China Stocks: Gree Electric, Sichuan Road, Yanjing Brewery
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 10:55 a.m. local time.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 0.47 point, or less than 0.1 percent, to 2,703.49. The CSI 300 Index (SHSZ300) gained less than 0.1 percent to 2,978.05.
Beijing Yanjing Brewery Co. (000729 CH), China’s third- biggest brewer, rose 1.3 percent to 17.69 yuan. The company said in a preliminary earnings statement first-half net income rose 10 percent from a year earlier to 439.2 million yuan ($68.2 million).
China Pacific Insurance Group Co. (601601 CH), the nation’s third-largest insurer, dropped 0.6 percent to 20.93 yuan. Carlyle Group, the world’s second-biggest buyout firm, is selling about $1 billion of China Pacific’s shares in Hong Kong. Carlyle is offering 250 million of the shares at HK$30.90 to HK$31.40 each, according to terms of the deal obtained by Bloomberg News.
Gree Electric Appliances Inc. (000651) (000651 CH), China’s largest maker of home air-conditioners, advanced 2.5 percent to 23.46 yuan after saying first-half net income rose 40 percent from a year earlier to 2.2 billion yuan. China International Capital Corp. raised Gree’s 2011 earnings per-share forecast by 2 percent to 1.84 yuan and the 2012 EPS estimate by 4 percent to 2.26 yuan, Huang Wenqian, an analyst at the investment bank, wrote in a report today.
Hubei Energy Group Co. (000883 CH) slid 5.6 percent to 8.08 yuan, the most since May 27. The company said it plans to raise as much as 3.25 billion yuan in a private placement of as many as 443.5 million shares to fund wind power and gas pipeline projects. The stock resumed trading today after being suspended since July 15.
Sichuan Road & Bridge Co. (600039 CH), a construction company, jumped 5.8 percent to 9.44 yuan, set for the biggest gain since June 20. First-half net income probably jumped about 600 percent from a year earlier as sales increased and investment gains from affiliates rose, the construction company said in a statement yesterday.
XCMG Construction Machinery Co. (000425 CH), China’s biggest crane maker, gained 1.3 percent to 23.22 yuan. XCMG said in a preliminary earnings statement first-half net income rose 62 percent from a year earlier to 2 billion yuan.
--Zhang Shidong. Editor: Allen Wan
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