China Mobile, PetroChina, Rusal, Singyes Solar: Hong Kong Equities Preview
The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close.
The Hang Seng Index dropped 2.3 percent to 20,248.90. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, declined 2.7 percent to 11,536.20.
China Mobile Ltd. (941 HK): Its Hong Kong unit won an auction for airwaves for mobile television services with a bid of HK$175 million, the city’s telecommunications regulator said. The unit of the world’s biggest phone carrier by market value was the only bidder identified of three that took part in the auction, according to a statement by the Office of the Telecommunications Authority. The stock slid 1.4 percent to HK$77.65.
China Singyes Solar Technologies Holdings Ltd. (750 HK): The producer of solar energy products said it agreed to buy a site in Xiangtun, Hunan province for 32 million yuan to expand production capacity. The stock declined 3.2 percent to HK$3.59.
Lee & Man Paper Manufacturing Ltd. (2314 HK): Credit Suisse Group AG cut its rating on the stock to “neutral” from “outperform” because the share price is higher than the brokerage’s target of HK$5.80. The stock retreated 1.5 percent to HK$5.91.
PetroChina Co. (857 HK): The company and JX Holdings Inc., Japan’s biggest refiner, signed a preliminary agreement to form a joint venture to produce fuel at a 115,000 barrel-a-day plant in western Japan. Nippon Oil Corp. and PetroChina International (Japan) Co. will market fuel to Asia from the Osaka refinery, Nippon Oil said. PetroChina, vying with Exxon Mobil Corp. as the world’s biggest company by value, dropped 2.1 percent to HK$8.74.
United Co. Rusal (486 HK): The world’s largest aluminum producer said prices of the metal will recover to $2,400 a metric ton by the end of the year. The light metal rose in London trading yesterday to $1,951 a ton. Rusal lost 1.7 percent to HK$7.40.