China Stocks: Yanghe Brewery, Kweichow Moutai, Shandong Gold
The following companies had unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of 10:56 a.m. local time.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 30.7, or 1 percent, to 2,979.83. The CSI 300 Index (SHSZ300) dropped 1.1 percent to 3,263.94.
Dashang Group Co. (600694 CH), a department store operator, surged by the 10 percent daily limit to 43.09 yuan. The company’s net income increased 255 percent to 140.5 million in the first quarter, it said in a statement to Shanghai Stock Exchange yesterday.
Harbin Dongan Auto Engine Co. (600178) (600178 CH) plunged 8 percent to 11.10 yuan, set for the biggest loss since Nov. 12. The company’s first-quarter net income dropped 69 percent from a year earlier to 14.8 million yuan, according to a statement to the Shanghai Stock Exchange on April 23.
Henan Shuanghui Investment & Development Co. (000895 CH), China’s biggest listed meat processer, retreated 6.5 percent to 58.80 yuan, heading for its lowest close since Nov. 29.
The company and its parent refunded 112 tons of meat products, accounting for 4 percent of sales from March 24 to April 20, Shuanghui said in a statement to Shenzhen Stock Exchange on April 22.
Jiangsu Yanghe Brewery Joint-Stock Co. (002304 CH) rose 2.4 percent to 223.30 yuan, set for its highest close since March 14. The company’s first-half net income may rise 50 percent to 70 percent from a year earlier, according to a statement to Shenzhen’s stock exchange.
Kweichow Moutai Co. (600519 CH), China’s biggest liquor maker by market value, gained 3.3 percent to 182 yuan, set for its biggest rise since March 17. The company’s first-quarter net income rose 49 percent from a year earlier to 1.88 billion yuan, beating the 1.81 billion yuan average of three analysts’ estimates compiled by Bloomberg.
Shandong Denghai Seeds Co. (002041 CH), China’s biggest seed company by market value, lost 4.4 percent to 49.87 yuan. The company’s first-half net income may fall 20 percent to 50 percent from a year earlier, according to a statement to the Shenzhen Stock Exchange. The company’s first-quarter net income dropped 33 percent to 72.5 million yuan.
Shandong Gold Mining Co. (600547 CH) advanced 3.4 percent to 55.71 yuan. The company will raise about 5.62 billion yuan selling up to 120 million shares in a private placement to less than 10 investors, including its controlling shareholder, according to a statement to the exchange. The shares resumed trading after a week-long suspension.
TCL Corp. (000100) (000100 CH), China’s biggest consumer electronics maker by market value, jumped 7.6 percent to 6.24 yuan. The company signed an agreement to build a factory in Xinjiang for the production of components for computer monitors and other electronic devices, according to a statement filed to Shenzhen Stock Exchange.
Yunnan Aluminum Co. (000807 CH) slid 3.2 percent to 13.38 yuan. The aluminum products maker said its first-quarter profit slid 85 percent to 2.92 million yuan. The company’s 2010 net income fell 34 percent to 30.5 million yuan.
--Irene Shen, Eva Woo, Jing Jin. Editor: Allen Wan
To contact Bloomberg News staff for this story: Irene Shen in Shanghai at +86-21-6104-3040 or Ishen4@bloomberg.net
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org