Chinese Stocks Almost Muted On Stimulus Disappointment; Guangwei Composites Soars 10%

MT Newswires

Chinese shares rebounded with modest gains at the close of Thursday's trade after slumping earlier due to dampened sentiment over the central bank's decision to hold back from cutting rates.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose marginally to finish at 3,398.08. The Shenzhen Component Index climbed 0.7%, or 70.87 points, to 10,673.97.

On Wednesday, the People's Bank of China issued 300 billion yuan of one-year medium-term lending facility loans to financial institutions at a steady rate of 2%.

Analysts called the decision underwhelming, with some believing that the central bank is withholding from using its policy tools until later to relieve the economic impact of President-elect Donald Trump's election, the South China Morning Post said.

Chinese stocks are expected to continue trading sideways as investors await clarity on the government's stimulus policies, according to analysts.

In corporate news, Weihai Guangwei Composites soared 10% following a 3.66 billion yuan agreement to provide carbon fiber fabrics to an unnamed customer through a subsidiary.

Guangzhou Jointas Chemical jumped 3.9% at the close after announcing it will repurchase shares worth between 20 million yuan and 40 million yuan.

HIT Welding Industry closed 3.3% higher amid plans to acquire 60% of stainless steel products maker Haiyan Zhongda Metal Electronic Materials.

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HIT Welding Industry Buys Stainless Steel Maker's Majority Stake; Shares Up 3%

MT Newswires

301137

-5.01%

HIT Welding Industry plans to acquire 60% of stainless steel products maker Haiyan Zhongda Metal Electronic Materials through the subscription of new shares, according to a Shenzhen Stock Exchange disclosure on Thursday.

The Chinese welding products distributor will subscribe to Zhongda Metal's new shares for 122.3 million yuan, with a premium of 47.3 million yuan to be included in Zhongda Metal's capital reserve.

Zhongda Metal's capital will rise to 125 million yuan from 50 million yuan after the completion of the transaction.

The company's shares jumped 3% in recent trade.

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Jointas Chemical to Buy Back Up to 40 Million Yuan Worth of Shares; Shares Up 4%

MT Newswires

002909

-3.86%

Guangzhou Jointas Chemical plans to repurchase shares worth between 20 million yuan and 40 million yuan, according to a Shenzhen Stock Exchange filing on Wednesday.

The Chinese sealant and industrial coatings manufacturer will buy back between 2.3 million shares and 4.7 million shares for 8.57 yuan apiece.

The repurchased shares will be used for the company's equity incentive plans or employee stock ownership plans, the filing said.

The company's shares jumped 4% in recent trade.

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Guangwei Composites Unit Signs 3.66 Billion Yuan Carbon Fiber Deal; Shares Soar 9%

MT Newswires

300699

-2.96%

Weihai Guangwei Composites' unit, Weihai Tuozhan Fiber, agreed to provide carbon fiber fabrics to an unnamed customer in a 3.66 billion yuan contract, according to a Shenzhen Stock Exchange disclosure on Wednesday.

The Chinese company will supply the carbon fiber fabrics until 2027, the disclosure said.

The company's shares soared over 9% in recent trade.

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Weihai Guangwei Composites Co: Q3 revenue jumped 42.63% year-over-year, led by strong carbon fiber and energy materials growth

Quartr

300699

-2.96%

Q3 2024 revenue surged 42.63% year-over-year to ¥746 million, with net profit up 18.62%. Year-to-date, revenue rose 8.90% but net profit dipped 1.00%, as carbon fiber and energy new materials segments showed growth while general new materials lagged.

Original document: Weihai Guangwei Composites Co., Ltd. Class A [300699] Report Release — Oct. 27 2024

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This is an AI-generated summary and may contain inaccuracies. Please verify any important information with the original source.

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Weihai Guangwei Composites Co: Revenue and profit declined, but wind power carbon beam and R&D investment grew

Quartr

300699

-2.96%

H1 2024 revenue fell 5.53% and net profit dropped 10.87% year-over-year, with carbon fiber sales down but wind power carbon beam business growing. The company completed a major share buyback and increased R&D investment.

Original document: Weihai Guangwei Composites Co., Ltd. Class A [300699] Report Release — Aug. 26 2024

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Chinese Stocks Almost Muted On Stimulus Disappointment; Guangwei Composites Soars 10%

HIT Welding Industry Buys Stainless Steel Maker's Majority Stake; Shares Up 3%

Jointas Chemical to Buy Back Up to 40 Million Yuan Worth of Shares; Shares Up 4%

Guangwei Composites Unit Signs 3.66 Billion Yuan Carbon Fiber Deal; Shares Soar 9%

Weihai Guangwei Composites Co: Q3 revenue jumped 42.63% year-over-year, led by strong carbon fiber and energy materials growth

Weihai Guangwei Composites Co: Revenue and profit declined, but wind power carbon beam and R&D investment grew

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