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Shanghai Bashi Industrial Group Rises to 4-month high on plan
January 23, 2009, Friday
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SHANGHAI Bashi Industrial Group, the city-controlled bus company, climbed to a four-month high on speculation regulatory approval of an asset restructuring plan will bolster its prospects.
Shanghai Bashi rose 10 percent to 4.49 yuan, the highest close since September 25 and the biggest gainer on the CSI 300 Index. The stock has gained 35 percent since January 5, when the company said it had received clearance from the securities regulator. The company yesterday said in an exchange filing that it expects a loss for last year, after a profit of 254.2 million yuan (US$37.9 million) in 2007.
The company said it has no information that may explain the share price gain.
Shanghai Bashi will buy 8.8 billion yuan worth of car parts making businesses from the parent of China's largest auto maker. It will issue 1.15 billion new shares at 7.67 yuan apiece to Shanghai Automotive Industry Corp in payment, it said in a June 23 statement to Shanghai Stock Exchange.
Shanghai Bashi rose 10 percent to 4.49 yuan, the highest close since September 25 and the biggest gainer on the CSI 300 Index. The stock has gained 35 percent since January 5, when the company said it had received clearance from the securities regulator. The company yesterday said in an exchange filing that it expects a loss for last year, after a profit of 254.2 million yuan (US$37.9 million) in 2007.
The company said it has no information that may explain the share price gain.
Shanghai Bashi will buy 8.8 billion yuan worth of car parts making businesses from the parent of China's largest auto maker. It will issue 1.15 billion new shares at 7.67 yuan apiece to Shanghai Automotive Industry Corp in payment, it said in a June 23 statement to Shanghai Stock Exchange.
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