China Stocks: BYD, Huaxin Cement, Shanghai Aerospace, Vanke
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 3.54 points, or 0.1 percent, to 2,816.35. The CSI 300 Index (SHSZ300) gained less than 0.1 percent to 3,122.50.
Banking stocks: China Construction Bank Corp. (601939) (601939 CH), the country’s second-largest bank, fell 1 percent to 4.90 yuan. Agricultural Bank of China Ltd. (601288 CH), the fourth largest, retreated 1.1 percent to 2.74 yuan.
Chinese banks’ loans to local governments may be 3.5 trillion yuan ($540 billion) more than estimated and the industry’s credit outlook could decline, Moody’s Investors Service said.
BYD Co. (002594 CH), the automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., advanced 7.3 percent to 33.05 yuan, its highest close since its listing on June 30. The company will work with Intel Corp. to develop new-energy automobiles, BYD said in an e-mailed statement.
China Vanke Co. (000002 CH), China’s biggest listed property company, rose 1.5 percent to 8.84 yuan, the highest level since April 18. The company said first-half sales rose 79 percent from the same period a year ago to 65.7 billion yuan.
Huaxin Cement Co. (600801 CH), the Chinese affiliate of Holcim Ltd., jumped 8 percent to 27.58 yuan, a record close. The company said it secured China Securities Regulatory Commission approval for a private placement to raise as much as 1.79 billion yuan.
Shanghai Aerospace Automobile Electromechanical Co. (600151 CH), a maker of components that help generate electricity from the sun, surged 8.1 percent to 12.43 yuan after saying it plans to raise 2.2 billion yuan in a private placement for solar projects.
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