China Stocks: Hareon Solar, Sichuan Hongda, Sinopec Shanghai
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
Hareon Solar Technology Co. (600401) (600401 CH), a Chinese maker of solar modules, surged by the 10 percent daily limit to 9.42 yuan. The company said it plans to set up two ventures with Guodian Mengdian New Energy Investment Co. to develop solar farms.
Sichuan Hongda Chemical Industry Co. (600331 CH), China’s third-largest zinc producer, slumped 9.2 percent to 7.27 yuan, its biggest loss since November 2010. The company said it received an order from the Shifang government to halt construction of its molybdenum and copper project.
Sinopec Shanghai Petrochemical Co. (600688 CH), China’s largest maker of ethylene, gained 4.4 percent to 6.12 yuan, the most since June 13. Parent China Petroleum & Chemical Corp., also known as Sinopec, hopes to complete plans to convert Sinopec Shanghai’s unlisted state-owned equity into tradable shares this year, the 21st Century Business Herald reported today, citing an unidentified person familiar with the matter. Sinopec may give about 3 shares for every 10 held by small investors, it said.
Taiyuan Heavy Industry Co. (600169) (600169 CH) tumbled 8.1 percent to 3.18 yuan, the biggest decline since Aug. 8. The company said it probably posted a loss of about 90 million yuan ($14.2 million) in the first half of the year because of falling demand and prices.
--Zhang Shidong. Editor: Allen Wan
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