Ping An, SAIC, Sinopec, Sinovel, Vanke: China Equity Preview
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, declined 24.5 points, or 0.9 percent, to 2,679.26. The CSI 300 Index (SHSZ300) fell 0.7 percent to 2,956.38.
Developers: Beijing’s land sales for residential developments reached 16 billion yuan for the first seven months of this year, 15 percent of last year’s total, Securities Times reported today, citing Beijing Land Consolidation and Reserve Center. Home purchase limits and tighter credit have affected real estate developers’ funds, according to the newspaper.
China Vanke Co. (000002 CH), the nation’s largest developer by market value, declined 0.2 percent to 8.27 yuan. Poly Real Estate Group Co. (600048 CH) sank 0.8 percent to 10.60 yuan.
Insurers: China’s insurance premium income in the first half was 805.7 billion yuan ($125.1 billion), according to a statement on the China Insurance Regulatory Commission’s website. That compared with 799.9 billion yuan a year earlier, according to the regulator.
Ping An Insurance (Group) Co. (601318 CH) dropped 1.2 percent to 44.37 yuan. China Life Insurance Co. (601628 CH) lost 1.2 percent to 17.50 yuan.
China Petroleum & Chemical Corp. (600028) (600028 CH): The nation’s largest refiner will resume production at its 200,000-barrel-a- day oil refinery in Qingdao in eastern Shandong province on Aug. 10 after a scheduled maintenance, ICIS said, citing an unidentified person. Shares fell 1.4 percent to 7.64 yuan.
Jiangling Motors Corp. (000550 CH): The automaker sold 14,009 vehicles in July, up 6.8 percent from a year earlier, according to a statement to the Shenzhen Stock Exchange. The company sold 119,313 vehicles from January to July, the statement said. The stock slid 1.1 percent to 24.59 yuan.
SAIC Motor Corp. (600104 CH): China’s biggest automaker secured conditional approval from the China Securities Regulatory Commission for a plan to swap shares for assets, according to a company filing to the Shanghai Stock Exchange. The shares, which closed 1.5 percent lower to 16.99 yuan on July 28, will resume trading today.
Sinovel Wind Group Co. (601558 CH): The world’s second- largest wind-turbine maker said Chief Financial Officer Wei Yuqiang resigned for personal reasons and will be replaced by Vice President Tao Gang, according to a company filing to the Shanghai Stock Exchange. The shares added 2 percent to 29.17 yuan.
Xining Special Steel Co. (600117) (600117 CH): The Chinese steelmaker’s net income tripled to 232 million yuan in the first half from 77.2 million yuan a year earlier, according to a statement to the Shanghai Stock Exchange. The stock fell 1.3 percent to 10.81 yuan.
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