Feb. 24, 2010 (Chinavestor) - U.S.-based financial holding company Alliance Bernstein L.P. has raised its shareholding in Yanzhou Coal Mining Co. (HKG:1171) NYSE:YZC) 8.09% from 7.94% on February 19, according to the bourse operator Hong Kong Exchanges and Clearing (HKEx) (HKG:0388).HKEx said in a statement that Alliance Bernstein has acquired 3.000 million H-shares in Yanzhou Coal for HK$47.304 million ($6.092 million). The average price of the share transaction was HK$15.768 apiece.
Yanzhou Coal (HKG:1171) (NYSE:YZC) is the third largest Chinese coal miner with a proactive acquisition plan in place. The company has acquired a significant stake in Australian Felix Resources Ltd. at the end of 2009 with more acquisitions in the in sight.
The importance of keeping track of institutional interest is that these buys represent significant money inflows. When money flows pour in, stock prices typically go higher. H-shares of Yanzhou Coal (HKG:1171) (NYSE:YZC) soared 3.2% to end at HK$16.16 the next trading day. NYSE listed ADRs of Yanzhou Coal (NYSE:YZC) is up 3.13% at 11:00 A.M on Wednesday.
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