March 18 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 9.59, or 0.3 percent, to 2,906.89. The CSI 300 Index gained 0.6 percent to 3,215.69.
Anhui Jianghuai Automobile Co. (600418 CH), a unit of China’s biggest light-truck exporter, gained 2.5 percent to 13.60 yuan. Jianghuai Auto said net income for 2010 jumped 246 percent to 1.2 billion yuan ($182 million). The company plans to raise as much as 2.8 billion yuan by selling as many as 150 million additional shares to finance car and engine projects.
China Shipping Development Co. (600026 CH), a unit of China’s second-biggest sea-cargo group, added 0.9 percent to 9.87 yuan. The Hong Kong-listed shares were raised to “neutral” from “underperform” at Credit Suisse Group AG, which said the company will benefit from its “aggressive” capacity increase and that further declines in the shares will be “limited.”
Gemdale Corp. (600383 CH) rose 2.3 percent to 6.59 yuan, the most in two weeks. The developer said net income for 2010 rose 52 percent to 2.7 billion yuan, and China’s property market is still trending upwards even as the government tries to curb prices.
Jiangling Motors Corp. (000550 CH), the Chinese commercial vehicle partner with Ford Motor Co., climbed 2.5 percent to 30.99 yuan, the most since March 3. The company’s net income for 2010 rose 62 percent from the previous year to 1.7 billion yuan.
Sany Heavy Industry Co. (600031 CH), China’s biggest maker of machinery for handling concrete, jumped 7.6 percent to 27.80 yuan, the steepest gain in three weeks. Sany Heavy said net income for 2010 more than doubled to 5.6 billion yuan from a year earlier on sales that increased 79 percent.
Shanghai Jiao Yun Co. (600676 CH), a manufacturer of auto parts, jumped by the 10 percent daily limit to 8.46 yuan as it resumed trading today after being suspended more than a month. The company said it plans to sell 128.5 million shares to its parent and two affiliates and use the proceeds to buy port and transport assets worth 933 million yuan. Separately, Jiao Yun said net income for 2010 rose 13 percent from a year earlier.
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