The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 14.06, or 0.5 percent, to 2,838.59 at the 3 p.m. close. The CSI 300 Index declined 0.4 percent to 3,175.66. Stock symbols are in parentheses after company names.
Railcar makers: CSR Corp. (601766 CH), the nation’s biggest maker of rail vehicles, gained 0.5 percent to 8.33 yuan. China CNR Corp. (601299 CH) advanced 3.3 percent to 8.06 yuan. Both stocks rose to record highs.
China’s government may combine the two companies’ state controlled parents to reduce the number of government-owned companies and improve their operations, according to the 21st Century Business Herald. Calls to CSR’s parent, China South Locomotive & Rolling Stock Industry Group Corp., and CNR’s parent, China Northern Locomotive & Rolling Stock Industry (Group) Corp., went unanswered today.
Anhui Huamao Textile Co. (000850 CH), the textile maker, climbed 3.8 percent to 10.20 yuan, the highest since March 2010. The company said 2010 net income probably jumped as much as fivefold from a year earlier.
Jiangsu Yanghe Brewery Joint-Stock Co. (002304 CH), a liquor maker, advanced 3.8 percent to 232.60 yuan. The company said it plans to pay 533 million yuan ($80.5 million) for a 26.9 percent stake in Jiangsu Shuangguo Liquor Group Co.
Shanghai Pudong Development Bank Co. (600000 CH), the Chinese partner of Citigroup Inc., added 0.8 percent to 12.71 yuan, the highest in a week. The bank said 2010 net income may have increased 44 percent from a year earlier.
XCMG Construction Machinery Co. (000425 CH), the publicly traded unit of China’s biggest building equipment maker, climbed 4.2 percent to 59.60 yuan, a record high. The company said it plans to list shares in Hong Kong. The number of shares sold in Hong Kong won’t exceed 20 percent of the company’s total outstanding shares after the listing, it said.