BYD, China Overseas Land, PetroChina: Hong Kong Stock Preview
The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close.
The Hang Seng Index (HSI) gained 1.9 percent to 22,171.95 on June 24. The Hang Seng China Enterprises Index, which tracks so- called H shares of Chinese companies, rose 3.1 percent to 12,436.74.
Auto makers: China’s National Development and Reform Commission denied media reports that the government is seeking to change or remove the country’s purchase limits on vehicles, China National Radio reported, citing an unidentified official in the commission.
Guangzhou Automobile Group Co. (2238 HK) jumped 8.4 percent to HK$9.14. BYD Co. (1211 HK), which receives 85 percent of its revenue from China, advanced 5 percent to HK$24.05. Dongfeng Motor Group Co. (489 HK): China’ second-biggest automaker by market value, rose 5.4 percent to HK$14.76.
Fuel importers: China will remove import tariffs on diesel and jet fuel from July 1 to boost supplies, according to the Ministry of Finance.
China Petroleum & Chemical Corp. (386) (386 HK)), which refines, produces and trades fuel, gained 3 percent to HK$7.55. PetroChina Co. (857 HK), the oil producer, rose 2 percent to HK$11.12.
Binhai Investment Co. (8035 HK): The company said it will buy a gas pipelines network from its parent for about 280 million yuan ($43 million). The stock increased 2 percent to 50 Hong Kong cents.
China Life Insurance Co. (2628 HK): The company and its controlling shareholder, China Life Insurance (Group) Co., plan to inject a total of 4 billion yuan into their jointly-held property and casualty insurance unit. China Life gained 3.6 percent to HK$25.70.
China Overseas Land & Investment Ltd. (688) (688 HK): The developer was cut to “hold” from “buy” by Mirae Asset Securities Co., which also reduced the share price target on the company to HK$17.26 from HK$18.33. The stock rose 4.7 percent to HK$16.64.
MGM China Holdings Ltd. (2282 HK): The resort, hotel and casino operator’s over-allotment option was partially exercised, requiring stockholder Grand Paradise Macau Ltd. to sell 59.3 million additional shares. The stock advanced 7 percent to HK$14.40.
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