China Stocks: China Shipping, Hainan Rubber, Laibao High-Tech
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 31.38, or 1.2 percent, to 2,708.81. The CSI 300 Index gained 1.4 percent to 2,978.43.
Changsha Zoomlion Heavy Industry Science & Technology Development Co. (000157 CH), China’s second-biggest maker of concrete-handling machinery, added 2.3 percent to 13.04 yuan. The stock was rated “buy” in new coverage at Nomura Holdings Inc., which cited the outlook for profits amid growth in concrete machinery and environmental equipment as well as the prospects of a “sharp recovery” in exports.
China Hainan Rubber Industry Group Co. (601118 CH), the nation’s sole listed producer of natural rubber, gained 1.2 percent to 10.46 yuan after saying 2010 net income gained more than 80 percent as the price of rubber increased.
China Shipping Development Co. (600026 CH), a unit of China’s second-biggest sea-cargo group, advanced 1.5 percent to 9.72 yuan. China Shipping said it expects 2010 profit to rise by about 60 percent from 1.06 billion yuan ($161 million) a year earlier, citing an increase in international and domestic transportation demand.
Datang International Power Generation Co. (601991 CH) climbed 4.1 percent, the most since Sept. 14, to 6.30 yuan after the power generator said its 2010 net income may have risen more than 50 percent from a year earlier.
Shenzhen Laibao High-technology Co. (002106 CH), China’s biggest producer of glass components for touch screens, jumped 5.2 percent to 51.44 yuan, the biggest gain since Jan. 19. Net income for 2010 probably jumped between 150 percent and 160 percent from a year earlier as the company’s corporate tax rate dropped to 15 percent from 22 percent, Shenzhen Laibao said in a statement. That compared with an earnings growth forecast made in October of between 120 percent and 150 percent.
Shenzhen Zhongjin Lingnan Nonfemet Co. (000060 CH), China’s fourth-largest zinc producer Co., rose 1.3 percent to 18.04 yuan. Net income in 2010 may have risen as much as 81 percent from a year earlier to about 750 million yuan in 2010, the company said in a statement to the Shenzhen Stock Exchange.
Xi’an Aircraft International Corp. (000768 CH), the manufacturer of aircraft components, gained 2 percent to 10.53 yuan after saying net income rose 9.5 percent last year from a year earlier to 345.6 million yuan because of an increase in orders.
--Zhang Shidong. Editor: Darren Boey.
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