China Lumena, Foxconn, ICBC, Shenhua: Hong Kong Equities 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.
China Lumena New Materials Corp. (67 HK): The mineral producer said Chairman Suolang Duoji’s effective stake fell to 33.2 percent from 63.3 percent. The stock gained 4 percent to HK$2.60.
China Shenhua Energy Co. (1088 HK): China’s largest coal miner by market value said its commercial coal production in June rose 40 percent from a year earlier to 24.8 million tons. The stock rose 0.5 percent to HK$38.80.
Foxconn International Holdings Ltd. (2038) (2038 HK): The phone unit of the world’s biggest contract maker of electronics said it expects first-half net loss to narrow “significantly” from a year earlier on smaller impairment charges and wider gross profit margins. The stock gained 2.8 percent to HK$3.62.
Guotai Junan International Holdings Ltd. (1788) (1788 HK): The brokerage expects first-half profit to increase “significantly” from a year earlier from growth of margin and other financing business. The stock declined 1 percent to HK$2.91.
Industrial & Commercial Bank of China (601398) Ltd. (1398 HK): China’s biggest bank by market value expects full-year net income to rise by 21 percent to more than 200 billion yuan ($31 billion), Shanghai Daily reported. An unidentified spokesman for the company said the report was “misinformation,” the Hong Kong Economic Journal reported today. The stock was unchanged at HK$5.71.
Shanghai Pharmaceuticals Holding Co. (2607 HK): T. Rowe Price Associates, Inc., a U.S.-based investment management firm, bought 2.3 million H-shares of the Chinese pharmaceuticals maker at an average price of HK$18.898 each on July 19, according to a disclosure statement to the Hong Kong stock exchange. The stock declined 0.3 percent to HK$18.96.
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