China Stocks: Gezhouba, Xinjiang Goldwind, Yunnan Copper, ZTE
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 8 points, or 0.3 percent, to 3,007.04. The CSI 300 Index (SHSZ300) was little changed at 3,295.76.
China Gezhouba Group Co. (600068 CH), the builder of hydropower projects, jumped 10 percent to 13.12 yuan, the most since Jan. 31. Gezhouba said its parent company plans to restructure with units of China State Grid Corp., China Southern Power Grid Co. and China Power Engineering Consulting Group Corp., and form a new company.
"The announcement prompted speculation that the listed Gezhouba may get an injection of some new assets," Cao Zhu, an analyst at First Capital Securities Co., said by telephone from Shenzhen.
CSC Nanjing Tanker Corp. (600087) (600087 CH) lost 3.4 percent to 6.01 yuan, the biggest decline since March 4. The stock was cut to “neutral” at Shenyin & Wanguo Securities Co., which cited overcapacity in the oil shipping industry and the company’s “relatively high” price-to-book-value ratio. The previous rating was “outperform,” according to data compiled by Bloomberg.
Hong Yuan Securities Co. (000562 CH) slid 3.1 percent to 17.76 yuan, the most since March 17. The brokerage said first- quarter net income fell 19 percent from a year earlier to 339 million yuan ($51.9 million).
Xinjiang Goldwind Science & Technology Co. (002202 CH), the country’s second-biggest maker of wind turbines, tumbled 6.7 percent to 17.88 yuan, the steepest decline since Nov. 12. First-quarter net income fell 17 percent from a year earlier to 206.2 million yuan.
Yunnan Copper Industry Co. (000878) (000878 CH), China’s fourth- biggest producer of the metal, rose 1.3 percent to 25.42 yuan after saying first-quarter net income gained 6 percent from a year earlier to 174.3 million yuan.
ZTE Corp. (000063) (000063 CH), China’s second-biggest phone- equipment maker, climbed 2.7 percent to 29.15 yuan. ZTE said first-quarter profit gained 16 percent from a year earlier to 127.3 million yuan as sales of handsets increased in the U.S. and Europe.
--Zhang Shidong. Editor: Allen Wan
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