IPO: China Minsheng Banking Corp, the nation’s first listed non-state lender, plans to launch an initial public offering in Hong Kong to raise 20 billion yuan in the fourth quarter. The fund raising aims to replenish capital drained by rapid loan expansion in the first half. The nation’s banking and securities regulators have approved the share sale and the bank is reportedly filing an application with the Hong Kong bourse as soon as this week.
Property: China Properties Investment (736 HK) plans to sell up to HK$600 million worth of 2-year zero coupon convertible bonds. The bonds are convertible to 5.08 billion shares, representing 62.66 per cent of the enlarged issued share capital. The conversion price is HK$0.118 each, a 38.54 per cent discount to the last traded price. The net proceeds of HK$585 million would be used to fund the acquisition of an oil company. Trading in the company’s shares will resume today. SOHO China (410 HK) has agreed to acquire a top Shanghai office building owned by the real estate investment arm of Morgan Stanley for 2.45 billion yuan. The deal marks SOHO China’s first entry into the highly competitive Shanghai property market, in which some economists have already said properties are overpriced. The Exchange, a 52-storey office and retail complex, is also known as Dong Hai Plaza, but SOHO China will rebrand it as “The Exchange – SOHO” after the deal.
Utility: CLP Holdings (2 HK) said it posted a 42.3 per cent slump in interim net profit to HK$3.24 billion on the lower permitted return and weak electricity demand in China. The profit slump was also due to a one-off provision of HK$346 million for an Australian solar system investment, and currency fluctuations, the company said. Earnings per share were HK$1.34. An interim dividend of HK$1.04 per share was declared, unchanged from a year earlier.
Fufeng Group (546 HK) yesterday reported a net profit of 354 million yuan in the first half, three times of that of last year. Earnings per share were 21.32 fen. The company proposes an interim dividend of 1 HK cent per share.
Resource: Maanshan Iron & Steel (323 HK) recorded a first-half net loss of 795 million yuan, compared to a net profit of 2.24 billion yuan a year earlier.
PCCW (8 HK) and chairman Richard Li Tzar-kai’s appeal to Hong Kong’s highest court, which blocked the telecom operator’s HK$15.93 billion privatisation bid, was rejected by the Court of Appeal yesterday. The three judges are the same panel that earlier blocked the privatisation.
Qunxing Paper (3868 HK) recorded a net profit of 149 million yuan in the first half, down 21 per cent from a year earlier. Earnings per share were 14 fen. An interim dividend of 3.28 HK cents per share was declared.
Sinofert Holdings (297 HK) reported a net loss in the six months ended June 30 of HK$800 million. Loss per share was 11.8 HK cents. No interim dividend was declared. Sinofert attributed the loss to the poor economic environment. However, the company does not have any plan of reducing production scale.
Sichuan Expressway (107 HK) reported a net profit of 414 million yuan in the first half, up 34 per cent from a year earlier. Earnings per share were 16.2 fen. An interim dividend of 13 fen per share was declared.
TCL Multimedia Technology (410 HK) recorded a net profit of HK$140 million for the first half. Earnings per share were 14 HK cents. No interim dividend was declared.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times
