The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 17.26, or 0.6 percent, to 2,821.31 at the 3 p.m. close. The CSI 300 Index gained 0.6 percent to 3,142.34. Stock symbols are in parentheses after company names.
China Southern Airlines Co. (600029 CH), the country’s biggest carrier, rose 3.1 percent to 9.47 yuan after saying its 2010 net income will be about 15 times the previous year’s.
CSG Holding Co. (000012 CH), a glassmaker, advanced 1.2 percent to 18.67 yuan. The company said it expects net income in 2010 to grow by about 75 percent to about 1.46 billion yuan ($220.9 million).
Gifore Agricultural Machinery Chain Co. (300022 CH), a retailer of agricultural machines, surged by the 10 percent daily limit to 31.90 yuan. Net income for 2010 may have increased between 30 percent and 60 percent from a year earlier on expansion of sales networks, Gifore said in a statement last night. The company plans to offer shareholders eight to 10 bonus shares for every 10 held, according to the statement.
Poly Real Estate Group Co. (600048 CH), the second-largest developer by market value, climbed 2.5 percent to 15.11 yuan. Poly Real Estate said 2010 contract sales rose 53 percent to 66.2 billion yuan, and 31 percent to 6.88 million square meters. Separately, the company said it won the right to buy land in five cities for a total of 10.3 billion yuan.
SAIC Motor Corp. (600104 CH), China’s largest automaker, climbed 3.2 percent to 15.48 yuan. The company said it will invest 500 million yuan to set up an equity-investment unit in Shanghai, and 86.7 million yuan for a 51 percent stake in a venture that will build vans in China’s Hebei province.
Shenzhen Overseas Chinese Town Co. (000067 CH) gained 3.2 percent to 13.40 yuan after the company said its 2010 net income may have increased 50 percent to 100 percent from a year earlier.
Zhonghong Real Estate Co. (000979 CH), a property developer, jumped 3.9 percent to 19.07 yuan after saying net income for 2010 probably rose 610 percent from a year earlier to about 900 million yuan.
Zhongtong Bus & Holding Co. (000957 CH) rose 2.2 percent to 8.77 yuan after the busmaker said net income for 2010 may have doubled from the previous year to 41 million yuan.