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, fell 5.88 points, or 0.2 percent, to 2,810.48. The CSI 300 Index declined 0.3 percent to 3,113.71.
Inner Mongolia Lantai Industrial Co. (600328 CH) jumped by the 10 percent daily limit to 12.43 yuan. The company plans to raise up to 800 million yuan ($123.7 million) in a private sale of as many as 76.2 million shares to buy alkali and calcium units and energy-saving projects from the parent, Lantai said in a statement yesterday. The stock resumed trading today after being suspended over the past two weeks.
Sansteel MinGuang Co. (002110 CH), the largest steelmaker in Fujian province, slid 1.4 percent to 10.58 yuan after saying it got approval from the China Securities Regulatory Commission to sell no more than 1 billion yuan of bonds.
Sichuan Changhong Electric Co. (600839 CH), China’s second-biggest television maker, rose 3.8 percent to 3.53 yuan, its biggest gain since March 16. Changhong’s parent bought 1 million shares in the company this month, raising its stake to 29.86 percent, according to an exchange statement. The parent plans to increase its stake in Changhong by as much as 5 percent in 12 months after Changhong’s warrants are exercised, it said.
Yunnan Copper Industry Co. (000878 CH), China’s fourth-biggest producer of the metal, climbed 3 percent to 22.98 yuan, its biggest advance since March 7. Net income for the six months ended June 30 may have risen 171 percent from a year earlier to 566 million yuan because of gains in product prices, the company said in a statement.
Zhejiang Juhua Co. (600160 CH), a manufacturer of alkali products, advanced 2.9 percent to 34.87 yuan. Net income for the first six months may have jumped between 500 percent and 550 percent from a year earlier because of increased product prices, Juhua said in a statement yesterday. That compared with an April company projection for more than 200 percent increase.