China Stocks: China Shipping, Fushun Steel, Shanghai Electric
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 14.72 points, or 0.5 percent, to 2,708.78. The CSI 300 Index (SHSZ300) declined 0.6 percent to 2,981.
China Shipping Container Lines Co. (601866 CH), the country’s second-largest carrier of sea-cargo boxes, slid 2.3 percent to 3.37 yuan. The company said it expects a net loss in the first half because of higher oil prices and weakness in the global container-shipping market.
Chongqing Three Gorges Water Conservancy & Electric Power Co. (600116 CH), a hydropower producer, slid 1.5 percent to 16.09 yuan, its lowest close since June 23. The company said first-half net profit fell 88 percent to 4.24 million yuan ($658,048) from a year earlier.
CSR Corp. (601766 CH), the nation’s biggest train maker, gained for a second day, rising 1.4 percent to 5.93 yuan, after saying it won orders to supply railway stock worth about 6.89 billion yuan in China and overseas.
Fushun Special Steel Co. (600399 CH) jumped by the 10 percent daily limit to 9.37 yuan, the highest close since August 2009. Dongbei Special Steel Group Co., the company’s biggest shareholder, will take over Fushun Special Steel (Group) Co., the second-biggest shareholder, for 1.23 billion yuan, Fushun Special Steel said in a statement yesterday.
Shanghai Electric Group Co. (601727 CH), China’s largest maker of power equipment, gained 3.2 percent to 6.86 yuan, the biggest gain since Jan. 27. The company said its controlling shareholder Shanghai Electric Group Corp. bought 1.4 million A shares and 30.3 million H shares of the company on or before July 27.
Shanghai Electric Power Co. (600021 CH), the supplier of a third of the electricity in China’s richest city, surged 10 percent to 6.34 yuan. The company said it plans to raise as much as 9.5 billion yuan in a private share placement to fund a purchase. The shares resumed trading today after being suspended since May 31.
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