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China Stocks: Anhui Water, China Life, Fiberhome, Sunbird Yacht

Aug. 24 (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, slid 12.93 points, or 0.5 percent, to 2,541.09. The CSI 300 Index lost 0.4 percent to 2,810.02.

Water companies: Sichuan Minjiang Hydropower Co. (600131 CH) jumped by the 10 percent daily limit to 8.90 yuan. Chongqing Three Gorges Water Co. (600116 CH) advanced 4.2 percent to 14.43 yuan. Anhui Water Resources Development Co. (600502 CH) climbed 2.6 percent to 14.85 yuan.

Guangdong province plans to boost investment in water conservancy projects to 300 billion yuan ($46.9 billion) over the next 10 years, 21st Century Business Herald reported today, citing a government work meeting.

China Life Insurance Co. (601628 CH), the nation’s biggest insurer, dropped 3.3 percent to 15.63 yuan, the lowest close since its listing in 2007. First-half profit fell 28 percent from a year earlier to 12.96 billion yuan as declines in the domestic stock market hurt investment returns, China Life said in a statement.

Fiberhome Telecommunication Technologies Co. (600498 CH), the telecommunications product designer and producer, added 2.8 percent to 28.35 yuan after saying it plans to raise as much as 1 billion yuan in a private offering of as many as 60 million A shares.

Shanghai Automation Instrumentation Co. (600848 CH), the automation control system maker, lost 3.9 percent to 10.04 yuan after it scrapped a planned private offering because the proposal wasn’t approved by its biggest shareholder. The stock resumed trading today after being suspended since July 29.

Sunbird Yacht Co. (300123 CH), China’s only publicly traded yacht maker, climbed 4.6 percent to 20.64 yuan, its biggest gain since July 28. The company said yesterday that first-half net income rose 35 percent from a year earlier on a 24 percent increase in sales. Shenyin & Wanguo Securities Co. set a share-price estimate of 27 yuan, representing 30 times estimated earnings for next year, according to a report by analysts Wang Hua and Zeng Yuwen.

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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