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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Yunnan Tin Co., Ltd.    000960   CNE0000011D3

YUNNAN TIN CO., LTD.

(000960)
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Yunnan Tin Co., Ltd. : China's Yunnan Tin Chairman Under Probe

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07/07/2013 | 10:05pm EDT

--Yunnan Tin probe followed by sharp share price fall

--Company says tin operations not affected by probe into chairman

SHANGHAI--Shares in China's Yunnan Tin Co. (000960.SZ), the world's largest tin producer by output, tumbled Monday, after the company said its chairman is under investigation for alleged "serious disciplinary violations."

The phrase is frequently used in China to refer to senior government or state company officials being investigated for corruption and was used by state media in May when a high-ranking official at China's top economic planning body, the National Development and Reform Commission, was stripped of his post.

The probe into Yunnan Tin chairman Lei Yi, who also chairs the company's state-owned parent Yunnan Tin Group, coincides with the imposition Monday on China's ex-railway minister of a suspended death sentence for bribery and abuse of power.

China's new President, Xi Jinping, has been vocal on the need to crack down on graft and stamp out lavish spending.

At 0330 GMT, Yunnan Tin was down 7.1% at CNY11.69 on the Shenzhen Stock Exchange, up from an intraday low of CNY11.33.

"It looks like it's a knee-jerk reaction (to the company's statement), as well as a follow-up to a 5% slide on the London Metal Exchange on Friday," said a Shanghai-based analyst at Guotai Junan Securities.

Three-month tin on the LME on Friday slumped to an 11-month low, closing some 5.6% down on the day at $18,845 a ton.

Yunnan Tin said vice chairman Gao Wenxiang has taken over the responsibilities of the chairman, and operations at the company remain normal.

"I don't think the probe will lead to any significant changes in fundamentals. After all, the company is still running normally," said the Guotai Junan analyst, who declined to be named.

China has long placed quotas on tin exports and production, citing strategic reasons, although exports have been falling short of these quotas.

The 2013 tin export quota from the Ministry of Commerce was cut to 17,000 tons from 18,000 tons last year.

Yunnan Tin swung to a net loss of CNY194.09 million in the first quarter, with falling sale prices, dragged down by Europe's debt crisis and slowing domestic economy, weighing on its bottom line.

Write to Yue Li at yue.li@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
LME TIN CASH -0.24% 16710 End-of-day quote.-14.42%
YUNNAN TIN CO., LTD. End-of-day quote.
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Financials (CNY)
Sales 2019 41 965 M
EBIT 2019 1 700 M
Net income 2019 1 047 M
Debt 2019 -
Yield 2019 2,61%
P/E ratio 2019 17,1x
P/E ratio 2020 14,0x
Capi. / Sales2019 0,43x
Capi. / Sales2020 0,42x
Capitalization 17 906 M
Chart YUNNAN TIN CO., LTD.
Duration : Period :
Yunnan Tin Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Average target price 14,02  CNY
Last Close Price 10,73  CNY
Spread / Highest target 37,6%
Spread / Average Target 30,6%
Spread / Lowest Target 23,7%
EPS Revisions
Managers
NameTitle
Yi Min Yang Vice Chairman & General Manager
Fa Tang Chairman
Shen Yang Chairman-Supervisory Board
Yun Shan Xie Independent Director
Jia Ju Zheng Independent Director
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