Bloomberg News

China Stocks: CSR, Great Wall Motor, Sanan Optoelectronics

September 28, 2011

Sept. 28 (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, dropped 22.99 points, or 1 percent, to 2,392.06, the lowest close since July 5, 2010. The CSI 300 Index retreated 1 percent to 2,610.59.

Rail-related stocks: CSR Corp. (601766 CH), which has made subway trains for lines in Shanghai, Nanjing and Guangzhou, fell 1.7 percent to 4.64 yuan, halting a two-day rally. China CNR Corp. (601299 CH), the nation’s second-biggest train maker, dropped 1.7 percent to 4.70 yuan.

A Shanghai subway train rammed into the back of another locomotive yesterday after a signaling fault, injuring 271 people, Shanghai Shentong Metro Group Co. said in a statement. The crash happened while controllers were running operations using a manual system following an equipment failure, the company said.

Great Wall Motor Co. (601633 CH), China’s biggest pickup truck maker, dropped 8.9 percent from its offer price to 11.85 yuan on its first day of trading in Shanghai.

Sanan Optoelectronics Co. (600703 CH) advanced 3.2 percent to 13.37 yuan, its biggest gain in three weeks. The company signed a contract valued at 1.6 billion yuan ($250 million) to supply light-emitting diode street lights to the city of Quanzhou and the county of Anxi, Sanan said in a statement yesterday. Sanan also plans to invest 2.5 billion yuan to build a plant manufacturing sapphire substrates, raw materials used to make LED chips, in Quanzhou, it said in a separate statement.

--Zhang Shidong. Editor: Shiyin Chen

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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