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China Stocks: Cosco Shipping, Liugong Machinery, Shenhua Energy

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Dec. 21 (Bloomberg) -- The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 51.20, or 1.8 percent, to 2,904.12 at the 3 p.m. close. The CSI 300 Index gained 2.2 percent to 3,249.51. Stock symbols are in parentheses after company names.

Aluminum Corp. of China Ltd. (601600 CH), the listed unit of nation’s biggest maker of the lightweight metal and also called Chalco, added 1.8 percent to 10.37 yuan. Parent company chairman Xiong Weiping said the listed company will post a profit this year, the China Daily reported today.

China Life Insurance Co. (601628 CH), China’s biggest life insurer, rose 2.5 percent to 22.71 yuan. The company and its parent plan to double the registered capital of their property insurance unit to 8 billion yuan, from 4 billion yuan.

China Shenhua Energy Co. (601088 CH), the unit of the biggest coal producer, jumped 6 percent to 25.77 yuan, the biggest gain since Oct. 11. Shenhua said it will pay a total of 8.7 billion yuan ($1.3 billion) for mining rights and companies controlled by state-owned Shenhua Group Corp.

China Southern Airlines Co. (600029 CH), the nation’s biggest carrier by fleet size, climbed 3.2 percent to 9.40 yuan. China Southern said Hebei Aviation Investment Group Co. will invest 1.46 billion yuan in its Xiamen Airlines Co. unit for a 15 percent stake.

Cosco Shipping Co. (600428 CH), a unit of China’s biggest shipping company, advanced 5 percent to 8.35 yuan, its biggest gain since Aug. 16. The company said it received approval from the China Securities Regulatory Commission to sell 393 million shares through a rights offer. Shenyin & Wanguo Securities Co. analysts Zhang Xilin and Zhou Meng raised their recommendation on the stock to “buy” from “outperform,” citing the recovery of the multi-purpose vessel market.

Guangxi Liugong Machinery Co. (000528 CH), a maker of construction equipment, added 1.8 percent to 40.34 yuan after saying it expects to meet this year’s sales target of 15 billion yuan.

Rizhao Port Co. (600017 CH), China’s fourth-largest port for handling coal, added 1.4 percent to 4.23 yuan after saying it won approval from the China Securities Regulatory Commission for its plan to sell as many as 390 million shares via a private placement.

Shanghai Qiangsheng Holding Co. (600662 CH), a taxi and mini-bus operator, gained 3 percent to 7.94 yuan. The company said its plan to sell shares to finance the purchase of assets from its parent won conditional approval from the China Securities Regulatory Commission. The stock resumed trading today after suspension over the past for days.

Starway Bio-technology Co. (300143 CH), China’s biggest producer of edible fungi, surge the maximum 10 percent to 66.01 yuan after saying net income probably jumped between 97 percent and 121 percent this year.

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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