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Bank of Beijing, CCB, China CNR, Rizhao Port, ZTE: China Equities Preview

Bank of Beijing, CCB, China CNR, Rizhao Port, ZTE: China Equities Preview

Write: Moriarty [2011-05-20]

The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of yesterday's close.

The Shanghai Composite Index, which tracks the bigger of China's stock exchanges, gained 0.1 percent to 2,927.08. The CSI 300 Index rose 0.3 percent to 3,269.47.

Developers: Beijing may introduce additional measures aimed at curbing home price gains in the capital, including ones related to taxes and the availability of credit, the China Daily reported, citing Xu Zhijun, spokesman for the Beijing Municipal Commission of Housing and Urban-Rural Development. China Vanke Co. (000002 CH) rose 0.1 percent to 8.41 yuan. Poly Real Estate Group Co. (600048 CH) added 0.3 percent to 12.63 yuan.

Bank of Beijing Co. (601169 CH): China's biggest city bank received approval from the China Banking Regulatory Commission and the People's Bank of China to issue as much as 10 billion yuan ($1.50 billion) in subordinated debt. The shares fell 0.1 percent to 11.86 yuan.

China CNR Corp. (601299 CH): The rail-car maker signed a strategic partnership agreement with Aluminum Corp. of China, or Chinalco. CNR will buy aluminum from Chinalco, which in turn intends to buy mining equipment from CNR. The stock rose 1 percent to 7.34 yuan. Aluminum Corp. of China Ltd. (601600 CH), the listed unit of Chinalco, declined 0.7 percent to 10.46 yuan.

Citic Securities Co. (600030 CH): The brokerage plans to invest a combined 954.7 million yuan ($143 million) in its private equity and futures trading units. The stock dropped 1 percent to 13.52 yuan.

China Construction Bank Corp. (601939 CH): The country's second-largest lender raised HK$68.9 billion ($8.9 billion) from a rights offer in Hong Kong as existing investors subscribed for 99.7 percent of the shares on offer. It raised 2.24 billion yuan from the rights issue on the A-share market in Shanghai last month. The shares were unchanged at 4.78 yuan.

Rizhao Port Co. (600017 CH): China's fourth-largest port for handling coal will increase the basic fees for major products, including coal and iron ore, beginning Jan. 1. The company expects the change to increase revenue and profit. The stock advanced 3.8 percent to 4.34 yuan.

SAIC Motor Corp. (600104 CH): China's largest automaker by market value said it completed the private placement of 720.98 million shares, raising 10 billion yuan ($1.5 billion). The shares declined 0.1 percent 17.21 yuan.

Shanghai Pharmaceuticals Holding Co. (601607 CH): The company plans to make a combined 3.8 billion yuan ($571 million) of acquisitions. It will pay 2.3 billion yuan for a 65.2 percent stake in China Health System Ltd. and 1.5 billion yuan to buy stakes in antibiotics units owned by Shanghai Pharmaceuticals's parent. The stock retreated 0.9 percent to 23.22 yuan.

ZTE Corp. (000063 CH): The second-biggest phone-equipment maker in China said will start selling an Android smartphone called Libero developed with SoftBank Corp. in Japan this month. The shares gained 1.2 percent to 29.79 yuan.