Bloomberg News

Chinese Stocks in the U.S.: China Unicom, Sinopec, Yanzhou Coal

October 14, 2011

Oct. 14 (Bloomberg) -- The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, gained 1.6 percent to a three-week high of 375.73. The New York Stock Exchange Arca China Index rose 2 percent to 222.72. The Shanghai Composite Index declined 0.3 percent to 2,431.38.

The following companies were among the most active Chinese shares in New York trading. Stock symbols are in parentheses and prices are as of the close of trading.

China Petroleum and Chemical Corp. (SNP US), the country’s biggest refiner, known as Sinopec, advanced 2.6 percent, the most in eight sessions, to $94.84. The company will pay a lower resources tax rate of 3.7 percent because of government tax breaks for production at old oilfields, Chairman Fu Chengyu said in Hong Kong today. China will impose a nationwide oil and gas tax at a rate of 5 to 10 percent of sales starting next month.

China Life Insurance Co. (LFC US), the nation’s biggest insurer, rose for a fifth straight day, climbing 0.1 percent to $39.66, the highest price since Aug. 23. The insurer and its parent company reduced their combined stake in Beijing Capital Development Co. to 5.23 percent from 10.44 percent, according to a statement to Shanghai’s stock exchange today.

China Unicom (Hong Kong) Ltd. (CHU US), the nation’s second-largest mobile-phone carrier, sank 4.2 percent to $19.12, the lowest price since Aug. 24. The company will lower monthly fees on some new contracts for Apple’s iPhone starting Oct. 16, Ming Pao Daily reported, without saying how it obtained the information.

Yanzhou Coal Mining Co. (YZC US), China’s fourth-largest producer, jumped 6.5 percent to a one-month high of $25.84. China’s coal prices may rise this quarter as inventories at loading stations on the Daqi Railway, which account for a third of the nation’s coal deliveries by rail, are “extremely low or absent,” Helen Lau, a Hong Kong-based analyst at UOB-Kay Hian Ltd., said in an e-mailed note today.

--Editors: Brendan Walsh, Glenn J. Kalinoski

To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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