China Stocks: Huaneng Power, Shenzhen Hepalink, Zijin Mining
The following companies had unusual price changes in China trading. Stock symbols are in parentheses and share prices are as of 10:48 a.m. local time.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 0.7 percent to 2,912.04. The CSI 300 Index (SHSZ300) dropped 0.7 percent to 3,188.37.
Port operators: Shanghai International Port Group Co. (600018 CH), operator of China’s busiest harbor, advanced 1.2 percent to 4.20 yuan. Nanjing Port Co. (002040 CH) rose 1.6 percent to 8.90 yuan.
China will spend 18 billion yuan over the five years to 2015 to deepen the navigation channel of the Yangtze River, the official Xinhua News Agency reported, citing local authorities. Upon completion, 50,000-ton vessels will be able to travel from the sea to the eastern city of Nanjing.
Power producers: Huaneng Power International Inc. (600011) (600011 CH), the listed unit of China’s largest power group, jumped 1 percent to 6.40 yuan, set for its highest close since Nov. 11. China Yangtze Power Co. (600900 CH) added 0.2 percent to 8.29 yuan.
The China Electricity Council has asked the government to “appropriately” increase power prices to help ease supply shortages, the Shanghai Securities News reported today. It didn’t say if the increase was urged for retail or on-grid prices.
China CAMC Engineering Co. (002051 CH) surged 5.2 percent to 38.73 yuan, heading for its highest close since Feb. 21. The state-owned company signed a contract worth 189 million euro ($281 million) to build a concentration plant in Iran which will have an annual output of 4 million tons.
Shenzhen Hepalink Pharmaceutical Co. (002399 CH) slid 3 percent to 37.04 yuan, heading for the lowest close since its listing on May 6. The company’s 90 million shares owned by GS Direct Pharma Ltd. will become tradable on May 6, according to a statement to Shenzhen’s stock exchange late yesterday. GS Direct Pharma, a unit of Goldman Sachs Group Inc., paid $4.9 million for 12.5 percent of Hepalink in 2007, according to Hepalink’s share sale prospectus.
Xiamen Tungsten Co. (600549 CH) climbed 4.8 percent to 44.75 yuan, set for the biggest gain since March 16. The company will set up a 2 billion yuan ($308 million) alloy processing plant in Jiujiang, Jiangxi province, with China Minmetals Nonferrous Metals Co., according to a Shanghai stock exchange filing yesterday.
Zijin Mining Group Co. (601899 CH), China’s largest gold producer, slipped 2.3 percent to 7.39 yuan. The company said an appeals court in Fujian province upheld a criminal fine of 20.4 million yuan against the company for allowing waste water to leak from the Zijinshan Gold & Copper Mine.
--Irene Shen, Helen Sun. Editor: Allen Wan
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