China Stocks: BYD, Jahwa, SAIC Motor, Xinjiang Goldwind
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, rose 45.57 points, or 1.8 percent, to 2,516.09. The CSI 300 Index (SHSZ300) gained 2.1 percent to 2,779.09.
BYD Co. (002594 CH), part-owned by Warren Buffett’s Berkshire Hathaway Inc., gained 2.9 percent to 23.47 yuan. BYD restructured its auto sales division and offered affected employees new positions in the company, said Company Secretary John Lee. Some staff declined the new assignments and left, Lee said, without providing details.
Founder Securities Co. (601901 CH) jumped 6.3 percent to 6.22 yuan, the biggest gain in two weeks. The brokerage said it plans to buy an 8.12 percent stake in Shengjing Bank, the largest lender in northeastern China, for as much as 1.5 billion yuan ($234.6 million).
SAIC Motor Corp. (600104 CH), China’s largest carmaker, advanced 3.6 percent to 15.28 yuan. SAIC said January-July vehicle sales volume rose 11 percent to 2.27 million units.
Shanghai Jahwa United Co. (600315 CH), a producer of skin- care products, slid 7.9 percent to 34.20 yuan. The company said the government plans to sell its 100 percent stake in the company’s parent, Shanghai Jahwa Group, for 5.1 billion yuan. The stock resumed trading today after being suspended since Dec. 6.
Xinjiang Goldwind Science & Technology Co. (002202 CH), the country’s second-biggest maker of wind turbines, gained for the first time in eight days, adding 2.2 percent to 11.14 yuan after the China Securities Regulatory Commission approved its proposal to sell as much as 5 billion yuan of bonds.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org