Bloomberg News

China Stock Movers: Ping An, Shenxin Taifeng, Shenzhen Tagen

April 13, 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 8.30 points, or 0.4 percent, to 2,359.16. The CSI 300 Index (SHSZ300) gained 0.4 percent to 2,580.45.

Shenzhen-based companies: Shenzhen Special Economic Zone Real Estate (Group) Co. (000029) (000029 CH) jumped 5.1 percent to 4.50 yuan, its highest close since Nov. 15. Shenzhen Shenxin Taifeng Group Co. (000034 CH) surged by the 10 percent daily limit to 5.71 yuan. Shenzhen Tagen Group Co. (000090) (000090 CH) advanced the maximum 10 percent to 9.46 yuan.

Shenzhen will deepen financial cooperation with Hong Kong through the development of the Qianhai area in the city, the Securities Times reported today, citing a proposal. The city will also accelerate the trial of cross-border yuan lending with Hong Kong and plans to allow more companies to sell yuan bonds in Hong Kong, according to the report.

Ping An Insurance (Group) Co. (601318) (601318 CH), China’s second- biggest insurer, rose 1.7 percent to 39.75 yuan. JPMorgan Chase & Co. named the stock its top pick among Chinese insurers, as the likelihood of an equity capital-raising this year by the company has eased, Bao Ling Chan and Helen Ye, analysts at the U.S. bank, wrote in a report.

--Zhang Shidong. Editor: Chan Tien Hin

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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