Lizhu dominates trade

IN Shenzhen, the Credit Lyonnais B Index rose 1.4 per cent to 1,223.05 points on trading worth HK$18 million.

Trading was dominated by Lizhu Pharmaceutical, which rose 1.2 per cent to $4.30 on turnover of $10.82 million.

Lizhu's main product Lizhudele enjoys an 80 per cent share of China's anti-ulcer drug market, according to Crosby Securities.

Crosby is forecasting sustainable earnings growth of 20 per cent a year for the next three years, saying China's expanding pharmaceutical industry should ensure growing profits.

Lizhu recently gained approval to convert a portion of its A shares into B shares and also is planning a 3-for-10 rights issue.

Port developer Chiwan Wharf rebounded from recent falls, rising 4.4 per cent to $4.70.

Taiwan-owned household appliance manufacturer Tsann Kuen jumped 14 per cent to $4.56 in light trading.

The credit Lyonnais A-share index lost a further 71.36 points, or 5.68 per cent following its dive on Wednesday, to close at 1185.34.