China Stocks: BYD, Chongqing Changan Auto, Qingdao Eastsoft
Stock Chart for Byd Co Ltd (1211)
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 0.3 percent to 2,325.91, the lowest since Oct. 21. The CSI 300 Index declined 0.2 percent to 2,516.34.
BYD Co. (002594 CH), the automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., gained 1.1 percent to 22.28 yuan. BYD will sell a 3 percent stake of Foshan Jinhui High-Tech Photoelectric Material Co. to New Asia Aluminum & Stainless Steel Co. for 44.6 million yuan ($7.01 million), the company said in a statement yesterday. BYD will sell another 3 percent stake to an equity investment company in Foshan, it said.
Chongqing Changan Automobile Co. (200625) (200625 CH), the Chinese partner of Ford Motor Co. and Mazda Motor Corp., surged the 10 percent daily limit to HK$2.49. Changan Automobile said its board approved a plan to buy back as many as 269.9 million B- shares of the company at no more than HK$3.76 per share.
Qingdao Eastsoft Communication Technology Co. (300183 CH) jumped the 10 percent daily limit to 59.42 yuan, a record gain. Net income may more than double this year, the company said in a statement today.
--Zhang Shidong. Editor: Matthew Oakley
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