The rise of China merchants Energy Shipping, the most in nine months, came after the company said its first-quarter profit likely doubled on higher rates.
Profit in the first three months of the year likely rose more than 100 percent, the Shanghai-based company said in a statement to the city's stock exchange on Thursday.
Elsewhere, Ping An Insurance (Group) Co, China's second-largest insurer added 5.35 percent to 62.20 yuan today. The insurer said it has set up a 20 billion yuan private equity company to buy stakes in Chinese companies looking to trade on the nation's domestic exchanges.
Bank of Beijing Co climbed 3.31 percent to finish at 15.28 yuan. The bank, China's biggest city bank, said profit rose 57 percent to 3.3 billion yuan in 2007 as the nation's fastest economic growth in 13 years boosted demand for corporate loans, mortgages and wealth management.
Meanwhile, Hong Kong-listed Zijin Mining Group Co, China's largest gold producer, plans to start selling as many as 1.5 billion shares in Shanghai on April 15 to raise funds for acquisitions and mining projects.
The China Securities Regulatory Commission approved the sale, which will represent 10.24 percent of the enlarged capital, Fujian-based Zijin Mining said in a statement to Shanghai's stock exchange today. The company hasn't set a stock price or when the shares will trade.
Zijin's shares have fallen 36 percent this year in Hong Kong amid concern about its stock sale and as investors deemed the shares expensive after an almost threefold gain last year. The price of gold surged to a record US$1,032.70 an ounce on March 17.
Zijin Mining needs 4.9 billion yuan for acquisitions and mining projects, it said in the statement. Chairman Chen Jinghe said on March 10 that the company may buy mines overseas.
(Shanghai Daily April 7, 2008)
