Alibaba (1688 HK), China’s top e-commerce company, has agreed to buy 85 per cent stake in China Civilink for US$63.75 million (HK$494 million). Alibaba said it will acquire 99 per cent stake in China Civilink if the latter can fulfil the required targets. China Civilink operates as an e-commerce company that provides domain name registration, website hosting and design, with 200,000 corporate users.
Bright Prosperous (723 HK) has signed a memorandum of understanding with a timber company in Brazil on September 22 to acquire its 137,500 hectare timber business. The deal is worth of HK$342.5 million.
China All Access (633 HK) announced yesterday that its net profit surged 263 per cent to about 21 million yuan for the first half, compared with a year ago. Earnings per share were 2.8 fens.
China Petroleum & Chemical Corp (Sinopec) (386 HK), Asia’s biggest refiner, said it is still in talks over the Angola oilfield acquisition with Marathon Oil Corp. Marathon Oil had previously sold a 20 per cent stake in Block 32 to Sinopec and China National Offshore Oil Corp (0883) for US$1.3 billion (HK$10. billion). Rumour has it earlier that Angola's state-run oil company Sonangol would like to block the sale by exercising its right of first refusal while Sinopec said the deal in still ‘on going’.
China Qinfa (866 HK) has jointly invested with Hebei Port Group Co in a Zhuhai port which costs 1.5 billion yuan while China Qinfa has paid 900 million yuan. The company expects the port to start operation in 2012 with a 20 million tonnes throughput.
China Southern Airlines (1055 HK) announced that it has sold a 50 per cent stake in its joint venture MTU Maintenance Zhuhai Company to its parent for 1.61 billion yuan. MTU Maintenance Zhuhai Company is a joint venture that provides repairs, overhauls and maintenances of jet engines.
China South Locomotive & Rolling (1766 HK) Stock said its affiliates have signed contracts, which are worth of 72.4 billion yuan, with the Wuhan and Shanghai Railway Bureau. The first batch of multiple units to Wuhan will be delivered in the first half of 2010 and that of all products by the end of 2011. Meanwhile, 80 high-speed trains will be delivered from July 2012 to September 2014 in Shanghai.
Dream International (1126 HK) has recorded a net profit of HK$38.93 million for the first half, compared with a loss of HK$51.03 a year ago. Earnings per share were 5.8 HK cents. No interim dividend was declared.
HSBC (5 HK) has appointed Mark McCombe, former global chief executive of global asset management, to be the new chief executive with effect from February next year. McCombe will take up some of the responsibilities of Peter Wong Tung-shun, currently the Asia-Pacific executive director, who will become the Asia-Pacific chief executive next year.
New World Development (17 HK) plans to develop waste-to-energy business in the mainland through Hembly International Holdings (3989) as green issue is gaining public concern. Hembly’s subsidiary Biomax Environment currently has six waste-to-energy projects in the mainland.
RCG (802 HK) Holdings is seeking to raise HK$194 million by placing 20 million new shares at HK$9.69 each. Major shareholder Tony Chan Chun-chuen’s stake will dip to 23.22 per cent from 25.05 per cent upon the share palcement.
TC Interconnect Holdings (515 HK) announced that it will form a joint venture with the LED lighting producer Oriental Opto Technology Limited. TC Interconnect will have a 70 per cent take of the joint venture, amounted to 50 million yuan. The joint venture would be expected to gain lighting contracts in Guangdong Qingyuan and Shenzhen.
Top Form International Limited (333HK) has recorded a net loss of HK$12.61 million for the year ended June 30, compared with a profit of HK$57.97 million a year ago. Loss per share was 1.2 cents. A final dividend of 2.5 cents per share was declared.
Travelsky Technology (696HK) and its four former directors were criticized for violating rules of listing, according to the HKEx. It is said that the company has delayed to disclose its related deals for up to one year and seven months during 2004 and 2007.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
