Catic Shenzhen (161 HK) will issue short-term bonds next Tuesday to raise as much as 3.5 billion yuan. It said 60 per cent of the proceeds would be spent to support Air China (0753) operation.
Tycoon Li Ka-shing has accumulated stake in his property flagship Cheung Kong (1 HK) to 40.5 per cent for HK$98.51 million on October 14, according to the Hong Kong stock exchange. He has bought 989, 000 shares at an average price of HK$99.605 per share.
China Life Insurance (2628 HK) announced that its unaudited accumulated premiums income for the first three quarters was about 237.3 billion yuan, down 4.55 per cent compared to 248.6 billion yuan for the corresponding period last year.
China Merchants Bank (3968 HK) said there is no need to raise funds in the next three years after getting approval for its plan on rights issue from its shareholders. CMB, the mainland’s fifth largest lender, plans to raise no more than 22 billion yuan in the rights issue to lower its capital needs and boost competitiveness. The lender will issue no more than 2.5 shares for every 10 shares held by existing shareholders on both A and H bourses.
Rumoured has it that China Mobile (941 HK) plans to bid for Zain Telecom, a mobile telecommunication company in Kuwait, according to an Indian newspaper Business Standard. Chairman of China Mobile Wang Jianzhou has previously mentioned that China Mobile would not refuse any overseas merger and acquisition plans when developing its business in the local market.
China Shenhua (1088 HK) Energy said its coal sales for the first nine months this year were 23.6 million tonnes, rising 22.3 per cent year-on-year.
Esprit Holdings (330 HK) said it plans to buy back stake of a joint business with China Resources Enterprise (0291) in the mainland. Yet no details have been released at this stage.
First Pacific (142 HK) plans to raise HK$2.19 billion through a rights issue. Shareholders can buy one rights share for every five they already own at HK$3.40 each.
Great Eagle Holdings (41 HK) has acquired a waterfront site in Dalian for 734 million yuan. The site will be developed into a high-end residential project and a luxury hotel with 286,000 square meters of gross floor area.
Glorious Property (845 HK) announced that its subsidiary Shanghai Xintai has entered into an agreement with Nanjing Jiaotong to establish a project company which involves 6 billion yuan investment.
Hopewell Holdings (54 HK) is considering selling its Happy Valley development project instead of leasing it. The 45-storey project which provides 78 units is expected to be completed in the second quarter next year.
Rumour has it that Industrial and Commercial Bank of China (1398 HK) and China Construction Bank (0939) have won approval from China regulator to buy into Taiwanese financial institutions.
Kaisun Energy (8203 HK) has entered into a memorandum of understanding for the acquisition of Nobel Holdings Investments. The deal will be financed by issuing new shares. The acquisition will be finished by January 2010.
Shanghai Industrial (363 HK) has agreed to sell 44 per cent stake in its A-shares subsidiary Shanghai Pharmaceutical and other medical business to its parent for 5.75 billion yuan. The company said it will focus on developing real estate and infrastructure construction after restructuring its assets this year.
Zhong An Real Estate (672 HK) announced that it has bid a land in Hangzhou for 550 million yuan. The land lot amounts to 145,265 square meters with an average cost of HK$2400 per square meter.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
