Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 11:30 a.m.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, lost 10.1, or 0.4 percent, to 2,913.76. The CSI 300 Index declined 0.6 percent to 3,230.56.
Developers: China Vanke Co. (000002 CH) fell 2.2 percent to 8.34 yuan. Poly Real Estate Group Co. (600048 CH) slid 2.9 percent to 12.92 yuan.
Beijing will ban residents from buying more than two homes after the Chinese government extended property curbs to prevent a housing bubble, China Central Television reported. Local residents will be limited to two homes and non-locals will be allowed to buy only one property, CCTV said.
Rare earth producers: Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH), the nation’s largest producer of the raw materials, jumped 3.2 percent to 76 yuan, set for the highest close since Nov. 25. Ningbo Yunsheng Group Co. (600366 CH) climbed 2.5 percent to 25.43 yuan.
China will streamline its rare earth industry over five years, state-run Xinhua News Agency said, citing Premier Wen Jiabao. The nation will take “stricter” measures to control mining of rare earths and lift environmental standards, while continuing to cap production and exports with the quota system, Xinhua reported.
Huaxia Bank Co. (600015 CH) gained 1.2 percent to 11.68 yuan. It received approval from the China Securities Regulatory Commission to sell 1.86 billion shares in a private placement.
Zhejiang Supor Cookware Co. (002032 CH) surged 6.3 percent to 28.05 yuan, set for the highest level since its listing in Aug. 2004. Groupe SEB SA, the world’s largest maker of countertop kitchen appliances, agreed to raise its stake in Zhejiang Supor to 71.31 percent from 51.31 percent for 3.46 billion yuan, according to a statement from the Chinese company to Shenzhen’s stock exchange today.
Telling Telecommunication Holding Co. (000829 CH) added 4.6 percent to 14.15 yuan, heading for its highest close since Nov. 15. The company will start selling Apple Inc.’s products, including the iPhone 3GS, in China, according to a company statement to Shenzhen’s stock exchange.
Zhejiang Jinggong Science & Technology Co. (002006 CH) rose 2.4 percent to 44 yuan, set for its highest close since Jan. 7. The machinery maker said it won a contract to supply 142.5 million yuan of solar production equipment.
ZTE Corp. (000063 CH) gained 0.9 percent to 29.28 yuan, heading for its highest close since Dec. 14. The company will take part in bidding for bankrupt Nortel Networks Corp.’s long-term evolution, or LTE, patents, Reuters said, citing Wang Haibo, the company’s intellectual property director.