Bloomberg News

China Stocks: Dayou Energy, Poly Real Estate, Vanke, Supor

February 20, 2012

Feb. 20 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 6.42 points, or 0.3 percent, to 2,363.60. The CSI 300 Index gained 0.1 percent to 2,540.71.

Property stocks: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, rose 0.5 percent to 7.83 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, added 0.6 percent to 10.77 yuan. China Merchants Property Development Co. (000024 CH) gained 1.2 percent to 18.81 yuan.

China needs targeted “fine-tuning” of its property market, while maintaining its property control directions, Li Daokui, an adviser to the central bank, said on his blog on Feb. 19. His comments came after China’s January home prices recorded their worst performance in at least a year, with none of the 70 cities monitored by the government posting gains.

Henan Dayou Energy Co. (600403 CH) jumped 5.7 percent to 28.17 yuan, the highest close since Dec. 12. The company said it plans to raise as much as 7.5 billion yuan ($1.2 billion) by selling as many as 350 million shares in a private placement to finance acquisitions of coal production assets from its parent.

Zhejiang Supor cookware Co. (002032 CH), China’s biggest producer of kitchen appliances, slid 2.4 percent to 15.30 yuan, its biggest loss in almost two weeks. The China Central Television reported on Feb. 16 that some of the company’s stainless steel cookware has a high manganese level. The company said its products are safe, according to a statement. Groupe SEB SA, which owns Supor, said on Feb. 17 that some of its Supor brand products meet Chinese standards and the level of manganese in the products conforms with the international norms.

--Zhang Shidong. Editor: Richard Frost

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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