China Stocks: Bank of Nanjing, Goldwind, ICBC, Kweichow MoutaiBloomberg News
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 31.65, or 1.1 percent, to 2,859.94 at the 3 p.m. close. The CSI 300 Index added 2.3 percent to 3,177.04.
Industrial & Commercial Bank of China Ltd. (601398 CH), the world’s largest bank by market value, fell 10 percent, the most since its listing in October 2006, to 4.42 yuan as it resumed trading following a weeklong suspension. The lender raised 33.67 billion yuan in the Shanghai part of a rights offer that was 99.72 percent subscribed, according to a statement late yesterday. The lender is also selling about 11 billion yuan of stock in Hong Kong.
Bank of Nanjing Co. (601009 CH), a lender in east China, fell 5.8 percent to 10.46 yuan, the lowest in almost seven weeks, after resuming trading following a weeklong suspension. The bank said it raised 4.86 billion yuan in a rights offer that was 97.36 percent subscribed.
Shenzhen Agricultural Products Co. (000061 CH), a wholesaler and supermarket chain operator, rose 2.7 percent to 20.50 yuan, the most since Nov. 1. The company said it will sell 600 million yuan of one-year bonds on Nov. 26.
Xinjiang Goldwind Science & Technology Co. (002202 CH), the country’s biggest listed maker of wind turbines, gained 4 percent to 23.28 yuan. The company plans to pay Golden Concord Holdings Ltd. as much as 200 million yuan for two wind-power equipment makers.
Kweichow Moutai Co. (600519 CH), China’s biggest liquor maker by market value, rose 5.8 percent to 199.92 yuan, the highest since March 2008. The company may increase prices by between 20 percent and 24 percent in late December, analyst Tong Xun at Shenyin & Wanguo Securities Co. said in a research note today. The brokerage set a 12-month share price estimate of 240 yuan.
Guangxi Liugong Machinery Co. (000528 CH), a construction machinery maker, rose by the 10 percent daily limit to 35.50 yuan, the highest since January 2008. The China Securities Journal cited Qi Jun, head of the China Construction Machinery Association, as saying the government will next month announce a plan to develop the nation’s construction machinery industry.