Bloomberg News

China Stocks: Anhui Conch, Hunan Corun, Sinochem International

June 14, 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, fell 1 percent to 2,295.95. The CSI 300 Index (SHSZ300) declined 0.8 percent to 2,560.42.

Anhui Conch Cement Co. (600585) (600585 CH), China’s biggest cement maker, dropped 1.5 percent to 15.87 yuan, the lowest close since March 30. Anhui Conch was downgraded to underperform from outperform amid weaker prices and likelihood that the consensus earnings estimates for the cement industry will be reduced, Pelen Ji, an analyst at Macquarie Group Ltd., wrote in a note dated yesterday.

Hunan Corun New Energy Co. (600478) (600478 CH) jumped by the 10 percent daily limit for a fourth day to 30.50 yuan, a record close. The company said this week it plans to take a 30 percent stake in a new rare earth company in Hunan province.

Sinochem International Corp. (600500 CH) jumped 6.1 percent to 7.54 yuan. The company said it will buy a 61 percent stake in Jiangsu Sinorgchem Technology Co. for no more than 2.82 billion yuan ($442.8 million).

--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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