IPO: Star River Property, a Guangzhou-based developer, plans to go listed in the Hong Kong bourse next year. The developer said it has a large flow of capital and is not urged for fund raising. Its listing plan was previously delayed due to the financial turmoil last year.
Agile Property (3383 HK) has won a land bid in Guangzhou for 1.31 billion yuan. The 440,000 square-meter land lot will be developed into a high-class integrated residential community.
BBMG (2009) said it has sold 50 per cent stake in Jinjian (Tianjin) Property Investment Limited for 200 million yuan. BBMG will have a gain of 44 million yuan in the sale.
China Construction Bank (939 HK) has recorded a net profit of HK$126 million for the first half, diving 43 per cent year-on-year due to drop in charges and increase in write-downs. The lender expects profit to improve in the second half.
China Railway Group (390 HK) said it has sold a total of 713,800 meters in its ten projects through its subsidiary China Railway Ruicheng Property.
Grand T G Gold Holdings Ltd (8299 HK) said it has no fund raising plan for this year and plans to develop into a mid-sized gold producer with 100 tonnes reserve and 4 tonnes output annually. Tycoon Cheng Yu-tung and his company, Chow Tai Fook Nominee Ltd, have recently cut their shareholding in Grand T G Gold Holdings Ltd to 18.95 per cent from the previous 19.15 per cent. Grand T G Gold Holdings Ltd said it does not affect their cooperation.
The Liwan project, jointly owned by Hon Kwok Land Investment (160 HK) and Gateway China Fund, was sold to a mainland company for HK$250 million. Hon Kwok Land Investment previously owned 50 per cent stake in the project.
Pou Sheng International Ltd (3813 HK) has recorded a net profit of US$16 million for the ninth months ended June 30, plunging 74 per cent from a year ago.
Yue Yuen Industrial (551 HK) has recorded a 17 per cent decline in its net profit to US$360 million for the six months ended June 30.
BOC Insurance (2388 HK) plans to employ 300 more strategists in order to push its market shares to top three within three years. The lender’s insurance arm is now ranked the seventh with a 4 per cent of market shares.
Dalian Port (2880 HK) announced that it plans to issue no more than 1.2 billion A shares in Shanghai and takeover port-related assets through issuing A shares from its parent. The operator seeks 3.5 billion yuan in the fund raising.
Far East Golden Resources (1188 HK) plans to issue ADR in the US through its subsidiary company listed in the A shares bourse. The company seeks HK$11.63 billion for building plants and is subject to the regulatory approval.
RBI (566 HK) announced yesterday that it has agreed to buy Apollo Precision for HK$ 4.18 billion. The purchase will be settled by issuing 280 million shares at a price of HK$1.316 per share and convertible bonds which are worth of HK$3.8 billion. RBI will rename as Apollo Solar Energy Technology Holdings Limited after the completion of acquisition as the company changes its business direction from toy manufacturing to solar energy business.
Yanzhou Coal Mining (1171 HK), the nation’s fourth-biggest producer of the fuel, said it may sell its shares of its Australian operations within two to three years after taken over Felix Resources Ltd at A$17.95 per share or A$3.54 billion. The deal is subject to the approval from the Australian regulatory FIRB. The initial public offer would include Felix operations and Yanzhou’s Austar coal mine in New South Wales.
Yorkey Optical International (2788 HK) announced that it will issue 80 million units of TDR at a price of NTD$8.2 (HK$1.97) per unit and the sale will begin on October 8. Its subscribers can receive an interim dividend of 0.48 US cents per share.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard