Bloomberg News

Chinese Stocks in the U.S.: China Life, PetroChina, Unicom Fall

October 20, 2011

Oct. 20 (Bloomberg) -- The Bloomberg China-US 55 Index of the most-traded Chinese equities in the U.S. fell 1.8 percent. The Shanghai Composite Index retreated 1.9 percent to 2,331.37.

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 Life Insurance Co. (LFC US), the nation’s biggest insurer, dropped 6.1 percent, the most in two months, to $33.71. The fund-raising limit for insurance companies’ subordinated bond issues was cut to 50 percent of their yearend net assets, from 100 percent, the China Insurance Regulatory Commission said in a statement.

China Unicom (Hong Kong) Ltd. (CHU US), the nation’s second-largest mobile-phone carrier, slid 2.6 percent to $19.40. The company’s main domestic rival China Mobile Ltd. said today it had 43.2 million 3G users at the end of September, exceeding China Unicom’s 30.2 million 3G service users.

Mindray Medical International Ltd. (MR US), China’s biggest medical-device supplier, gained 2 percent, the most in three weeks, to $24.93. The company will report its financial results for the third quarter on Nov. 17, it said in a statement distributed by PRNewswire.

Renren Inc. (RENN US), the Chinese social-networking site that completed an $855 million initial public offering in May, climbed 1.2 percent to $5.73. The company partnered with U.S.- based SkyGrid Inc. to allow users of Renren to use SkyGrid to follow topics and sources, Renren said in a statement through Marketwire.

Oil futures dropped for a second day, sliding 0.9 percent to settle at $85.30 a barrel on the New York Mercantile Exchange.

PetroChina Co. (PTR US) the nation’s biggest oil producer, declined 2.2 percent to $120.98. The company may incur a refining loss of 50 billion yuan ($7.8 billion) this year and its annual resource tax payments may rise to 29 billion yuan, the official Xinhua News Agency reported, without saying where it got the information.

Cnooc Ltd. (CEO US), China’s largest offshore energy producer, slumped 1.7 percent to $166.42, the lowest since Oct. 7.

--Editors: Brendan Walsh, Marie-France Han

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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