The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 14.6, or 0.5 percent, to 2,838.80 at the 3 p.m. close. The CSI 300 Index added 0.2 percent to 3,166.62.
Electric equipment makers: Northeast Electric Development Co. (000585 CH) climbed 2.6 percent to 4.67 yuan, the highest close since Nov. 15. Henan Pinggao Electric Co. (600312 CH) rose 2.1 percent to 13.91 yuan. China XD Electric Co. (601179 CH) gained 0.9 percent to 8.18 yuan.
Northeast Electric, Henan Pinggao Electric and China XD Electric are among companies that won bids to supply China State Grid Corp.’s ultra high-voltage grid and transmission expansion project, the Shanghai Securities News reported, citing an unidentified person from State Grid.
Anhui Jianghuai Automobile Co. (600418 CH) added 2 percent to 10.90 yuan, the highest close since Dec. 23. The company’s 2010 net income may increase more than 240 percent, according to a statement to Shanghai’s stock exchange.
Chongqing Changan Automobile Co. (000625 CH), the Chinese partner of Ford Motor Co., advanced 2.7 percent to 9.97 yuan, the biggest gain since Dec. 13.
The automaker plans to raise as much as 4 billion yuan ($603 million) to fund expansion. The company will sell as many as 410.7 million additional shares at 9.74 yuan apiece, according to its statement to the stock exchange today.
SAIC Motor Corp. (600104 CH), China’s biggest listed automaker, rose 2.9 percent to 15.45 yuan, the highest close in two weeks. The automaker sold 289,580 vehicles in December, a 1 percent increase from a year earlier, according to a statement to Shanghai’s stock exchange. The company sold 3.58 million vehicles in 2010, an increase of 31 percent from 2009.
Tianjin Xinmao Technology (000836 CH) fell 7 percent to 9.21 yuan, its lowest close since Nov. 19. Parent Tianjin Xinmao S&T Investment Corp. said it’s abandoning its pursuit of Draka Holding NV after the Dutch cable maker said it supports an 840 million-euro ($1.1 billion) takeover offer from Prysmian SpA.