China Stocks: China Coal, CSR, Lansheng, XCMG Construction

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, fell 44.55 points, or 1.8 percent, to 2,437.80, the lowest close since July 16, 2010. The CSI 300 Index (SHSZ300) declined 2 percent to 2,679.27.

China Coal Energy Co. (601898 CH), the nation’s second- largest coal producer, slid 5.9 percent to 9.02 yuan, its biggest loss since Nov. 12. Parent China National Coal Group Corp. was ordered to suspend mining in northern Shanxi province after flooding at a mine killed 10 people, Xinhua News Agency said on Sept. 17. China Coal shares were suspended from trading as of the 11.30 a.m. break.

CSR Corp. (601766 CH), China’s biggest train maker, lost 2.2 percent to 4.51 yuan after the company cut its fund-raising target for a planned share placement. The company said it plans to raise as much as 9 billion yuan ($1.41 billion) in a private placement of 1.96 billion Shanghai-listed shares at 4.46 yuan each. CSR said in June it planned to raise as much as 11 billion yuan from the placement.

Henan Mingtai Al. Industrial Co. (601677 CH), a producer of aluminum foil, retreated 8.7 percent from its offer price to 18.26 yuan on the first day of trading in Shanghai today.

Shanghai Lansheng Corp. (600826) (600826 CH) tumbled the 10 percent daily limit to 11.49 yuan, the biggest decline on the Shanghai Composite Index. The stock resumed trading after a Sept. 12 suspension. The company denied a media report that parent Lansheng Group may conduct mergers or restructuring with Shanghai Eastbest International (Group) Co., Shanghai Lansheng said in a statement to the exchange yesterday.

Shanxi Sanwei Group Co. (000755) (000755 CH), a manufacturer of chemical products, dropped 8.1 percent to 9.81 yuan. The company said it plans to raise up to 1.5 billion yuan in a private placement. The stock resumed trading today after being suspended since Aug. 16.

XCMG Construction Machinery Co. (000425 CH), China’s biggest crane maker, fell 2.5 percent to 20.06 yuan. The company delayed a share sale of as much as $1.5 billion in Hong Kong because of volatile markets, three people with knowledge of the matter said.

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

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