China State, Citic, China Merchants Securities Co.: China Equity Preview
The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of the last close.
Developers: China’s property prices in 70 cities home prices rose 12.4 percent in May from a year earlier, the statistics bureau said in a statement published in its newspaper today. That was down from a record 12.8 percent in April. Sales value fell 25 percent last month from April, according to the statement.
China Vanke Co. (000002 CH), the nation’s biggest listed property developer, rose 2.8 percent to 7.30 yuan. Poly Real Estate Group Co. (600048 CH), the second-largest, advanced 6.1 percent to 11.30 yuan.
China Merchants Energy Shipping Co. (601872 CH): The country’s largest operator of international oil tankers said first-half profit may jump as much as 110 percent from a year ago because of increasing capacity and freight rates. The shares rose 5.2 percent to 4.67 yuan.
China Merchants Securities Co. (600999 CH): The brokerage said it received approval from the China Securities Regulatory Commission to start margin financing and short selling businesses. The stock added 3.7 percent to 21.73 yuan.
China State Construction Engineering Corp. (601668 CH): The nation’s largest housing contractor said the value of construction contracts in the first five months rose 48 percent from a year ago to 175.8 billion yuan ($25.7 billion). Property sales increased 10 percent to 21.4 billion yuan in the period, it said. The stock gained 2 percent to 3.55 yuan.
Citic Securities Co. (600030 CH): China’s biggest listed brokerage plans to raise some wages by 50 percent to 70 percent to retain employees and attract new workers, Caixin reported on its website, citing unidentified people at the brokerage. The shares gained 3.4 percent to 20.26 yuan.