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China Stocks: BOE Tech, China United, GD Power, Taiyuan Coal

Dec. 10 (Bloomberg) -- The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 30.09 points, or 1.1 percent, to 2,841.04 at the 3 p.m. close. The CSI 300 Index added 1.2 percent to 3,161.98. Stock symbols are in parentheses after company names.

BOE Technology Group Co. (000725 CH), China’s biggest maker of liquid-crystal-display panels, added 2.4 percent to 3.39 yuan. The company said it raised 9 billion yuan ($1.35 billion) from a private share placement and will use the proceeds for a LCD production project and to boost its cash flow.

China United Network Communications Ltd. (600050 CH), which controls the nation’s second-largest cell phone operator, climbed 3.4 percent to 5.20 yuan, the most since Oct. 15. China International Capital Corp. recommended buying the stock, forecasting an additional 30 million new users of third-general mobile phones in 2011 and 2012 in a report today. The brokerage set a share-price estimate of 9 yuan, analyst Chen Haofei wrote in the report.

GD Power Development Co. (600795 CH), the largest electricity producer in northeastern China, rose 3.8 percent to 3.29 yuan. GD Power said it will pay at least 50 percent of profits as dividends between 2010 and 2012, and aims to boost its power production capacity to 60 million kilowatts by 2015.

Shandong Helon Co. (000677 CH), a chemical company, rose 1.2 percent to 5.88 yuan after saying it obtained subsidies of 63 million yuan from the local government. The stock was suspended over the past two days.

Taiyuan Coal Gasification Co. (000968 CH), a manufacturer of coal and related chemical products, plunged 6.5 percent to 21.47 yuan, the biggest decline since Nov. 16. The company said it plans to raise as much as 2.85 billion yuan in a private placement. The stock resumed trading today after one-week suspension.

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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