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Air China, Baoshan Steel, Hainan Airlines: China Equity Preview

Sept. 1 (Bloomberg) -- The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of the last close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 13.87, or 0.5 percent, to 2,638.80. The CSI 300 Index fell 0.4 percent to 2,903.19.

Air China Ltd. (601111 CH): The world’s largest carrier by market value entered into a supplementary agreement with The Boeing Company to buy 15 787-9 aircraft. The company in 2005 was approved to buy 15 787-8 aircraft. The stock dropped 3.2 percent to 11.23 yuan.

Baoshan Iron & Steel Co. (600019 CH): Parent Baosteel Group Corp. said it secured a credit line of $10 billion from China Development Bank Corp. to fund expansion. Baoshan Steel, the listed unit of China’s second-biggest steelmaker, was unchanged at 6.47 yuan.

China Gezhouba Group Co. (600068 CH): The hydropower contractor won a $672 million order to build a hydroelectric station in Ecuador. The order won’t have a significant effect on 2010 earnings, the company said. The stock fell 0.9 percent to 9.75 yuan.

China Railway Construction Corp. (601186 CH): The engineering and construction contractor won 39.1 billion yuan ($5.74 billion) of contracts for work on a rail line linking the cities of Changsha and Kunming. The stock fell 1.2 percent to 7.45 yuan.

Hainan Airlines Co. (600221 CH): Airline stockholder Hainan Industrial Holdings Co. sold 90 million shares, cutting its stake to 181,000 shares. The stock fell 3.3 percent to 5.78 yuan.

Huadian Power International Corp. (600027 CH): The listed unit of China’s fourth-largest power producer will buy a 35 percent stake in Quanhui Co. for 938.8 million yuan. The stock fell 1 percent to 3.95 yuan.

Weichai Power Co. (000338 CH): The maker of high-speed heavy-duty diesel engines of diesel engines had its Hong Kong-listed shares raised to “outperform” from “underperform” at Credit Suisse Group AG, which said the company may be a “strong beneficiary” of the focus on urbanization and industry relocation in China. The stock added 4.1 percent to 78 yuan.

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

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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