China Market Pulse: Crab, Evergrande, Gemdale, Southern Airlines, BoC

Jiangsu Yangchenghu Hairy Crab Co plans to attract a strategic investor and go public on a mainland bourse in 2 to 3 years, its chairman told China Securities Journal. Hairy crab is a seasonal seafood loved especially by eastern Chinese.

China State Construction International Holdings (HKG: 3311) signed HK$19.8 billion (US$1 = HK$7.8) worth of contracts in the first 8 months, up 76.7% from a year earlier and fulfilling 99% of its yearly target.

Evergrande Real Estate Group (HKG: 3333) sold 702,000m2 fetching ¥4.4 billion ($1 = ¥6.8) in August, up 22.6% and 51.9% year on year. It sold 4.9 million m2 valued at ¥30.5 billion for the first 8 months of 2010, up 57.4% and 102.9% respectively from the same period last year.

Gemdale Corporation (SHA: 600383) sold 265,900m2 fetching ¥3 billion in August, up 41.4% and 59.6% year on year. It sold 838,000 m2 valued at ¥9.5 billion for the first 8 months of 2010, down 30.4% and 28.2% respectively from the same period last year.

China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055), the nation's biggest carrier, has won regulatory approval to undertake a ¥10.8 billion private placement on the Hong Kong Stock Exchange to cut its debts.

China Tontine Wines Group Ltd (HKG: 0389), China's largest wine maker, has forecast its output will increase 14%-20% to 21,000-22,000 tons.

Bank of China (SHA: 601988, HKG: 3988), the nation's third largest lender by value, has won regulatory approval to issue additional shares aimed at raising ¥60 billion on the Shanghai and Hong Kong stock exchanges.