortolandia, in the state of Sao Paulo, said Frederico Bonincontro, a company’s director in Brazil. ZTE will also start selling in August tablet computers made in Brazil with local partners, Chairman Hou Weigui told reporters.

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

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