China Stocks: China National Software, China Railway, Sanan
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, gained 1.4 percent to 2,504.11. The CSI 300 Index (SHSZ300) rose 1.7 percent to 2,742.39.
Rail-related stocks: China Railway Group Ltd. (601390) (601390 CH), the nation’s biggest construction company by total assets, gained 5.1 percent to 3.27 yuan, its biggest advance since Jan. 21. China Railway Construction Corp. (601186 CH), builder of more than half the nation’s rail links since 1949, advanced 6 percent to 4.94 yuan.
China’s railway ministry will get more than 200 billion yuan ($31.5 billion) of financial support to ensure payments on dues and improve liquidity, Xinhua News Agency reported, citing unidentified people at the ministry.
Software companies: China National Software & Service Co. (600536 CH) advanced the maximum 10 percent to 18.69 yuan. Shanghai Baosight Software Co. (600845 CH) surged 10 percent to 17.33 yuan.
China will cut taxes on software products to support the development of the industry, Shanghai Securities News reported today, without citing anyone. Shanghai city may cut business tax for software companies, it said.
Chongqing Mei Ansen Technology Co. (300275 CH), a manufacturer of coal mine safety equipment, jumped 54 percent from its offer price to 40.05 yuan on the first day of trading in Shenzhen.
Sanan Optoelectronics Co. (600703 CH), a manufacturer of light-emitting diode chips, climbed the 10 percent daily limit to 14.20 yuan, the highest close since Sept. 2. Its venture received a subsidy of 250 million yuan from a local government in Anhui province for the purchase of solar equipment from Emcore Corp., the company said in a statement.
Shanghai Canature Environmental Products Co. (300272 CH), a maker of domestic water purifiers, surged 118 percent from its offer price to 25.10 yuan on its debut in Shenzhen.
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