China Stocks: Gree, Hailun Piano, Midea, Tsingtao BreweryBloomberg News
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 0.7 percent to 2,300.80. The CSI 300 Index declined 0.9 percent to 2,558.62.
Household appliance makers: GD Midea Holding Co. (000527 CH), China’s second-biggest publicly traded appliance maker, retreated 3.3 percent to 11.67 yuan, the lowest close since Dec. 19. Gree Electric Appliances Inc. (000527 CH) fell 1.4 percent to 21.65 yuan.
Air-conditioner output fell 7.5 percent in May from a year earlier while sales decreased 4.1 percent, according to Shenyin & Wanguo Securities Co.
Hailun Piano Co. (300329 CH), a piano maker, dropped 5.2 percent from its offer price to 19.91 yuan on its first day of trading today.
Tsingtao Brewery Co. (600600 CH), China’s second-biggest brewery by volume, fell 2.3 percent to 38.95 yuan, the biggest decline since March 28. Billionaire investor Chen Fa Shu agreed to sell 32 million Hong Kong-listed shares of the brewery for HK$1.5 billion ($193 million) at a discount of about 7 percent from the stock’s closing price yesterday.