China Stocks: Baotou Rare-Earth, China Vanke, Zhuhai Zhongfu
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 11:25 a.m. local time.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 11.58, or 0.4 percent, to 2,984.63. The CSI 300 Index (SHSZ300) declined 0.3 percent to 3,324.16.
China Vanke Co. (000002 CH), the country’s biggest developer by market value, gained 1.3 percent to 8.49 yuan. The company said 2010 profit rose 37 percent to 7.28 billion yuan ($1.11 billion), exceeding the 7 billion yuan estimate by analysts in a Bloomberg survey.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH) advanced 2.8 percent to 84.61 yuan, the highest since Nov. 11. The company will lead consolidation of the region’s rare earth industry, said Hu’er Cha, the vice chairman of Inner Mongolia National People’s Congress committee, said yesterday.
Zhuhai Zhongfu Enterprise Co. (000659 CH), a Chinese bottlemaker, slid 2 percent to 9.22 yuan. The company denied a media report that it may be acquired by Coca-Cola Co. or China Resources Holdings Co., and said its parent company has never held talks to sell a stake to third parties.
--Zhang Shidong. Editor: Allen Wan
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