The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 27.31, or 1 percent, to 2,848.55 at the 3 p.m. close. The CSI 300 Index retreated 0.9 percent to 3,171.88. Stock symbols are in parentheses after company names.
Railway-related stocks: Jinxi Axle Co. (600495 CH), a manufacturer of railroad axles, jumped by the 10 percent daily limit to 13.70 yuan. Railcar maker CSR Corp. (601766 CH) advanced 7 percent to 7.69 yuan while China Railway Erju Co. (600528 CH), a railway construction company, climbed 3 percent to 9.31 yuan.
China may invest 3 trillion yuan ($450.7 billion) to 4 trillion yuan on the nation’s railways as part of its five-year plan for the period from 2011 through 2015, the China Securities Journal reported today, citing an unidentified person. A draft of the rail investment plan has already been completed, it said.
Anhui Fengyuan Pharmaceutical Co. (000153 CH) advanced 3.1 percent to 11.01 yuan after yesterday’s suspension. The company said it expected profit in 2010 to increase by as much as 117 percent from a year earlier to 50 million yuan ($7.52 million) on higher sales and investment gains.
Beijing Wangfujing Department Store (Group) Co. (600859 CH), the department store operator, surged 10 percent to 51.01 yuan, the highest since January 2008. The retailer said it plans to raise 1.24 billion yuan from a private placement to fund new store openings and existing store renovations. The stock resumed trading today after a suspension of more than two weeks.
Hefei Meiling Co. (000521 CH), a household appliance maker, added 1.3 percent to 11.95 yuan after saying it received regulatory approval to sell as many as 130 million shares in a private placement.
Tsingtao Brewery Co. (600600 CH), the second-biggest brewery by volume, climbed 5.7 percent to 36.01 yuan, the most since Nov. 4, 2009. Both its Shanghai- and Hong Kong-listed shares were raised to “neutral” from “underweight” at JPMorgan Chase & Co., which said the planned acquisition of Shandong Xin Immense Brewery Co. is a “positive move.”
Weifu High-Technology Group Co. (000581 CH), a manufacturer of pumps for diesel engines, added 1.9 percent to 38.58 yuan. The company said it plans to raise as much as 2.9 billion yuan in a private share placement. Part of the proceeds will be used to acquire a stake in Robert Bosch GmbH’s joint venture in China.
Zhejiang Jinggong Science & Technology Co. (002006 CH) surged the 10 percent daily cap to 40.48 yuan, a record since its listing in 2004. The company said it will supply 72 poly silicon ingot production furnaces valued at 148 million yuan to Chinese solar wafer maker Renesolar Ltd.