Chinese shares pummeled in Hong Kong

Investors are pricing in a much slower Chinese economy as disappointing economic numbers come in and today was the worst one-day decline in the past three months. The Hang Seng China Enterprises Index tracks H-shares in Hong Kong. Today, the HSCE was knocked for a 3.4% loss and was down as much as 3.7% late in the day. Beijing Capital International Airport (0694) was hit for a 7.1% loss. Jianxi Copper (0358) fell 6.0%; Sinofert (0297) lost 5.9%; China Minsheng Bank (1988) declined 6.2%; Sands China (1928) slid 4.9%; CITIC (6030) tumbled 5.7%; and Chow Tai Fook (1929) plunged 9.6%.

In the real estate sector, Sino-Ocean (3377) sank 7.5%; Guangzhou R&F (2777) fell 6.6%; China Resources Land (1109) declined 6.1%; SOHO China (0410) lost 4.1%. On the Mainland, Vanke (000002.SZ) fell 3.4%, well ahead of the 1.2% drop in the Shanghai Composite.

China back from vacation, rare earths run

I'm looking at gold mining stocks to compare A-shares to H-shares, as China returns from vacation today. Lingbao Gold (3330) has been on a tear, up 30% in the past week including today's move, but it appears the A-shares aren't doing any catching up today, only pacing Lingbao.

I included China Rare Earth (0769) because that stock continues to catch a bid on monster volume. The relative performance versus Molycorp (MCP) is looking much better now. Since Yahoo has difficulty with the time difference, I had to create a chart comparing the prices. China Rare Earth includes today's intraday gains as of around noon in Hong Kong. This will be an interesting relationship going forward.

China Rare Earth and Lingbao Gold are both up more than 30% this week, with only a few hours left in trading. China Rare Earth has spiked before and I've seen shorter spikes occur before, only to watch them almost completely fade away in the ensuing days and weeks. Whether this rally is connected to the politics of the region (with China supposedly slowing rare earth exports to Japan during the brouhaha over the detained sea captain) or the expectation of currency devaluation (the similar move in Lingbao suggests the latter) could mean the move is more permanent, but I still expect a healthy and sizable pullback.

在阿富采挖铜

前一年半，中国冶金科工集团获阿富汗埃纳克铜矿开采权

阿富汗矿产部长昨日宣布，中国国有企业中国冶金科工集团公司(China Metallurgical Group)已获得阿富汗一个大型铜矿的开采权，此前该集团同意向该项目投资30亿美元。

此笔交易是阿富汗历史上规模最大的外国投资，中冶集团将由此获得在喀布尔附近埃纳克(Aynak)铜矿开采高品质铜的权利。

中冶集团每年将向阿富汗政府支付4亿美元的开采费。一些地质学家认为，这可能是全球最大的铜矿。

。。。中国媒体报道称，中冶集团与另两家中国矿产集团联合竞标这个阿富汗项目，它们分别是中国最大的铜生产商江西铜业(Jiangxi Copper)和中国领先的黄金矿业企业紫金矿业集团(Zijin Mining Group)。

现在，美军正在保障这里的安全，以使中国能开采世界上最大的铜矿之一。

在位于喀布尔以南山区的塔利班盘踞地，美军正在保障这里的安全，以使中国能开采世界上最大的铜矿之一。作为价值30亿美元项目的一部分，一家中国公司正在开辟通往埃纳克铜矿的土路。美军上月沿着这条路搭建了基地，还在中国筑路工人营地外扎营。美军的部署不是为了保护中国投资———阿富汗有史以来最大的投资 ———而是为封锁塔利班向首都喀布尔的渗透。但如果这能为阿富汗经济振兴所需的项目提供安全，也是受欢迎的。

阿富汗首席矿业和能源顾问拉赫曼·阿什拉夫说：“当我们有钱投资像埃纳克这样的项目时，就能给人们提供工作机会。”确实，该项目能给贫困的阿富汗注入数亿美元的资源费和税收收入，并创造数以千计的急需的工作岗位。

紫金矿业集团 (2899.HK)和江西铜业 (0358.HK)从52礼拜最低的价个它们升值344%和277%。