Bloomberg News

China Stocks: Bank of China, ICBC, SAIC Motor, Shandong Helon

March 30, 2012

Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.

The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, rose 10.63 points, or 0.5 percent, to 2,262.79. The CSI 300 Index (SHSZ300) gained 0.5 percent to 2,454.90.

Bank of China Ltd. (601988 CH), the nation’s fourth-biggest lender by market value, added 2.1 percent to 2.98 yuan. Fourth- quarter net income climbed 11 percent from a year earlier to 27.9 billion yuan ($4.4 billion) in 2011, according to calculations based on figures published by the Beijing-based lender today. Profit beat the 25.7 billion-yuan average estimate of 23 analysts surveyed by Bloomberg.

Industrial & Commercial Bank of China Ltd. (601398 CH), the nation’s biggest listed lender, rose 1.2 percent to 4.33 yuan after reporting a 17 percent increase in four-quarter net income to 44.4 billion yuan. That compared with the 43.4 billion-yuan average estimate of 22 analysts in a Bloomberg survey.

SAIC Motor Corp. (600104) (600104 CH), China’s largest carmaker, jumped 4.2 percent to 14.83 yuan, its biggest gain since Jan. 17. Net income rose 23 percent from a year earlier to 20.2 billion yuan last year, SAIC Motor said in a statement yesterday. That beat the 18.4 billion yuan average of nine analyst estimates compiled by Bloomberg.

Shandong Helon Co. (000677) (000677 CH), a fiber manufacturer, tumbled 5 percent to 4.58 yuan after a seven-month suspension. The company said it may report a net loss of 1 billion yuan last year as sales prices slumped due to weak demand and raw materials costs remained high.

--Zhang Shidong. Editor: Allen Wan

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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