Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 1.12 points, or less than 0.1 percent, to 2,858.46. The CSI 300 Index gained less than 0.1 percent to 3,121.60.
Air-conditioner makers: Gree Electric Appliances Inc. (000651 CH), China’s largest maker of home air-conditioners, advanced 3.3 percent to 23.54 yuan, its highest close since April 8. GD Midea Holding Co. (000527 CH), the nation’s second-biggest publicly traded appliance maker, increased 1.8 percent to 19.14 yuan.
Gree’s sales of air-conditioners rose 70 percent in April and Midea’s gained 44 percent, compared with a 30 percent growth for the whole industry, Hu Yali and Liao Xinyu, analysts at Citic Securities Co., wrote in a report today.
Power companies: Huaneng Power International Inc. (600011 CH), the listed unit of China’s largest power group, slid 2.1 percent to 6.10 yuan, its lowest close since April 29. Datang International Power Generation Co. (601991 CH), a unit of China’s second-biggest electricity producer, slumped 5 percent to 6.72 yuan.
A nationwide increase of China’s power prices is “unlikely,” the China Securities Journal reported today, citing China State Grid Corp. Vice President Shu Yinbiao. Price adjustments will depend on each province, the newspaper cited Shu as saying.
COFCO Tunhe Co. (600737 CH), a Chinese ketchup maker, retreated 7.2 percent to 11.41 yuan, its biggest decline since Jan. 20. The company announced plans to sell as many as 250 million shares for at least 10.47 yuan each to buy assets from its parent company and affiliates. The stock resumed trading today after being suspended over the past two weeks.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH), the nation’s biggest rare-earth producer, jumped 6 percent to 64.88 yuan, its highest close since May 11. China will raise standards for rare earth exporters and won’t approve new project expansions in an effort to curb overcapacity, illegal mining and sales, the government said yesterday.
Shanghai Wanye Enterprises Co. (600641 CH), a property developer, surged by the 10 percent daily limit to 9.65 yuan. The company will invest in an iron-ore project which will involve total investment of 1 billion yuan ($154 million), Wanye said in a statement. The company will also set up a joint venture on property development, it said.