China Stocks: Hebei Sailhero, Poly Real Estate, Shanxi Coking
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses ad prices are as of 11:26 a.m. local time.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 3.79 points, or 0.2 percent, to 2,512.30. The CSI 300 Index (SHSZ300) declined 0.2 percent to 2,773.37.
Energy-efficiency sector stocks: Hebei Sailhero Environmental Protection High-tech Co. (300137 CH) jumped 6.9 percent to 16.80 yuan, set for its biggest gain since Aug. 22. Dalian East New Energy Development Co. (300125 CH) advanced 4.6 percent to 26.82 yuan. Shenzhen Green Eco-manufacture Hi-tech Co. (002340 CH) rose 2.1 percent to 24.34 yuan.
China’s State Council reiterated its five-year goal of cutting energy use per unit of gross domestic product by 16 percent in a statement on the government’s website yesterday.
“We expect more support policies to come out and more projects to start in different parts of the country in the second half than in the first half,” Wang Haixu and Wu Fei, analysts at Citic Securities Co., wrote in a report today in response to the government statement.
Beijing Jingyuntong Technology Co. (601908 CH), a maker of photovoltaic equipment, climbed 9.1 percent to 45.80 yuan on the first day of trading in Shanghai.
Poly Real Estate Group Co. （600048 CH), China’s second- largest developer by market value, fell 1.6 percent to 10.46 yuan. The company said its August contracted sales fell 12 percent from a year earlier to 6.02 billion yuan ($941 million). It also bought four land parcels in three Chinese cities for 3.7 billion yuan.
Shanxi Coking Co. (600740 CH), the country’s largest publicly traded coke producer, jumped 5.5 percent to 13.63 yuan, headed for the biggest gain since Aug. 22. The company plans to raise 1.71 billion yuan in a private placement of as many as 200 million shares to up to 10 investors, it said in a statement yesterday. The proceeds will be used to upgrade technologies and repay bank loans, it said.
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