6:07 AM
admin
Image via Wikipedia
Investors and traders in China’s main financial district are talking about the following before the start of trade today.
Traders are awaiting comments from the annual U.S.-China Strategic Economic Dialog to be held in the U.S. Monday and Tuesday and attended by political heavyweights such as China Vice Premier Wang Qishan and U.S. Treasury Secretary Timothy Geithner. Inflation has been running at near three-year highs in China in connection with rising commodity prices globally and government unwillingness to allow the renminbi to appreciate much relative to the country’s massive trade surpluses of recent years.
In U.S. trading on Friday, China Internet stocks were mixed after a turbulent week. Video site Youku rose by 2.1% after it said it may raise up to $600 million for expansion and a possible acquisition. An IPO by the company’s main China rival, Tudou, has been delayed, reportedly by complications from chairman’s split with his wife. Social website Renren shares slipped by 0.4% as investors reconsidered its valuation following last week’s IPO. And search leader Baidu climbed by 0.7% after it said that it plans to launch a licensed music service.
It’s not only Chinese small-cap stocks traded in the U.S. that have been facing turbulence of late. Mountain China Resorts, whose shares trade in Toronto, fell 18% on Friday. The ski-resort operator on May 2 announced a loss for 2010. The company earlier this year announced a new auditor and appointed two new board members in April. Big Western ski and resort industry players have been sizing up China’s growing wealth, potential partners, and looking for business in the country.
Chinese property stocks largely been weak amid a government effort to push down prices, but Beijing developer Sohu is outperforming as it continues to announce a series of large and acquisitions in Shanghai. The company on Friday unveiled its latest. Shares rose by 2% and its Hong Kong-listed shares have more than doubled in the past year. Chairman Pan Shiyi and wife Zhang Xin ranked at no. 393 on the 2011 Forbes Billionaires List with wealth of $2.9 billion.
Hong Kong-listed shares in Chinese auto maker BYD, which is about 10% owned by Warren Buffett’s Berkshire Hathaway, fell by 0.6% on Friday after the company announced details of a domestic listing plan. Chairman Wang Chuanfu, who ranked no. 1 on our China Rich List in 2009, has seen his wealth plunge along with a 60% drop in BYD’s shares in the past year.
Modern Media, a China partner of U.S. news giant Bloomberg L.P., said on Friday it would raise money for expansion via a placement andsubscription offer. Among the new investors, Chow Tai Fook, an investment company controlled by Hong Kong Billionaire Cheng Yu-tung, would hold a 1.9% stake. Modern Media’s shares have more than doubled since last September.
Three companies listed on mainland exchanges on Friday with mixed results. Jiangsu Jixin Wind Energy Technology (601218), a producer of wind turbines for GE and others, dropped by 11%; Huizhou China Eagle Electronic Technology (002579), printed circuit board maker for Sony and Sanyo, rose 6.,5% and battery maker Shandong Sacred Sun Power Sources (002580) fell 9%.
One company will list today: nylon filament maker Yiwu Huading Nylon (601113).
Finally, Sanan Optoelectronics, one of Asia’s biggest LED makers, said today shareholders approved a previously announced plan to sell 210 million new shares and raise up to 8 billion yuan for two projects in Anhui. Shares were suspected on Friday, but rose by 1.1% on Thursday. Chairman Lin Xiucheng ranked no. 651 on the 2011 Forbes Billionaires List with wealth of $1.9 billion.
–With Maggie Chen
source: forbes.com
please give me comments thanks
Posted in: 
0 comments:
Post a Comment