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Construction Bank, Cosco, Lee & Man: Hong Kong Equity Preview

The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close unless otherwise noted.

The Hang Seng Index jumped 3.1 percent to 20,912.18. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, rallied 4.4 percent to 12,134.42.

Airlines: China’s airline stocks were rated “underweight” by Credit Suisse Group AG, citing the impact of competition from high-speed rails on traffic. The brokerage rated China Southern Airlines Co. (1055 HK) and China Eastern Airlines Corp. (670 HK) “underperform” and rated Air China Ltd. (753 HK) “neutral.”

Air China (753 HK), the nation’s largest international carrier, jumped 6 percent to HK$8.49. China Southern, the country’s biggest carrier by fleet size, surged 6.5 percent to HK$3.75. China Eastern, the No. 2, gained 6.9 percent to HK$3.74.

Developers: Chinese property prices in larger cities are poised to steadily decline as government measures start to take effect, the National Development and Reform Commission said in a report relating to 36 large and medium-sized cities. It didn’t name the cities.

China Overseas Land & Investment Ltd. (688 HK), controlled by the nation’s construction ministry, rallied 5.2 percent to HK$16.60. China Resources Land Ltd. (1109 HK), a state-controlled developer, advanced 4.4 percent to HK$16.30.

China Construction Bank Corp. (939 HK): The company said Central Huijin Investment Co., the lender’s biggest shareholder, will buy shares in the bank’s rights offer. Construction Bank, China’s second-biggest bank by market value, jumped 5 percent to HK$6.72.

China Cosco Holdings Co. (1919 HK): The company said it will introduce a $200 per twenty-foot container peak-season surcharge on Asia-Northwest Europe routes from July 15. China Cosco, the nation’s largest container line, climbed 5.6 percent to HK$8.73.

Industrial & Commercial Bank of China Ltd. (1398 HK): The company said its lending growth in the first five months of the year was “appropriate” and “balanced.” ICBC, the world’s largest lender by market value, rose 3.5 percent to HK$6.

Lee & Man Paper Manufacturing Ltd. (2314 HK): The company’s controlling shareholder, Gold Best Holdings Ltd., agreed to sell a 12 percent stake to Nippon Paper Group, Inc. for HK$3.55 billion, according to a statement. Lee & Man, a containerboard maker, surged 6.9 percent to HK$6.69.

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