Bloomberg News

China Stocks: China Life Insurance, Hebei Iron & Steel, ZTE

November 17, 2011

Nov. 17 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the close in Shanghai.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 0.2 percent to 2,463.05, the lowest close since Oct. 27. The CSI 300 Index lost 0.3 percent to 2,662.02.

China Life Insurance Co. (601628 CH), the country’s largest insurer, dropped 1.3 percent to 17.45 yuan. Ping An Insurance Group Co. (601318 CH), the second-biggest, slid 1.3 percent to 37.24 after New China Life Insurance Co. won regulatory approval for its initial public offering.

Hebei Iron & Steel Co. (000709 CH) added 1 percent to 4.06 yuan. The company plans to sell as many as 3.8 billion additional shares at 4.28 yuan each, raising as much as 16 billion yuan to finance an acquisition, according to a statement from the Chinese steelmaker to Shenzhen’s stock exchange.

ZTE Corp. (000063 CH) jumped 1.4 percent to 18.94 yuan after the phone-equipment maker signed up China Mobile Ltd. and China Unicom (Hong Kong) Ltd. for a “virtual office,” its president Shi Lirong said. The service offers computing storage and networking in one platform, he said. Cloud computing will account for one-third of the company’s sales within three to five years, it estimated in May.

--Editor: Allen Wan

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

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


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