China Stocks: Changyu, Hainan Airlines, Midea, Poly, Vanke
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 34.08 points, or 1.5 percent, to 2,285.04. The CSI 300 Index declined 1.7 percent to 2,460.72. China’s markets were shut last week for the Chinese New Year holidays.
Consumer stocks: Shanghai Friendship Group Co. (600827) (600827 CH), an operator of department stores and supermarkets, dropped 2.8 percent to 11.92 yuan. GD Midea Holding Co. (000527 CH), China’s second-biggest publicly traded appliance maker, slid 4 percent to 12.84 yuan. Yantai Changyu Pioneer Wine Co. (000869) (000789 CH), the listed unit of the country’s biggest vintner, tumbled 7.5 percent to 95.30 yuan.
Sales by China’s main retailers and restaurants during the Chinese holiday rose 16.2 percent from a year earlier to 470 billion yuan ($74.4 billion), the Ministry of Commerce said in a Jan. 28 statement on its website. That compared with a 19 percent gain in the same period last year, according to Guotai Junan Securities Co.
Developers: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, fell 4.4 percent to 7.55 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, lost 4.7 percent to 10.43 yuan. China Merchants Property Development Co. (000024 CH) retreated 3.3 percent to 18.27 yuan.
Home transactions in China’s four biggest cities Beijing, Shanghai, Guangzhou and Shenzhen recorded 109 units during the week-long Chinese New Year, according to an e-mailed report from Centaline Property Agency Ltd. That was 66 percent down from the same holiday period last year, China’s biggest real-estate brokerage said. Sales in Beijing fell to zero during the holiday, the first time in three years that no sales were recorded for a week, the Beijing Morning Post newspaper reported yesterday, citing data from the local government.
Hainan Airlines Co. (600221) (600221 CH) dropped 4.6 percent to 4.62 yuan, the biggest loss since Dec. 27, after the company said it may sell more stock than originally planned and at a lower price. Hainan Airlines cut the minimum price in the planned private share sale by 35 percent, it said in a regulatory filing yesterday. The company may increase the sale to as many as 1.91 billion shares at no less than 4.19 yuan each, according to the statement.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111) (600111 CH), China’s biggest producer of rare earth, rose 1 percent to 46.06 yuan. Net income may have jumped 330 percent from a year earlier because of surging rare earth prices, the company said in a statement yesterday.
--Zhang Shidong. Editor: Chan Tien Hin
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