China Stocks: China Communications, Shenzhen Bank, Zoomlion

Shares of the following companies had unusual 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 19.19 points, or 0.8 percent, to 2,439.46. The CSI 300 Index (SHSZ300) gained 1.1 percent to 2,664.30.

China Communications Construction Co. (601800) (601800 CH), the country’s biggest port builder, surged 23 percent from its offer price to 6.66 yuan on its first day of trading in Shanghai. The offer price of 5.40 yuan was 14 percent lower than yesterday’s closing price for the company’s Hong Kong-listed shares after the size of the stock sale was reduced by 75 percent.

Zoomlion Heavy Industry Science & Technology Co. (000157) (000157 CH), China’s second-biggest maker of construction equipment, added 1.2 percent to 9.94 yuan. Anderson Chow, an analyst at HSBC Holdings Plc, recommended investors to buy shares in the company’s Hong Kong-listed stock.

Shenzhen Development Bank Co. (000001) (000001 CH) fell 0.9 percent to 16.87 yuan. Net income jumped 65 percent from a year earlier to 10.3 billion yuan ($1.63 billion) in 2011, the company said in a statement yesterday. That trailed the average estimate of 10.4 billion yuan in a survey of three analysts by Bloomberg.

--Zhang Shidong. Editor: Chan Tien Hin

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net

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

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