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Investors and traders in China’s main financial district are talking about the following before the start of trade today
China stocks fell again yesterday, hurt by worries about inflation and tighter government policies to control it. Yet one prominent China strategist says rising prices are poised to cool. In a report yesterday, Andy Rothman of CLSA noted some food prices have declined in the country of late. He predicts the country’s CPI will rise 4.5% this year. It gained 5.4% in March.
Leading Chinese companies are continuing to post first-quarter earnings reports today. Among them:
In the retail industry, Shenzhen-listed Shanghai Metersbonwe Fashion & Accessories said first-quarter revenue rose by 46.3% from a year earlier to 2.1 billion yuan. That helped to lift net profit 12-fold to 203 million yuan. Metersbonwe shares on Thursday closed at 31.9 yuan, up 3.24%. Chairman Zhou Chengjian ranked no. 268 on the 2011 Forbes Billionaires List with wealth of $4 billion;
Sichuan New Hope Agribusiness, one of China’s largest agribusiness concerns, said today first quarter revenue was 2.2 billion yuan, up 32.7% from a year earlier; net profit reached 194 million yuan, up 66.5%. Its shares closed at 17.11 yuan yesterday, down 2.78%. Chairman Liu Yonghao ranked no. 310 on the 2011 Forbes billionaires list with wealth $3.5 billion.
Among real estate developers, Shenzhen-listed property developer Suning Universal said today its revenue rose by 1.62% to 844 million yuan in first three months; net profit was 208 million yuan, up 16%. Its shares slid by 1.05% to 8.49 yuan yesterday. Chairman Zhang Guiping ranked no. 993 on the 2011 Forbes Billionaires List with wealth $1.2 billion;
Among companies facing scandals, Henan Shuanghui Investment & Development, the Goldman Sachs-invested meat processor plagued recently by product safety problems, said first quarter revenue was 8.4 billion yuan, up a tepid 4.9%. Government controlled oil concern Sinopac said overnight that net profit gained 24% to 20.5 billion in the first quarter from a year earlier.
Four companies started trading in China yesterday, and only one managed to close higher. Jiangsu Tongda Power Technology (002576), a wind turbine maker whose clients include Siemens, GE and ABB, fell 9.2%. Shenzhen Rapoo Technology (002577), a computer peripherals maker whose customers include Gome and Suning Appliance, lost 16%, and auto distributor Pangda Automobile Trade lost 23%. Chairman Pang Qinghua ranked no. 1,057 on the 2011 Forbes Billionaires List with wealth of $1.1 billion. The day’s gainer: Fujian Minfa Aluminium (002578), an aluminum maker, rose 21%
In Hong Kong, trade in Chinese restaurant chain Little Sheep was suspended today. AP said Yum! of the U.S. may make an offer for shares it doesn’t own. And Hui Xian Real Estate, a yuan-denominated REIT with ties to billionaire Li Ka-shing, will begin trading today. Hong Kong’s first yuan REIT may maker a milestone along the way to the end of the U.S. dollar peg.
-With Maggie Chen
source: forbes.com
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