IPO: Australia’s fifth-richest man Clive Palmer, expects to launch an initial public offering of his Resourcehouse mining group in Hong Kong by the end of the year. The group has not yet decided which mining asset to include in its IPO. Palmer may raise as much as HK$23.4 billion, according to sources.
Resources: China Mining Resources (340 HK) net profit for the first half is HK$8.28 million, compared with a loss of HK$465 million a year ago. Earnings per share were 0.14 HK cents. No interim dividend was declared. Rumour has it that joint venture of China Petroleum & Chemical Corporation (0386) and CNOOC (0883)’s bid on an oil field in Africa was hindered by an acquisition by Angola oil company Songango. Songango plans to use their first priority in the bid, which means it can offer bidding price after Sinopec and CNOOC. CNOOC refused to comment on the rumour but said the bidding process is satisfactory so far. Green Global Resources (61 HK) issued a profit warning and expected the Group’s unaudited consolidated interim results for the six months ended June 30 to record a loss as compared to a profit for the corresponding period last year. The company attributed the expected loss to a substantial decrease in the its turnover during the period of the global economic downturn.
Telecom: China Mobile (941 HK) has revived talk of listing its shares on the Chinese mainland stock marke and is waiting for approval from the regulators.
COL Capital (383 HK) said it has acquired 68.72 per cent stake in Greenfield Chemical Holdings Limited from its substantial shareholder for HK$ 281 million or HK$1.5 per share, a 6.25 per cent discount of per share price before suspension. COL Capital said that the takeover aims at diversifying the business of Greenfield Chemical.
Embry Holdings (1388 HK) posted a profit of HK$61.83 million for the first half, surging 56 per cent compared with a year ago on growing sales. Earnings per share were 15.41HK cents. An interim dividend of HK$0.03 per share was declared.
Gaming: Galaxy Entertainment (27 HK) said it has acquired a 1.7 million square metres land for HK$2.84 billion in Coloane-Taipa in Macau which will be used for the development of large scale resort project with hotels, serviced apartment, casinos and other related facilities. The company expects the project to complete within eight years after the approval is obtained. Melco International Development (200 HK) recorded a loss of HK$811.89 million for the first half, compared with a loss of HK$614.4 million a year ago. Loss per share was 66.14 HK cents. No interim dividend was declared. The company’s chief financial officer Wong Chi-ho announced to leave his position in the meeting. It is rumoured that he is going to join the mainland business Oriental Ginza Holdings Limited (0996).
Financials: Ping An Insurance Group (2318 HK) announced that the first eight months premium incomes of Ping An Life Insurance Company of China, Ping An Property & Casualty Insurance Company of China, Ping An Health Insurance Company of China and Ping An Annuity Insurance Company of China amounted to 118.875 billion yuan, rising 34.31 per cent year-on-year.
Shangri-La Asia Limited (69 HK) recorded a net profit of US$67.26 million (HK$520 million) for the first half, down 50.43 per cent compared with a year ago. Earnings per share were HK$0.18. An interim dividend of HK$0.06 per share was declared.
Properties: Agile Property (3383 HK) has acquired the land-use rights of a plot of land in Tanzhou, Zhongshan for 190 million yuan. The land size is about 124,000 square metres. Hong Long (1383 HK) recorded a 93 per cent decline in its net profit to 1.15 million yuan for the first six months ended June 30, dragged down by a 17 million yuan loss of the fair value of derivatives. Earnings per share were 0.11 fen. No interim dividend was declared.
Constructions: Forefront (885 HK) reported yesterday that its net profit rose to HK$122 million, reversing a HK$68 million net loss from a year earlier. Earnings per share were 11.63 HK cents. No interim dividend was declared. Hsin Chong Construction (404 HK) posted a 52 per cent decline in its interim net profit to HK$30 million. Its revenue increases by 31 per cent to HK$1.399 billion. Earning per share were 4.5 HK cents. An interim dividend of 2.5 HK cents per share was declared. Its unit Synergis Holdings Limited (2340) recorded a 9.6 per cent rise in its net profit to HK$ 14.32 million for the first half. Earning per share were 4.3 HK cents. An interim dividend of 2.5 HK cents per share was declared.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard