Anhui Conch, Citic Bank, Vanke, Huadian: 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.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 0.2 percent to 2,750.29. The CSI 300 Index (SHSZ300) added 0.2 percent to 3,008.65.
Developers: China’s central bank said a media report claiming one of its researchers forecast the cancellation of a maximum home-purchase limit within two years was “factually incorrect,” according to the official Xinhua News Agency.
China Vanke Co. (000002 CH) gained 3.7 percent to 8.1 yuan. Poly Real Estate Group (600048 CH) climbed 3.6 percent to 9.54 yuan.
Oil producers: China will implement additional reforms on the current oil-product pricing mechanism and introduce progressive power pricing for retail users this year, Securities Times reported, citing the National Development Reform Commission.
China Petroleum and Chemical Corp. (600028 CH), the nation’s biggest oil refiner, gained 0.3 percent to 8.04 yuan. PetroChina Co. (601857 CH), the largest oil producer, advanced 0.1 percent to 10.84 yuan.
Anhui Conch Cement Co. (600585 CH): The company plans to buy a cement firm in the southwestern Chinese province of Yunnan, the official Xinhua News Agency reported. The shares fell 1.1 percent to 35.82 yuan.
China Citic Bank Corp. (601998 CH): The lender said the listing committee of the China Securities Regulatory Commission has approved its rights offer of A-shares. The stock dropped 0.2 percent to 4.96 yuan.
Huadian Power International Corp. (600027 CH): The company plans to sell as much as 20 billion yuan ($3 billion) of debt, including 10 billion yuan of bonds through a private placement and 10 billion yuan of commercial papers, according to a statement to Shanghai’s stock exchange. The stock was unchanged at 3.64 yuan on June 7 and halted trading yesterday because of a shareholder’s meeting.
--Irene Shen, Bonnie Cao. Editor: Matthew Oakley
To contact Bloomberg News staff for this story: Irene Shen in Shanghai at +86-21-6104-3049 or Ishen4@bloomberg.net
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