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AgriBank, ICBC, Midea, Yunnan Copper: China Equity Preview

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, gained 68.20, or 2.5 percent, to 2,806.94. The CSI 300 Index rose 2.9 percent to 3,132.90.

Banks: China’s central bank unexpectedly and temporarily raised reserve requirements by 50 basis points for six large commercial banks, reining in liquidity as the economy stabilizes and money flows in from abroad, Reuters reported yesterday, citing four unidentified people. The People’s Bank of China declined to comment.

Industrial & Commercial Bank of China Ltd. (601398 CH), the world’s largest lender by market value, added 2.2 percent to 4.20 yuan. Agricultural Bank of China Ltd. (601288 CH), the nation’s third-largest bank by market value, rose 1.1 percent to 2.70 yuan. Bank of China Ltd. (601988 CH), the nation’s fourth largest by assets, gained 1.2 percent to 3.42 yuan. Separately, Bank of China said its controlling shareholder Central Huijin Investment Co. bought 5.13 million yuan-denominated A-shares in the lender on or before Oct. 8.

Angang Steel Co. (000898 CH): The steelmaker was raised to “overweight” from “neutral” at JPMorgan Chase & Co., which said improving automotive and flat-rolled sheet demand will likely drive steel prices and the company’s earnings higher than what investors are currently forecasting. The shares may rise to 12.80 yuan by December 2011, it said. The stock surged the maximum 10 percent to 9.44 yuan.

Beijing Capital Development Co. (600376 CH): The property developer said its nine-month profit gained more than 250 percent to about 1.05 billion yuan ($157.5 million). The stock jumped 3.8 percent to 16.53 yuan.

Chang Jiang Shipping Group Phoenix Co. (000520 CH): The company expects its third-quarter net loss to be about 45 million yuan, compared with a loss of 110 million yuan a year earlier. The stock added 0.6 percent to 5.40 yuan.

China CAMC Engineering Co. (002051 CH): The engineering construction company said it won a contract worth $769.6 million to build a paper pulp mill in Belarus. The stock added less than 0.1 percent to 59.80 yuan on Oct. 8 before trading was suspended.

China Life Insurance Co. (601628 CH): The nation’s biggest insurer invested more than 1 billion yuan in yuan-denominated shares and stock index funds before the Oct. 1 national holiday, South China Morning Post reported, citing two fund managers it didn’t identify. The shares advanced 4.5 percent to 23.45 yuan.

CNHTC Jinan Truck Co. (000951 CH): The listed unit of the country’s largest heavy truck producer said third-quarter net income probably rose between 30 percent and 50 percent from a year ago to about 170 million yuan. The stock climbed 5.4 percent to 24.90 yuan.

COFCO Property (Group) Co. (000031 CH): The property unit of the country’s biggest grain trader said it won a land plot in China’s northeastern city of Shenyang with a bid of 3.12 billion yuan. The stock added 2.8 percent to 7.24 yuan.

Gemdale Corp. (600383 CH): The country’s fourth-largest developer by market value said September home sales increased 232 percent to 5.91 billion yuan. The stock rose 3.9 percent to 6.73 yuan.

Guangdong Golden Horse Tourism Group Stock Co. (000602 CH): The company said it expects a net loss of 175 million yuan for the first nine months of this year, widening from a net loss of 15.4 million yuan in the same period a year earlier. The stock gained 6.2 percent to 23.67 yuan.

GD Midea Holding Co. (000527 CH): China’s second-biggest publicly traded appliance maker said its net income probably rose 50 to 100 percent for the first nine months from the same period a year earlier, to as much as 3.1 billion yuan. The shares added 1 percent to 15.63 yuan.

Hangzhou Binjiang Real Estate Group Co. (002244 CH): The developer said it will invest 630 million yuan in a property development joint venture with a unit of Sanhua Holding Group. The stock jumped the 10 percent daily limit to 11.20 yuan.

SAIC Motor Corp. (600104 CH): China’s largest carmaker said nine-month vehicle sales increased 37 percent to 324,831 units. The stock climbed 1.4 percent to 17.23 yuan.

Xinjiang Guotong Pipeline Company Ltd. (002205 CH): The company said it won a water project bid in Chengdu city worth 16.4 million yuan. The stock gained 0.2 percent to 25.12 yuan.

Yunnan Copper Industry Co. (000878 CH): China’s fourth-biggest producer of the metal said nine-month profit probably more than doubled to 218.7 million yuan. The stock increased 4.7 percent to 25.68 yuan.

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