China Stocks: ABA Chemicals, Longjian Road, Zijin Mining
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 8.22 points, or 0.3 percent, to 2,470.52. The CSI 300 Index (SHSZ300) declined 0.8 percent to 2,723.30.
ABA Chemicals Corp. (300261 CH), a manufacturer of pharmaceutical materials, jumped 22 percent from its offer price to 26.85 yuan on the first day of trading in Shenzhen today.
Longjian Road & Bridge Co. (600853 CH), a highway constructor, jumped 4.4 percent to 4.05 yuan, its biggest gain since May 2010. The China Securities Regulatory Commission is vetting a plan by Heilongjiang Road & Bridge Construction Group, Longjian’s controlling shareholder, to transfer a 27.58 percent stake in the company to Heilongjiang Construction Group, Longjian said in a statement yesterday.
Zhejiang Kingland Pipeline and Technologies Co. (002443 CH) jumped by the 10 percent daily limit to 13.70 yuan. A unit of the company won a contract worth 274 million yuan ($42.9 million) to supply pipelines to China State Grid Corp, Zhejiang Kingland said in a statement yesterday. The contract value is equal to 11 percent of the company’s 2010 revenue, it said.
Zijin Mining Group Co. (601899 CH), China’s biggest gold miner by market value, rose 2.7 percent to 5.34 yuan after bullion rose to a record $1,921.15 an ounce, and after the company completed the purchase of a 17 percent stake in Brisbane, Australia-based Norton Gold Fields Ltd.
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