11:27 PM
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Investors and traders in China’s main financial district are talking about the following before the start of trade today:
The rise in the value of the renminbi at the end of last week may help shares in companies that will benefit from lower import costs. Among them, in U.S. trading on Friday, shares in Air China, a big consumer of fuel oil, climbed by 3.3%. China has been accused of systematically undervaluing its exchange rate to obtain artificial trade advantages.
The government at the end of last week settled a rare strike in the country by independent truck drivers bringing goods into the Shanghai port area. The truckers were unhappy about a fee hike, and authorities agreed to lower some charges. Shares in Shanghai-listed Shanghai International Port Group, which operates the port, had gained 1.18% on Friday. As if to drive home the point that it’s business as usual for the city’s exports, the government-run Shanghai Daily, Shanghai’s only English-language newspaper, today ran a large photo on the front page with the headline, “On course to stay the world’s largest.” Shanghai will keep its record as the world’s biggest port in 2011, it said. Among the many U.S. companies that rely on Chinese imports are Apple, Wal-Mart and Target.
Friday’s successful listing at the Shenzhen Stock Exchange by jewelry maker Zhejiang Ming Jewelry has lifted its main shareholders in the ranks of the world’s billionaire families. Shares in Zhejiang Ming rose by 11.8% to close at 35.78 yuan Yu Awu with his son Yu Tuliang hold 153 million shares in Zhejiang Ming Jewelry that were worth 5.5 billion yuan on Friday. The family has other assets in financial services, property and mining companies. See related story here.
Chinese gold stocks have been moving up amid their big run-up globally on worries about a decline in the value of the U.S. dollar and uncertainties about the future of the international financial system. Shanghai-listed Zhongjin Gold said today first-quarter revenue fell by 23% to 3.8 billion yuan; net profit on the other hand climbed by 61% to 310 million yuan. Its shares rose 4.4% on Friday to 41.04 yuan, and have gained 27% from their recent low in January.
First-quarter earnings season is continuing. Among those with members on the Forbes Billionaires List:
Shenzhen-listed brewer Jiangsu Yanghe Brewery Joint-Stock Co. said on Saturday revenue in the first quarter rose by 88% from a year earlier to 3.6 billion yuan. Net profit climbed by almost two thirds to 1.2 billion yuan. Chinese billionaire Zan Shengda is the second largest shareholder of the company and ranked at no. 993 on the 2011 Forbes Billionaires list with wealth of $1.2 billion. Yanghe’s stock was suspended on Friday.
Retail companies are mostly continuing to report increases in earnings and revenues. Shanghai-listed Nanjing Central Emporium (Group) Stocks, controlled by billionaire Zhi Yicai, said on Saturday that its first-quarter revenue rose by 25% to 1.8 billion yuan; net profit totaled 3.0 million yuan, up 47.8%. On Friday, the company closed at 25.66 yuan, down 0.77%. Zhu ranked 459 on 2011 Forbes Billionaires List with wealth of $2.5 billion.
Among companies that reported profit at the end of last week, shares in Gree Electric Appliances, a member of the 2010 Forbes Asia Fab 50 list and one of the world’s largest air conditioner makers, rose by 2.8% after it said on Thursday net profit in the first quarter rose by 46% from a year earlier to 934 million yuan.
In the auto industry, shares in Shanghai-listed Fuyao Glass Industry Group, slid on Friday 3.3% after it said first-quarter revenue was 2.2 billion yuan, up 27% but net profit fell 3% to 404.6 million yuan. Chairman Cho Tak Wong ranked 692 on 2011 Forbes Billionaires list with wealth of $1.8 billion. The company is a supplier to Ford, GM and Toyota. Auto stocks in general have leveled off in the past few days during the start of the Shanghai Auto Fair, one of the world’s largest auto shows which ends on April 28. Shares in SAIC, GM’s biggest China partner, have declined by 2.3% in the past week.
Among other companies that reported first-quarter profit on Friday, Shenzhen-listed steel maker Jiangsu Shagang also declined, falling 4.5% after it said net profit in the first quarter dropped 14% to 100 million yuan, on revenue that rose 37% to 3.9 billion yuan. Shen Wenrong, the Chinese billionaire who controls the business, ranked 938 on 2011 Forbes billionaires list with $1.3 billion. The company started trading this month after one-year pause after Shen injected one of his businesses into it.
Shares in Shenzhen Aisidi, the Shenzhen-listed mobile phone distributor, dropped 5.5% on Friday after it reported that first-quarter profit plunged 41% to 85 million, on revenue that was off 4% at 2.6 billion yuan. Co-founder Huang Shaowu ranked 782 on 2011 Forbes Billionaires list with $1.6 billion.
The two other listings on the mainland on Friday, besides Yu Awu’s Ming Jewelry, closed lower. Beijing SPC Environment Protection Tech (002573), an operator of gas processing facilities whose clients include China Shenhua and China Datang Corporation, plunged 8.3%, and electric toy manufacturer Guangdong Qunxing Toys (002575) fell 3.4%.
Three companies will begin trading at stock exchanges in the mainland tomorrow. Qingdao Evercontaining Electric (300208), a manufacturer of power-related products such as capacitors; Jiangsu Tianze Infoindustry (300209), a developer of software for satellite navigation and positioning; and Anshan Senyuan Road and Bridge (300210), a supplier of road maintenance equipment.
The Hong Kong Stock Exchange has closed for a holiday today and will re-open tomorrow.
source: forbes.com
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