China Vanke, ICBC, Inner Mongolia Baotou: China Equity Preview
Shares of the following companies may have unusual moves in China trading. Stock symbols are in parentheses and prices are as of the previous close, unless stated otherwise.
Banks: Shanghai banks issued 5.7 billion yuan ($865.3 million) of new home loans in January, a decline of 72 percent from the 20.6 billion yuan a year earlier, the local branch of the People’s Bank of China said in an e-mailed statement.
Developers: Beijing will ban residents from buying more than two homes after the Chinese government extended property curbs to prevent a housing bubble, China Central Television reported. Local residents will be limited to two homes and non- locals will be allowed to buy only one property, CCTV said.
Separately, Poly Real Estate Group Co. (600048 CH) said its January sales rose 48 percent to 4.9 billion yuan. The stock lost 1.2 percent to 13.31 yuan. China Vanke Co. (000002 CH) fell 0.6 percent to 8.53 yuan.
Rare earth producers: China will streamline its rare earth industry over five years, state-run Xinhua News Agency said, citing Premier Wen Jiabao. The nation will take “stricter” measures to control mining of rare earths and lift environmental standards, while continuing to cap production and exports with the quota system, Xinhua reported.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH), the nation’s largest producer of the raw materials, rose 5.1 percent to 73.62 yuan. Ningbo Yunsheng Group Co. (600366 CH) climbed 3.6 percent to 24.80 yuan.
China Coal Energy Co. (601898 CH) said its January production of commercial coal rose 5.6 percent to 8.82 million metric tons. The stock rose 1.4 percent to 10.76 yuan.
Huaxia Bank Co. (600015 CH) said it received approval from the China Securities Regulatory Commission to sell 1.86 billion shares in a private placement. The stock was unchanged at 11.54 yuan.
Pingdingshan Tianan Coal Mining Co.’s (601666 CH) 2010 net income gained 31 percent to 1.85 billion yuan, according to a filing to the Shanghai stock exchange. Sales gained 22 percent to 22.9 billion yuan. The stock rose 2.5 percent to 20.45 yuan.
Shanghai Aerospace Automobile Electro Mechanical Co. (600151 CH), a maker of components that help generate electricity from the sun, said it plans to boost sales from its solar power business fivefold in the next four years. The stock added 2.2 percent to 13.71 yuan.
Shanghai Electric Group Co. (601727 CH) said Zhang Suxin resigned as executive director of the company. The board proposes to name Xu Ziying as the executive director, the company said in an exchange filing. The stock advanced 0.4 percent to 9.23 yuan.
Zhejiang Supor Cookware Co. (002032 CH): Groupe SEB SA, the world’s largest maker of countertop kitchen appliances, agreed to raise its stake in Zhejiang Supor Cookware Co. to 71.31 percent from 51.31 percent for 3.46 billion yuan, according to a statement from the Chinese company to Shenzhen’s stock exchange today. The stock jumped 9.1 percent to 26.40 yuan.
Telling Telecommunication Holding Co. (000829 CH) will start selling Apple Inc.’s products, including the iPhone 3GS, in China, according to a company statement to Shenzhen’s stock exchange. The stock surged 8.8 percent to 13.53 yuan on Feb. 14.
ZTE Corp. (000063 CH) will take part in bidding for bankrupt Nortel Networks Corp.’s long-term evolution, or LTE, patents, Reuters said, citing Wang Haibo, the company’s intellectual property director. The stock rose 2.4 percent to 29.03 yuan.
--Irene Shen, Chua Baizhen in Beijing. Editor: Glenn J. Kalinoski
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