Business Digest, October 10, 2012

PUBLISHED : Wednesday, 10 October, 2012, 12:00am
UPDATED : Wednesday, 10 October, 2012, 3:45am

Sinopec stock jumps on price reform buzz

China Petroleum & Chemical (Sinopec), China's largest oil producer and Asia's largest oil refiner, saw its share price close up 3.8 per cent to HK$7.64, rising up to 5.2 per cent, yesterday after the Shanghai Securities News quoted an unnamed expert at the Energy Research Institute of the National Development and Reform Commission as saying Beijing is expected to "soon" launch a new retail fuel price-setting mechanism. Eric Ng

China Molybdenum soars 221pc on debut

Shares of China Molybdenum surged 221 per cent on its trading debut at the Shanghai Stock Exchange yesterday as investors felt its initial public offering (IPO) price had been set artificially low. It closed at 9.60 yuan (HK$11.80), more than triple the IPO price of 3 yuan. China Molybdenum raised 600 million yuan last month, down from its original fundraising target of 3.65 billion yuan owing to weak market sentiment. Daniel Ren

Chinese drywall firm fights US court order

Taishan Gypsum appealed a September court ruling that ordered the Chinese drywall manufacturer to pay homeowners in the United States for damages caused by harmful chemicals in the wallboard. Taishan Gypsum, which claims to be the largest manufacturer of gypsum board in China, argued that an earlier ruling should be set aside because the New Orleans-based court has no jurisdiction over a foreign company. Bloomberg