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China Stocks: China Railway, Railway Erju, Shanghai Pharma

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May 24 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 12.46 points, or 0.5 percent, to 2,350.97. The CSI 300 Index declined 0.8 percent to 2,595.26.

Railway-related stocks: China Railway Erju Co. (600528 CH) surged 4.1 percent to 6.67 yuan, the highest level since Nov. 14. China Railway Construction Corp. (601186 CH), builder of more than half the nation’s rail links since 1949, advanced 1.1 percent to 4.53 yuan.

China will start a series of “key infrastructure projects that are vital to the overall economy and can facilitate growth” and speed up construction of existing railway, environmental protection and rural projects, the government said on its website yesterday, summarizing a meeting of the State Council, or Cabinet.

Shanghai Pharmaceuticals Holding Co. (601607 CH), China’s second-largest drug distributor, lost 0.7 percent to 10.67 yuan after plunging by the 10 percent daily limit yesterday. The stock closed at the lowest since Jan. 16.

A written notice will be given once the investigation, by the Hong Kong Stock Exchange and the China Securities Regulatory Commission, is almost complete, the 21st Century Business Herald reported today, citing an unidentified high-level executive at Shanghai Pharma. The drug seller said late yesterday it hadn’t received any notice from either regulatory body, in response to a report by the same newspaper that it was being probed.

Lu Di, an official with Shanghai Pharma’s board office, declined to comment on today’s report when reached by telephone. The company has nothing to add to the statement issued last night, Lu said.

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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