China Stocks: Citic, PetroChina, Poly Real, Shenhua, Vanke
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 69.91 points, or 2.8 percent, to 2,443.06. The CSI 300 Index (SHSZ300) declined 3.1 percent to 2,685.69.
Developers: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, slumped 5.2 percent to 7.46 yuan, its biggest loss since Jan. 17. Poly Real Estate Group Co. (600048 CH), the second-largest, fell 6.9 percent to 9.65 yuan.
The China Banking Regulatory Commission ordered trust companies to report business dealings with Hong Kong-listed Greentown China Holdings Ltd. and its units, Reuters reported, citing unidentified people. Greentown said it hasn’t received a notice from the banking regulator and there is no investigation into the group. China Vanke has about 10 billion yuan ($1.57 billion) in trust loans, Deutsche Bank analyst Tony Tsang said in a note to clients today.
Energy companies: PetroChina Co. (601857 CH), the nation’s biggest oil company, slipped 1.7 percent to 9.60 yuan. China Shenhua Energy Co. (601088 CH), the nation’s largest coal producer, dropped 3.4 percent to 25.69 yuan and China Coal Energy Co. (601898 CH), the second-largest, lost 2.6 percent to 8.89 yuan.
China will levy resource taxes based on the value and volume of commodities, according to a statement on the government’s website, citing a meeting of the State Council, or cabinet, chaired by Premier Wen Jiabao. It currently imposes resource taxes on producers of oil and gas as well as coal- mining companies based on volume.
Aluminum Corp. of China Ltd. (601600 CH), China’s biggest producer of the metal, retreated 3.4 percent to 8.46 yuan. The company said its plan to sell as many as 1 billion A shares through a private placement has been approved by the China Securities Regulatory Commission.
Citic Securities Co. (600030 CH), China’s largest brokerage by market value, slid 4.3 percent to 12.03 yuan, snapping a two- day gain. Citic Securities is seeking as much as $1.9 billion in a share sale in Hong Kong, according to a prospectus.
Shenzhen Zhengtong Electronics Co. (002197 CH) lost 4.5 percent to 14.85 yuan. Shareholder Xu Zhonggui sold 3.99 million shares, or a 1.9 percent stake, in the company from Sept. 15 to Sept. 20 through the Shenzhen Stock Exchange, according to a statement yesterday.
--Zhang Shidong. Editor: Matthew Oakley
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