12:14 AM
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MAKE MONEY BLOG$~Investors in China’s main financial district are talking about the following before the start of trade today:
Chinese shares may rise again today after European governments at the end of last week made progress toward easing the Eurozone debt crisis, a move that has lifted hopes for a more stable global recovery. Shanghai’s main stock index already gained 1.4% on the news on Friday. Blue-chips led the way. Among those traded in the U.S. China Mobile rose by 2.5%. Big U.S.-traded Chinese oil companies followed the petroleum market on Friday night higher on hopes that global economic growth will benefit from increased European cooperation. State-owned Cnooc rose 4.7% in New Yorktrading.
Back in Hong Kong shares in China’s Tsingtao Brewery, one of the country’s best internationally known brands, lost 0.7% on Friday after the company named a new chairman. Sun Ming Bo, an existing executive director, will replace Jin Zhi Guo, who stepped owing to personal health and other reasons, the company said in a stock exchange statement. Trading in the shares had been suspended on June 27-28. Amid speculation about insider trading, the company also said billionaire Chen Fashu didn’t contact the company before he sold off shares last month. (See related storyhere.)
Shares in athletic shoe companies may come under pressure after global industry leader Nike on Friday missed profit forecasts and fell by 9.4% in New York trading. Hong Kong-traded footwear maker Peak Sports of Fujian Province on Friday issued a warning that it expects net profit in the six months to June to “decrease considerably.” (See related story here.) Struggling Chinese sports apparel maker China Dongxiang lost 4% in Hong Kong on Friday, and its shares are off by 70% in the past year.
In news involving other Chinese companies traded in Hong Kong, China Yurun Food rose by 3.7% after the company issued a statement denying rumors of financial problems. Worries about the company’s accounting have contributed to a two-thirds fall in its stock price in the past year. ChairmanZhu Yicai ranked No. 31 on the 2011 Forbes China Rich List with wealth of $2.3 billion. (Click here for a link to the list.) Yurun competes in China with Hormel.
At the mainland’s Shenzhen Stock Exchange on Friday, shares in Zhejiang Hailiang, the Chinese copper pipe founded by billionaire Feng Hailiang, rose 2% after the company finalized a $127 million investment in state-owned Chinese mining company Jinchuan Group. Zhejiang Hailiang will buy 257.2 million new shares in Jinchuan Group, or a 1.1% stake, for about 800 million yuan, or $127 million under an agreement that was signed on June 27. (See full story here.)
Two of three domestic IPOs that did well on their debut on Thursday continued to rise on Friday. SVG Optronics, an optical product maker whose customers includes Dell and Lenovo, climbed 10% on Friday after gaining 2% on Thursday. And Sinosun Technology, a maker of computer security software backed by Granite Global Ventures, which also backed Tudou, rose by 5.9% on Friday, after gaining 9.7% on Thursday.
Hong Kong’s stock exchange is closed for a holiday today; trade will resume tomorrow.
–with Maggie Chen
source: forbes.com
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