Stocks News
- Second Chinese firm breaks 100 yuan stock price
Date: 23-Jan-2007 Sources: (Xinhua Online)
Stock in the Zhejiang China Commodity City Group rose to 100.05 yuan (12.51 U.S. dollars) on Monday afternoon, making it the second Chinese listed company after Guizhou Moutai to have its share price pass 100 yuan.
However, it dipped a little to close at 99.4 yuan, up 1.88 percent over the previous trading day.
The rise was prompted by expectations of strong sales in the coming Chinese Lunar New Year, and securities analysts predicted further growth in the company's share.
The company is in charge of the Yiwu China Commodity City, a wholesale market of small commodities, which has been leading China's wholesale market for 15 years in terms of business volume.
The market in Yiwu, a small inland county-level city in east China's Zhejiang Province, had 28.8 billion yuan of sales in 2005.
Industry experts attributed the rise to the influx of foreign labor-intensive industries attracted by China's low-cost labor.
The Zhejiang China Commodity City Group listed on the Shanghai Stock Exchange in 2002.
Shares in Guizhou Moutai, one of China's leading liquor makers, were the highest in China after rising to 102 yuan on Jan. 15. It was the first time for a domestic listed company's share price to break the 100-yuan mark since China began stock market reform.
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