China: China Resources up 2.3% at stock exchange

China Resources shares rose 2.3% at HK$16.62 after 51%-owned CR Snow (SABMiller owns 49%) has bought 2 breweries in Zhejiang, Anhui provinces for CNY419 million, Dow Jones Newswires released July 25.

BOCI (Bank of China) believes "the acquisitions will further strengthen CR Snow's market position in Zhejiang and Anhui provinces, especially the promotion of its national brand SNOW." It doesn't change forecasts as already factored in potential acquisitions. BOCI keeps CRE as Marketperform (doesn't give target price). Volume heavier than recent average at HK$76.6 million, with HK$16.72 high immediate resistance. (RLI)

China Resources Enterprise, Limited is listed on the Hong Kong Stock Exchange and is also traded on SEAQ International of the London Stock Exchange. It is also one of the constituent stocks of the Hang Seng Index in Hong Kong and Hang Seng London Reference Index. The Group focuses on the consumer businesses in both Hong Kong and the Chinese Mainland, with core activities being retail, beverage, food processing and distribution, textile and property investment.

BOCI is one of the largest securities brokers in Hong Kong. It is the leader in the retail business with number one market share.

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