Bloomberg News

Chinese Stocks in the U.S.: Aluminum Corp, Silvercorp, Sina

October 24, 2011

Oct. 24 (Bloomberg) -- The Bloomberg China-US 55 Index of the most-traded Chinese equities in the U.S. gained 3.9 percent. The Shanghai Composite Index advanced 2.3 percent to 2,370.33.

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.

Aluminum Corporation of China Ltd. (ACH US), the nation’s largest producer of the metal, increased 8.7 percent to $12.98. Aluminum for three-month delivery on the London Metal Exchange rose 4.4 percent to $2,218 a ton.

Silvercorp Metals Inc. (SVM US), a Vancouver-based Chinese silver mine owner which was accused of fraud in an anonymous letter last month, soared 18 percent, the most in three years, to $9.62. The company said an investigation by accounting firm KPMG LLP found fraud allegations in two anonymous reports were untrue.

Sina Corp. (SINA US), the owner of the Twitter-like Weibo service, advanced 9.4 percent to $92.37. The company entered into a strategic agreement with Sky-Mobi Limited (MOBI US), a leading mobile application store and mobile social network community operator in China, according to a statement from Globe Newswire. Sina’s Weibo.com will be made available as a downloadable application via the Maopao application store and plug-ins to Sky-Mobi’s Maopao mobile social network.

Crude oil for December delivery rose to $91.63 a barrel on the New York Mercantile Exchange, the highest level in more than two months, as data showed a drop in inventories at a key U.S. delivery point. China will “temporarily” set the resource tax on oil and gas producers at 5 percent of sales, the finance ministry said in a statement today. The government said Oct. 11 that it will extend a value-based tax of 5 to 10 percent on sales of oil and natural gas nationwide starting next month to help save energy and boost local government revenue.

PetroChina Co. (PTR US) the nation’s biggest oil producer, added 3.1 percent to $126.77. A unit of the company discovered gas and condensate reserves in Indonesia’s Papua province, according to the country’s oil and gas regulator.

Cnooc Ltd. (CEO US), China’s largest offshore energy producer, advanced 7.5 percent to $182.62, the highest level in more than a month.

China Petroleum and Chemical Corp. (SNP US), the country’s biggest refiner known as Sinopec, gained 2.7 percent to $95.38.

--Editor: Glenn J. Kalinoski

To contact the reporter on this story: Katia Porzecanski in New York at kporzecansk1@bloomberg.net

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


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