China Overseas Land and Investment (688 HK) announced that its unaudited operating profit amounted to HK$1.8 billion in the third quarter, while operating profit for the first nine months was HK$7.18 billion. Meanwhile, its subsidiary China State Construction International Holdings Limited (3311) has recorded an 8 per cent rise in its operating profit to HK$521 million for the first nine months.
China Unicom (762 HK) announced yesterday that it has completed a US$1 billion share swap with Spainish Telefonica. Unicom has issued 693 million new shares to Telefonica at a price of HK$11.17 each in exchange for 40.73 million Telefonica shares at 17.24 Euros per share. Unicom now holds a 0.87 per cent stake in Telefonica. The swap increases Telefonica’s stake in Unicom to 8.06 per cent.
China Yurun Food Group (1068 HK) replied yesterday on the swine disease reports on the Huabei region. It said its business is not affected as it keeps a high standard in every procedure of material selection.
China Zenith Chemical (362 HK) has posted a 37 per cent plunge in its net profit to HK$167.8 million for the first six months ended June 30. Earnings per share were 4.49 HK cents. No interim dividend was declared.
Datang International Power Generation (991 HK) has recorded a net profit of 374 million yuan from July to September, reversing a net loss of 432 million yuan a year ago. The Chinese power producer attributed the positive figure to higher electricity demand. Net profit for the first nine months this year was 1 billion yuan, against a loss of 13.9 million yuan last year.
Esprit (330 HK) has recorded an 8.7 per cent fall in its sales in Europe for the third quarter to HK$8.065 billion. In Asia, its sales also dropped 3 per cent to HK$1.05 billion for the first half while sales for the first nine months slumped 8 per cent to HK$9.365 billion.
Geely Holding’s (175 HK) ten-month effort to buy Volvo from Ford Motor Co. may fall apart within days as the companies struggle to agree on intellectual property rights, according to Bloomberg.
Guangzhou R&F Properties (2777 HK) plans to issue 5-year fixed rate bonds worth of 5.5 billion yuan at a coupon rate ranging from 6.1 percentage points to 7.1 percentage points. The proceeds will be used for repayment of debts and operating capital. The bond issue has been approved by mainland regulatory.
Hysan Development (14 HK) has appointed Mr. Gerry Lui Fai Yim as the executive director of finance of the company effective from December 1. More, Mr Lee Ho-Tim was appointed as the adviser to the board with effect from today.
Rumour has it that the state-owned metals trader China Minmetals Corp (2626 HK) plans to acquire Hunan Nonferrous Metals Corp, according to the Minmetals president Zhou Zhongshu. It is said that talks were going on between the two companies.
Jiangxi Copper (358 HK has posted a 46 per cent plunge in its third quarter earnings to 560 million yuan. While its profit slid 57 per cent to 1.76 billion yuan. The company attributed the decline to the drop in prices of its major products.
Little Sheep Group (968 HK) announced it would sell a total of 7.3 per cent of its stake to Yum Brand since the latter’s previous purchase in June. The deal is priced at HK$4 per share. Yum Brand’s shares in the group would increase from 20 per cent to 27.3 per cent upon the deal.
Orange Sky Golden Harvest (1132 HK) yesterday unveiled its plan to return to film production and expand its number of movie theaters on the mainland from its current 12 to 600 in three years.
Siberian Mining Group (1142 HK) announced yesterday that its major shareholder Cordia has terminated the original loan facilities and has drafted a new one of up to US$72 million.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
