China Stocks: BYD, China Life, Citic Securities, Sanan
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 6.61 points, or 0.3 percent, to 2,218.24. The CSI 300 Index declined 0.2 percent to 2,384.41.
BYD Co. (002594 CH), the automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., jumped 6.6 percent to 22.86 yuan, the biggest gain since Nov. 15. China will implement a new vehicle tax law starting Jan. 1 next year, according to a statement posted on the State Administration of Taxation website yesterday. The new law will omit or reduce taxes on vehicles using alternative energy, it said.
China Life Insurance Co. (601628) (601628 CH), the nation’s biggest insurer, slid 3.2 percent to 16.31 yuan, its lowest close since Oct. 28. China Life held 3.6 million shares, or a 0.7 percent stake, in Chongqing Brewery Co. (600132) as of the end of June, according to data compiled by Bloomberg.
Chongqing Brewery, a beermaker which also produces medicine, tumbled by the 10 percent daily limit for an eighth day today after resuming trading on Dec. 8. Chongqing Brewery’s final summary report on the clinical studies of its Hepatitis B vaccine may be released on April 6, the company said in a statement on Dec. 13.
Citic Securities Co. (600030 CH), China’s biggest listed brokerage, dropped 1.1 percent to 10.30 yuan. The company said it’s unlikely to receive regulatory clearances needed to purchase 19.9 percent of Credit Agricole SA’s brokerage units CLSA and Credit Agricole Cheuvreux by Dec. 31 as scheduled.
Sanan Optoelectronics Co. (600703) (600703 CH), China’s biggest listed manufacturer of light-emitting diode chips, advanced 4.8 percent to 11.56 yuan, the biggest gain since Nov. 29.
Shareholder Fujian Sanan Group Co. bought 2.12 million shares in the company on Dec. 16 and plans to increase its holdings in the listed company by no more than 2 percent over the next 12 months, Sanan Optoelectronics said in a statement.
--Zhang Shidong. Editor: Allen Wan
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