Author: 123jump.com Staff
123jump.com
Last Update: 4:38 PM EDT April 21 2008
Ping An is reported to have scrapped its plan to sell stock in public offering and instead sell them a private placement through banks. Ping An rose 5%. Sinopec estimated first quarter profit is likely to fall 50% from a year ago on rising crude oil cost. Separately, China is expected to reimburse refiners taxes on crude oil import and significant losses from the price ceiling. Chinese refiners are required to sell petrol at a price fixed by the government. In addition COSCO jumped 7%.
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