The following companies had unusual price changes in China trading. Stock symbols are in parentheses and share prices are as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 66.17 points, or 2.3 percent, to 2,866.02. The CSI 300 Index dropped 2.6 percent to 3,129.03.
Coal producers: China Shenhua Energy Co. (601088 CH), the nation’s largest coal producer, slumped 5.7 percent to 28.12 yuan. Yanzhou Coal Mining Co. (600188 CH), China’s fourth-biggest coal miner, plunged 7.1 percent to 33.14 yuan. Both stocks fell the most since Nov. 16.
“The Chinese government may step in to cap coal prices because inflationary concerns may prevent the NDRC from raising power tariffs to a large extent,” David Fang, a director of research at the China Coal Transport and Distribution Association, said by phone from Beijing.
China CAMC Engineering Co. (002051 CH) surged 3.1 percent to 37.96 yuan, its highest close in two weeks. The state-owned company signed a contract worth 189 million euro ($281 million) to build a concentration plant in Iran which will have an annual output of 4 million tons.
China Vanke Co. (000002 CH), the nation’s biggest listed property developer, retreated 2 percent to 8.33 yuan. Sales of 7.9 billion yuan ($1.2 billion) in April were down 14 percent from the previous month, according to Shenyin & Wanguo Securities Co.
Guangshen Railway Co. (601333 CH), the operator of trains in China’s richest province of Guangdong, jumped 8.7 percent to 4.38 yuan, its biggest advance since September 2008. The company will benefit from the government’s plan to expand business operations for railway companies, Sinolink Securities Co. said in a report yesterday. The brokerage set a share-price estimate of between 6 yuan and 7 yuan.
Shenzhen Hepalink Pharmaceutical Co. (002399 CH) slid 5.8 percent to 35.97 yuan, the lowest since its listing in May. The company’s 90 million shares owned by GS Direct Pharma Ltd. will become tradable on May 6, according to a statement to Shenzhen’s stock exchange late yesterday. GS Direct Pharma, a unit of Goldman Sachs Group Inc., paid $4.9 million for 12.5 percent of Hepalink in 2007, according to Hepalink’s share sale prospectus.
Xiamen Tungsten Co. (600549 CH) added 1.4 percent to 43.30 yuan. The company will set up a 2 billion yuan alloy processing plant in Jiujiang, Jiangxi province, with China Minmetals Nonferrous Metals Co., according to a Shanghai stock exchange filing yesterday.
Zijin Mining Group Co. (601899 CH), China’s largest gold producer, slid 4 percent to 7.26 yuan, the biggest decline since Jan. 20. The company said an appeals court in Fujian province upheld a criminal fine of 20.4 million yuan against the company for allowing waste water to leak from the Zijinshan Gold & Copper Mine.