Daiwa cuts West China Cement to underperform

Daiwa cuts West China Cement to underperform
Published: 02 March 2011

Daiwa downgrades West China Cement to Underperform from Buy, on the back of the announcement that Asia Gain, a major shareholder of West China Cement and wholly owned by West China Cement’s chairman Zhang Jimin, pledged 303 million West China Cement shares (7.13% of its total issued shares) for a US$30m loan from Credit Suisse on Feb. 24.