June 28 (Bloomberg) -- 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, was little changed at 2,759.20. The CSI 300 Index rose 0.2 percent to 3,041.73.
Banks: Agricultural Bank of China Ltd. (601288 CH), the nation’s third-largest lender by market value, declined for the first time in six days, losing 0.4 percent to 2.79 yuan. Bank of China Ltd. (601988 CH) fell 0.9 percent to 3.19 yuan.
China’s banking regulator has ordered lenders to check each discounted bill financing transaction, National Business Daily reported today, citing an unidentified person familiar with the situation. Banks must check how the discounted funds are used and whether they use the discounted bills to get around lending limits, according to the newspaper.
Jiangsu Hongdou Industry Co. (600400 CH), a clothes manufacturer, retreated 5.2 percent to 6.88 yuan, the most since May 23. The company has 263 million shares becoming tradable on July 1, accounting for 47 percent of its total, according to a statement to the stock exchange yesterday.
Sichuan Chuantou Energy Co. (600674 CH) advanced 5.9 percent to 14.85 yuan, the most since Oct. 11. The company’s shareholders approved its plan to raise no more than 2.2 billion yuan through a share sale, according to a statement to the Shanghai Stock Exchange. The proceeds will be used to increase its stake in an affiliated hydropower company, the statement said.
Sichuan Swellfun Co. (600779 CH) jumped 5.9 percent to 22.47 yuan, the most since Nov. 24. Diageo Plc said it received regulatory approval to take a majority stake in China’s Sichuan Chengdu Quanxing Group Co., the parent of Swellfun, a producer of baijiu liquor. Kweichow Moutai Co. (600519 CH), China’s biggest producer of baijiu by market value, added 1.1 percent to 210.45 yuan.
ZTE Corp. (000063 CH), China’s second-biggest phone-equipment maker, added 1.6 percent to 27.52 yuan, the highest since May 3. The company plans to invest 500 million reais ($313.3 million) in Brazil by 2014 to build an industrial complex in Hortolandia, in the state of Sao Paulo, said Frederico Bonincontro, a company’s director in Brazil. ZTE will also start selling in August tablet computers made in Brazil with local partners, Chairman Hou Weigui told reporters.
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