Chalco, Huadian Power, Sinopec: China Equity Preview
(Corrects company name in Bank of Ningbo item in story published Sept. 23.)
Shares of the following companies may have unusual moves in China trading. Stock symbols are in parentheses and prices are as of the previous close, unless stated otherwise.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 69.91 points, or 2.8 percent, to 2,443.06. The CSI 300 Index (SHSZ300) fell 3.1 percent to 2,685.69.
Aluminum Corp. of China Ltd. (601600 CH): The president of China’s biggest producer of the metal Luo Jianchuan said its parent company planned to develop bauxite mines in Guinea, Reuters reported. The shares declined 3.4 percent to 8.46 yuan.
Bank of Ningbo Co. (002142 CH): China’s biggest city bank said its shareholders approved a plan to sell up to 3 billion yuan ($470 million) of subordinated bonds. The stock gained 2.9 percent to 9.76 yuan on Sept. 21, before trading was suspended yesterday.
China Petroleum & Chemical Corp. (600028) (600028 CH): The nation’s largest refiner agreed to cooperate with Kazakhstan’s state energy producer KazMunaiGaz National Co. on oil exploration and production, gas processing, oil refining, and petrochemicals and technical services, the Astana-based company said. The shares dropped 2.8 percent to 7.02 yuan.
Huadian Power International Co. (600027) (600027 CH): The listed unit of China’s fourth-largest power producer said it had agreed to buy two companies involved in hydropower for 1.69 billion yuan. The stock lost 3.8 percent to 2.81 yuan.
Sany Heavy Industry Co. (600031 CH): China’s biggest machinery maker by market value postponed a plan to sell as much as $3.3 billion of stock in Hong Kong amid a global equity rout, according to a person with knowledge of the matter. The shares fell 3.2 percent to 15.28 yuan.
--Zhang Shidong, Helen Sun. Editor: Glenn J. Kalinoski
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