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Shanghai Pudong Bank, China Minsheng, Zijin Mining: China Equity Preview
Bloomberg Dec 22---The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of the last close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, gained 51.20, or 1.8 percent, to 2,904.12. The CSI 300 Index rose 2.2 percent to 3,249.51.
Oil-related stocks: China will increase gasoline and diesel prices today by as much as 4 percent. The price of gasoline will rise by 310 yuan （$47） a metric ton and diesel by 300 yuan a ton, the National Development and Reform Commission said in a statement on its website yesterday, the third increase this year.
China Petroleum & Chemical Corp. （600028 CH）, the nation’s biggest oil refiner, advanced 2 percent to 8.26 yuan. PetroChina Co. Ltd. （601857 CH）, the second largest, gained 1.9 percent to 11.52 yuan.
China Construction Bank Corp. （601939 CH）: The country’s second-largest bank said it set up a rural banking unit in Shanghai’s Pudong district, with registered capital of 150 million yuan. The stock rose 1.3 percent to 4.72 yuan.
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. （000758 CH）: The company said it signed a deal worth 4.9 billion yuan with an Iranian company to build an aluminum smelter with an annual production capacity of 155,000 metric tons. The stock gained 0.3 percent to 32.40 yuan.
China Minsheng Banking Corp （600016 CH）: The nation’s first privately owned bank said it will provide a 5 billion yuan credit line to its financial leasing unit. The stock gained 1.8 percent to 5.12 yuan.
Hubei Yihua Chemical Industry Co. （000422 CH）: Asia’s largest fertilizer producer will invest 33 billion yuan in a coal chemical project in the Xinjiang region during the next five years, China Daily said, citing Chairman Jiang Yuanhua. The stock rose 2.6 percent to 19.97 yuan.
Shanghai Pudong Development Bank （600000 CH）: The partner of Citigroup Inc. said it has signed an agreement with Silicon Valley Bank to set up a joint venture in China to serve small- and medium-sized technology companies. The stock has risen 2.9 percent to 12.79 yuan.
Zijin Mining Group Co. （601899 CH）: The 21st Business Herald reported that the Guangdong provincial government punished 36 officials including Zijin Mining managers for a fatal dam collapse in September. Calls to Zijin company secretary Zheng Yuqiang were not immediately answered. The stock fell 0.2 percent to 8.48 yuan.
--Zhang Shidong, Feiwen Rong. Editors: Glenn J. Kalinoski, Allen Wan
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