Pudong Bank is aiming for a 50 percent increase in profit to 10 billion yuan in 2008, Chairman Fu Jianhua told shareholders in March. Reaching that target will depend on the bank's ability to sell new shares, he said.

Airlines suffered another tough day due to surging crude oil prices in the world market.

Air China, the nation's biggest carrier by market value, lost 7.70 percent to 14.27 yuan. China Southern Airlines, the biggest in fleet size, was down 7.97 percent to 12.13 yuan while China Eastern Airlines, the third largest in fleet size, buckled 5.31 percent to 10.70 yuan.

Oil shot to a record above US$122 a barrel yesterday in the United States on supply worries and the weak US dollar, extending a rally that has doubled prices over the past year and has some experts forecasting a potential spike to US$200.

But in aviation-related sector, Shanghai Aerospace Automobile Electromechnical Co, which develops civilian aviation parts, rose 0.96 yuan, or the daily 10 percent limit, to 10.55 yuan. Jiangxi Hongdu Aviation Industry Co, which manufactures training planes, jumped 5.31 percent to 26.78 yuan. Xi'an Aircraft International Corp, a maker of aircraft components, climbed 2.38 percent, to 24.11 yuan.

China will set up a company called China Commercial Aircraft Co by May 11 to develop and produce a large passenger plane, Shanghai Securities News reported today.

China Datang Corp was among losing electricity producers after decreasing 7.33 percent to 13.14 yuan today. China's five biggest state-owned power producers posted losses in the first quarter because of rising fuel costs, the Shanghai Securities News said, citing company officials.

The five utilities have asked the state to raise electricity prices to help them cope with increasing coal costs, the newspaper reported.