China Stocks: FAW Car, Midea Holdings, Tianjin Xiali Auto
Shares of the following companies had unusual (SHSZ300) moves in China trading. Stock symbols are in parentheses as of the close.
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, rose 25.86 points, or 1.2 percent, to 2,199.42. It tumbled 22 percent this year, the most since 2008 and extending last year’s 14 percent plunge. The CSI 300 Index (SHSZ300) gained 1.5 percent to 2,345.74 today.
FAW Car Co. (000800) (000800 CH), which makes passenger cars in China with Volkswagen AG, jumped 4.7 percent to 8.85 yuan, the highest close since Dec. 1. The automaker received approval from China’s state-owned assets regulator to acquire a stake in Tianjin FAW Xiali Automobile Co. (000927) (000927 CH) from its parent China FAW Group Corp., Xiali said in an exchange statement. Xiali rose 1 percent to 6.11 yuan.
GD Midea Holding Co. (000527) (000527 CH), China’s second-biggest publicly traded appliance maker, added 1 percent to 12.24 yuan, its highest close since Nov. 24. Parent Midea Group Co. bought 33.7 million shares in the company from Dec. 6 to Dec. 29 through the Shenzhen Stock Exchange at an average price of 11.67 yuan, Midea Holdings said in a statement.
--Zhang Shidong. Editor: Richard Frost
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