ICBC, Baotou Steel Rare-Earth, ZTE, SAIC: China Equity Preview
The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of the close of Nov. 5.
Baoshan Iron & Steel Co. (600019 CH): Parent Baosteel Group Corp. plans to build a medium and high-end magnetic material processing plant in Haimen city of Jiangsu Province, the China Business News reported, citing the company. Baosteel plans to invest 310 million yuan ($47 million) it the initial stage of the construction, according to the report.
Baoshan Iron, the listed unit of China’s second-biggest steelmaker, rose 0.3 percent to 7.34 yuan.
China CAMC Engineering Co. (002051 CH): The Beijing-based construction company signed agreements with Sudan’s White Nile Sugar Co. to build an ethanol factory and an animal-feed plant, the Sudanese company’s managing director said. The stock fell 0.7 percent to 60.79 yuan.
Industrial & Commercial Bank of China Ltd. (601398 CH): The nation’s largest lender received approval from the securities regulator to sell as much as 45 billion yuan of stock in rights offer, according to a statement posted on the regulator’s website.
Separately, the bank may open a branch in Cambodia, Xinhua News Agency said, citing remarks from President Jiang Jianqing. The stock rose 4.3 percent to 4.82 yuan.
Rare earth producers: China will maintain its export volume of rare earths next year, the official Xinhua News Agency said, citing Minister of Commerce Chen Deming.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH), the nation’s largest producer of the raw materials, fell 1.9 percent to 83.23 yuan. Ningbo Yunsheng Group Co. (600366 CH) dropped 4 percent to 28.67 yuan.
SAIC Motor Corp. (600104 CH): Volkswagen AG will produce an electric car model at local ventures with SAIC Motor, China’s largest carmaker, and FAW Group Corp. as early as 2013 and add a battery-powered model specifically designed for the nation in 2018, said Karl-Thomas Neumann, president of Volkswagen Group China, said. SAIC shares fell 1.3 percent to 20.19 yuan.
Wuliangye Yibin Co. (000858 CH): China’s second-biggest maker of white liquor by market value won’t raise the price of its liquor this year, Xinhua News Agency reported, citing Chairman Tang Qiao. The shares fell 1.1 percent to 37.2 yuan.
ZTE Corp. (000063 CH): Sprint Nextel Corp. won’t consider products from ZTE Corp., the nation’s second-biggest phone- equipment maker, and Huawei Technologies Ltd. for a multi- billion contract because of U.S. government security concerns, the Wall Street Journal reported, citing unidentified people. ZTE shares fell 1.9 percent to 28.80 yuan.
To contact the editor responsible for this story: Darren Boey in Hong Kong at email@example.com