Shenzhen Bank, Datang Power, China Railway: China Stock Preview

(Bloomberg) — 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, dropped 50.79, or 1.9 percent, to 2,622.63. The CSI 300 Index fell 2.1 percent to 2,813.94.

China will allow qualified foreign institutional investors, or QFIIs, to invest in the country’s stock-index futures, according to a statement distributed today at the end of the U.S.-China Strategic & Economic Dialogue in Beijing.

Shenzhen Development Bank Co. (000001 CH): The bank plans to appoint Richard Jackson as its president, replacing incumbent Xiao Suining who will become chairman. Current Chairman and Chief Executive Officer Frank Newman is resigning. The lender also plans to extend a 1 billion yuan ($146.4 million) line of credit to Ping An Bank Ltd. Shenzhen Development fell 3.3 percent to 17.79 yuan.

Datang International Power Generation Co. (601991 CH): China’s biggest publicly traded electricity producer plans to raise as much as 8 billion yuan in a private placement of A- shares to fund eight power projects. The Shanghai-listed company will sell shares at no less than 6.81 yuan each to about 10 companies including its parent. Datang fell 4.1 percent to 7.05 yuan.

China Railway Erju Co. (600528 CH): The railway builder said it has recently won 14 orders nationwide, it said in a statement to the Shanghai Stock Exchange. China Railway Erju slid 0.9 percent to 8.88 yuan.

Angang Steel Co. (000898 CH) The company said the state- owned Assets Supervision & Administration Commission has given approval for the merger of its parent Anshan Iron & Steel Group with Pangang Group Co. Angang shares, last traded on May 21, gained 4.4 percent to 8.53 yuan.

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