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China Waterworks, Pipe Stocks Rise After Deadly Floods in China

July 23 (Bloomberg) -- Dam builder Zhejiang Reclaim Construction and Zhejiang Dragon Pipe Manufacturing Co. led waterworks companies higher in Chinese trading after record rains left at 37 people dead.

The 16-hour rainstorm that started July 21 dumped as much as 16 inches of rain in Beijing, the most since records were first kept 60 years ago. It caused 10 billion yuan ($1.6 billion) in flood damage, the China Daily newspaper said.

As Chinese television highlighted images of the flooding, the storm spurred criticism on China’s micro-blog services that city drainage systems were ill-equipped to handle the deluge even after infrastructure upgrades and a stimulus package in the world’s second-largest economy.

Speculation that the damage could lead to new infrastructure projects boosted pump-maker Zhejiang Leo Co., which rose 10 percent to 10.73 yuan in Shenzhen, its biggest gain since April 25. Ningxia Qinglong Pipes Industry Co. climbed 5.6 percent to 7.95 yuan, the most since May 29 on a day when the Shenzhen Composite Index fell 1 percent.

Zhejiang Reclaim jumped 6 percent to 15.62 yuan in Shenzhen, its biggest gain since June 27. Zhejiang Dragon Pipe advanced 10 percent to 11.58 yuan, the most since July 6.

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

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

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