IPO: China Mingsheng Bank, the first mainland bank to go public this year, seeks as much as HK$3 billion on the Hong Kong bourse. Its listing hearing will be held next week. Sands Macau is seeking HK$1.56 to HK$2.34 billion on the Hong Kong bourse. Its listing hearing will be held next week.
Bossini International (592 HK) has recorded a 21 per cent drop in its net profit to HK$50.25 million for the six months ended June 30. Earnings per share were 3.16 HK cents. A final dividend of 1 HK cent per share was declared.
Barclays Capital has accumulated about 32.33 million shares of BYD (1211 HK) at an average price of HK$78.145 last Friday, a 5.41 per cent of stake in BYD, according to filings with the Hong Kong stock exchange,. BYD has been included in the FTSE Xinhua China A50 Index after closing last Friday.
Capital Strategic Investment (497 HK) plans to sell all its stake, a 50 per cent shares, of Elton Building, in Sheung Wan for HK$300 million.
(Hong Kong Economic Journal P. 10)
China Power International Development (2380 HK) said it has gained approval from regulatory for its joint project with Guangdong Electric Power to build two 300-megawatt electricity machines. The project amounts to 2.52 billion yuan.
China Shipping Development (1138 HK) announced that its third-quarter earnings have dropped 81 per cent to 292 million yuan, half of the earnings of last year. Net income for the first three quarters also recorded an 80.8 per cent decline to 900 million yuan. Earnings per share were 26.6 fens. The company attributed the drop to declining market demand and overcapacity.
Fittec International Group (2662 HK) has announced that for the year ended June 30, a HK$37.81 million net loss was recorded. Loss per share was 4 HK cents. A dividend of 2 HK cents per share was declared.
Fushan International Energy(639 HK) has entered into a framework agreement to acquire coking coal mining assets in Shanxi and Inner Mongolia for no more than HK$1 billion. The company has to pay HK$100 million for deposit within five days following the date of the agreement.
The Asia-Pacific insurance unit of HSBC (5 HK) has raised its stake in Vietnamese state-backed insurance and financial firm Bao Viet Holdings to 18 per cent from 10 per cent for 1.88 trillion dong (HK$815.9 million). Foreign equity in Vietnam is capped at 49 per cent. The bank can acquire a further 7 per cent stake in the Vietnamese firm in the next three years as it has reached an agreement with Bao Viet in 2007 that allows it to raise its stake to 25 per cent in five years.
Husky Energy Inc, the Canadian oil producer controlled by Hong Kong billionaire Li Ka-shing, said third-quarter profit fell 73 per cent as crude and natural-gas prices dropped, according to Bloomberg.
Lumena Resources (67 HK) announced that it plans to issue US$250 million (HK$1.95 billion) 1200 basis points senior notes which due in 2014. The proceeds will be used for repayment of debts to BOCI Leveraged & Structural Finance Limited, capital expenditures and general corporate use.
Mongolia Energy (276 HK) admitted it has exported 260 tonnes of coal to the Xinjiang Province. It is the first time for Xinjiang Province to import coal from other area rather that its own. Mongolia Energy said it is in talks with potential customers for long-term contracts.
Petroasian Energy (850 HK) has reached an agreement with China National. Petroleum Corporation that it will be the technical consultant to provide technical consultancy services and evaluation service on the latter’s Ksar Hadada exploration permit.
Vodone (82 HK) has announced that it has acquired a 70 per cent stake in a mobile-telephone gaming firm Dragon Joyce Group for 168 million yuan. As part of the deal, Dragon Joyce has agreed to guarantee a pre-tax net profit of 13.75 million yuan in the fourth quarter, 71.5 million yuan next year and 85.8 million yuan in 2011.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
