China Stocks: Beijing Tongrentang, China Vanke, Xiamen Tungsten
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.
Health-care stocks: Beijing Tongrentang Co. (600085 CH), a Chinese medicine retailer, rose by the 10 percent daily limit to 18.29 yuan, the highest since the shares began trading in June 1997. Beijing Tiantan Biological Products Co. (600161) (600161 CH) gained 4.7 percent to 19.01 yuan.
China may announce a five-year plan for the biomedicine industry’s development by the end of this month as annual growth in drug sales may reach about 23 percent by 2015, Shanghai Securities News reported today, citing Yu Mingde, head of the China Pharmaceutical Enterprises Association.
The country’s medical industry’s total output value may be about 1.25 trillion yuan this year, the newspaper said.
Property stocks: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, fell 1.8 percent to 8.43 yuan, the lowest this month. Poly Real Estate Group Co. (600048 CH), the second-largest, dropped 2.8 percent to 10.6 yuan.
China will expand efforts to curb growth in residential property prices to smaller cities after limiting home purchases in Beijing and Shanghai, according to a summary of a State Council meeting chaired by Premier Wen Jiabao. The government said so-called second and third-tier cities that have seen excessive price gains should restrict the number of homes each family is allowed to buy, according to the State Council or cabinet yesterday.
Rare-earth producers: Xiamen Tungsten Co. (600549 CH), China’s biggest tungsten product maker, added 5.2 percent to 45.09 yuan, the biggest gain since March 16. China almost doubled its export quota of rare earth for the second half of 2011. The country raised the quota for 26 companies to 15,738 metric tons yesterday. That compares with 7,976 tons a year earlier and brings the limit to 30,184 tons for 2011, little changed from 30,258 tons in 2010, government figures show.
To contact the editor responsible for this story: Darren Boey at email@example.com