Dec. 27 (Bloomberg) -- The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of the close of Dec. 24.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 20.06, or 0.7 percent, to 2,835.16. The CSI 300 Index fell 0.8 percent to 3,162.96.
China raised interest rates for the second time since mid-October to counter the fastest inflation in more than two years and more moves may follow. The benchmark one-year lending rate was raised by 25 basis points to 5.81 percent and the one-year deposit rate was raised by the same amount to 2.75 percent, effective Dec. 26, the People’s Bank of China said Dec. 25.
Property developers: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, added 1.9 percent to 9.01 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, closed unchanged at 13.89 yuan.
Banks: Industrial & Commercial Bank of China Ltd. (601398 CH): The world’s largest lender by market value was unchanged at 4.18 yuan. China Construction Bank Corp. (601939 CH): The nation’s second-biggest lender fell 0.2 percent to 4.69 yuan.
Bank of China Ltd. (601988 CH) signed an agreement for financial cooperation with First Commercial Bank, First Commercial’s parent First Financial Holding Co. said to the Taiwan Stock Exchange. The stock dropped 0.3 percent to 3.24 yuan.
China United Network Communications Ltd. (600050 CH): The company that controls the nation’s second-largest cell phone operator said it will cut prices of the 3GS version of Apple Inc.’s iPhone handset with 8 gigabytes of memory to 3,999 yuan from 4,999 yuan. The stock added 0.7 percent to 5.72 yuan.
GD Power Development Co. (600795 CH): The power producer’s 3 billion shares sold in an additional offering will begin trading on the Shanghai stock exchange on Dec. 29. The stock fell 0.6 percent to 3.21 yuan.
SAIC Motor Corp. (600104 CH): The automaker’s parent, Shanghai Automotive Industry Corp. Group, agreed to more than triple annual production at its Nanjing Automobile (Group) Corp. unit to 1 million units within five years, the official Xinhua news agency reported, citing a company statement. SAIC Motor dipped 2.3 percent to 15.63 yuan.
TCL Corp. (000100 CH) plans to sell HK$217 million worth of Taiwanese depositary receipts to fund operations, Economic Daily News reported, citing an official statement. The company is looking to raise the funds in Hong Kong, the newspaper said. The stock advanced 0.3 percent to 3.47 yuan.
Xinjiang Sailimu Modern Agriculture Co. (600540 CH): China will end the consumption tax on producing biodiesel with used edible oil, the Ministry of Finance said on its Website. The move, which will decrease the production cost by about 900 yuan per metric ton, can increase biofuel production and help to prevent restaurants cooking with used oil, the statement said. The stock fell 2 percent to 14.47 yuan.
Zhongjin Gold Co. (600489 CH) plans to raise as much as 2.8 billion yuan ($422 million) in a private placement of as many as 150 million shares, according to a statement to Shanghai’s stock exchange. The company plans to sell shares in the placement at no less than 27.35 yuan each. The stock fell 2.1 percent to 38.59 yuan.
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