Bloomberg News

China Stocks: Gemdale, Jiangxi Wannianqing, Shuangma, Wuhu Conch

July 01, 2011

July 1 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 2.71 points, or 0.1 percent, to 2,759.36. The CSI 300 Index rose 0.2 percent to 3,049.75.

Gemdale Corp. (600383 CH) climbed 2.3 percent to 6.56 yuan, its highest close since April 26. The company agreed to buy a 62 percent stake in Chi Cheung Investment Co. from Billion Up Ltd., a unit of Chinese Estates Holdings Ltd., for about HK$836 million ($107 million), according to a statement to Shanghai’s stock exchange yesterday.

Jiangxi Wannianqing Cement Co. (000789 CH) added 1.6 percent to 17.79 yuan, the highest close since April 15. The company expects net income in the first half to be as much as 300 million yuan ($46 million), compared with a loss of 29 million yuan a year earlier.

Shenzhen Agricultural Products Co. (000061 CH) increased 1.8 percent to 16.24 yuan. The supermarket operator’s pretax earnings will increase by about 137 million yuan this year because of one-time gains, according to a statement to Shenzhen’s stock exchange.

Sichuan Shuangma Cement Co. (000935 CH) jumped 7.7 percent to 14.25 yuan, the highest close since April 7. The cement producer, controlled by Lafarge SA, plans to raise as much as 2.8 billion yuan from a private sale of as many as 250 million shares, according to a statement to the Shenzhen Stock Exchange. The company will use the money to buy stakes in four cement producers, the statement said. The stock had been suspended from trading since June 24.

Wuhu Conch Profiles & Science Co. (000619 CH) lost 3.1 percent to 9.34 yuan, the biggest decline since May 27. The company said it expects net income in the first half of the year to fall as much as 75 percent from a year earlier to 28 million yuan.

--Irene Shen. Editor: Shiyin Chen

To contact Bloomberg News staff for this story: Irene Shen in Shanghai at

To contact the editor responsible for this story: Darren Boey at

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