China Life, China Oilfield, Tongrentang: 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, unless stated otherwise.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, gained 38.16 points, or 1.5 percent, to 2,554.02. The CSI 300 Index (SHSZ300) rose 1.6 percent to 2,821.
Beijing Tongrentang Co. (600085 CH): The drugmaker’s first half net income rose 27.6 percent from a year earlier to 258.9 million yuan ($40.4 million), according to a statement to the Shanghai Stock Exchange. The shares climbed 1.6 percent to 16.28 yuan.
China International Marine Containers (Group) Co. (000039 CH): The container shipping company’s first-half net income rose 208 percent from a year earlier to 2.8 billion yuan, according to a statement to the Shenzhen Stock Exchange. The stock added 3.4 percent to 18.87 yuan.
China Life Insurance Co. (601628 CH): The nation’s biggest insurer said first-half profit fell 28 percent to 12.96 billion yuan as declines in the local stock market hurt investment returns, according to a statement to the Shanghai stock exchange. The company’s board also approved a plan to sell as much as 30 billion yuan of subordinated bonds, it said in a separate statement. The shares gained 1.4 percent to 16.17 yuan.
China Oilfield Services Ltd. (601808) (601808 CH): The drilling unit of the nation’s largest offshore oil producer said its first- half net income fell 4.7 percent from a year earlier to 2.1 billion yuan, according to a statement to the Shanghai Stock Exchange. The stock rose 0.5 percent to 14.37 yuan.
Fiberhome Telecommunication Technologies Co. (600498 CH): The telecommunication product designer and producer said it plans to raise as much as 1 billion yuan in a private offering of A shares, according to a statement to the Shanghai stock exchange. The company plans to sell as much as 60 million shares in the offering, it said. The stock climbed 1.9 percent to 27.58 yuan.
Guangzhou Iron & Steel (600894) Co. (600894 CH): The Guangzhou, Guangdong province-based mill will become a wholly owned unit of Baosteel Group Corp. after the local city and provincial governments agreed to withdraw their investments in the steelmaker, Guangzhou Steel said in a statement to the Shanghai stock exchange. Baosteel currently holds an 80 percent stake in Guangzhou Steel, the statement said. Guangzhou Steel will also gradually close its production base in Baihedong as part of an asset-restructuring agreement, the statement said.
The stock added 2 percent to 7.64 yuan.
Hisense Electric Co. (600060 CH): China’s biggest manufacturer of flat-panel televisions said first-half net income rose 110 percent from a year earlier to 517.9 million yuan, according to a statement to the Shanghai Stock Exchange.
The shares advanced 3.1 percent to 13.81 yuan.
Industrial Bank Co. (601166 CH): The lender that’s part- owned by a unit of HSBC Holdings Plc said its first-half net income rose 40 percent from a year earlier to 12.2 billion yuan, according to a statement to the Shanghai Stock Exchange.
The shares gained 3.1 percent to 13.07 yuan.
Sany Heavy Industry Co. (600031 CH): The biggest Chinese machinery maker said it received approval from the China Securities Regulatory Commission to issue up to 1.54 billion shares in Hong Kong, according to a statement to the Shanghai Stock Exchange. The plan will have to be approved by the Hong Kong stock exchange, it said.
Sany rose 1.5 percent to 16.29 yuan.
Shanghai Automation Instrumentation Co. (600848 CH): The automation control system maker said it scrapped a planned private offering because the proposal wasn’t approved by its biggest shareholder, according to a statement to the Shanghai stock exchange. Trading will resume from today, Shanghai Automation said.
The stock added 1.6 percent to 10.45 yuan on July 28.
--Zhang Shidong, Helen Yuan. Editors: Marie-France Han, Richard Richtmyer
To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at +86-21-6104-3040 or firstname.lastname@example.org
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