Properties: CC Land (1224 HK) has agreed to buy 10 per cent more of shares of a land development project in Chongqing for 25 million yuan, expanding its holdings to 61 per cent in the project. Guangdong-based Country Garden Holdings Co Ltd said it plans to issue senior notes to repay a loan and fund development projects. The pricing of the proposed notes issue, including the total amount will be determined through a book-building. JPMorgan is appointed as the sole bookrunner and lead manager of the deal. Greentown China (3900 HK) raised its annual sales target to 38 billion yuan, accounting for 63 per cent of the company’s stake. An amount of 31.5 billion yuan has been recorded in its accumulated sales and contracts for the first eighth months. Guangzhoi Investment (123 HK) said its accumulated contract sales account for 247,000 square metres, reaching 55 per cent of its annual target. The company posted a first-half profit of HK$684 million, surging 47 per cent year-on-year. Sino-Ocean Land (3377 HK) recorded a net profit of 670 million yuan for the first half, leaping 23.6 per cent compared with a year ago on effective cost control. The company declares an interim dividend of HK$0.04 per share.
IPO: China Resources Cement will kick off its initial public offering on September 21 to raise as much as HK$4.68 billion. Capital raised will be used to acquire a 63.44 per cent stake in Hainan Cement from China Construction Bank (0939) and China Development Investment for $800 million. The deal is yet to be approved by the government. Wynn Resorts is going to list in the Hong Kong bourse on September 25 to raise as much as HK$7.8 billion. The spin-off gambling and hotel operation units are in talk with regional enterprises and tycoons. Yet, mainland enterprises cannot buy a stake of the company as gambling is not promoted in the mainland.
Resources: Petrochina (857 HK) agreed to buy a 60 per cent stake in two oil sands projects, Mackay River and Dover, in western Canada for C$1.9 billion. The two projects have been independently assessed to contain 5 billion barrels of oil. The deal is waiting for approval from Canadian government. Siberian Mining (1142 HK) has reached an agreement with Jesup & Lamont Securities (J&L) that it will issue convertible bonds worth of 540 million to J&L while J&L will help it to issue ADR in New York Stock Exchange.
Financail: Rumour has it that The Bank of East Asia (23 HK) will merge with Guoco Group (0053), the bank clarified that it welcomes anyone to buy its stake but has no plan for merger.
TPV (903 HK) Technology reported yesterday that its net profit fell 43 per cent to HK$424 million for the first six months, compared with a year ago. The company proposed an interim dividend of 0.6 US cents.
China Communications Services (552 HK) recorded a net profit of approximately 758.34 million yuan for the first half, surging 33.33 per cent compared with a year ago. Earnings per share were 0.131yuan. No interim dividend was declared. The company said it plans to buy assets from parent in order to increase its competitiveness.
Shanghai Industrial (363 HK) recorded a first-half net profit of HK$1.4 billion for the first-half, up 6.7% compared with a year ago. The company attributed the profit to the improving cash flow and revenue. Earnings per share were HK$ 1.302. The company proposed an interim dividend of 48 HK cents.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard