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China Stocks: Angel Yeast, China Railway, Taigang Stainless

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Jan. 24 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the 3 p.m. close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, retreated 19.58, or 0.7 percent, to 2,695.72. The CSI 300 Index lost 1 percent to 2,954.23.

Angel Yeast Co. (600298 CH) slumped by the 10 percent daily limit to 35.61 yuan, the biggest decline since June 2008, after profit missed analyst estimates. Earnings per share in 2010 were 0.93 yuan, according to a statement to the Shanghai exchange. This was lower than the market consensus estimate, Zhao Jinhou and Wang Qi, analysts at Shenyin & Wanguo Securities Co, wrote in a report today. The brokerage’s estimate was for 1.14 yuan per share, according to data compiled by Bloomberg.

Changchun Faway Automobile Components Co. (600742 CH) gained 2.5 percent to 30.10 yuan, the highest since Jan. 14. Net income for 2010 probably rose more than 50 percent from a year earlier as sales increased, the company cut costs and investment returns from auto component units climbed, Changchun Faway said in an exchange filing.

China Railway Construction Corp. (601186 CH), the builder of more than half of the nation’s railroads, jumped 3.6 percent to 7.43 yuan, the most since Jan. 19. China Railway said it will sell an unprofitable contract to build a light railway in Mecca to its parent for 2.08 billion yuan ($316 million). The stock resumed trading today after a two-day suspension.

Shanxi Taigang Stainless Steel Co. (000825 CH), China’s biggest stainless steel producer, added 1.5 percent to 5.41 yuan after saying net income for 2010 probably increased as much as 70 percent from a year earlier.

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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