IPO: Agricultural Bank of China plans to list on both the Hong Kong and Shanghai bourses to raise as much as 2.3 billion yuan. The proportion of the shares in the A and H markets would be 7:3 or 6:4. CPMC will start its IPO road shows tomorrow. The company said there will be three cornerstone investors of its listing on the Hong Kong bourse, including CRC, JDB group and CCB International. UC Rusal, a Russian aluminium giant, plans to pass its IPO hearing next month and list on the Hong Kong bourse at the end of December to raise US$3 billion (HK$23.4 billion) for repayment of debts.
Rumour has it that Anta Sports (2020 HK) chairman Ding Shizhong and his family would place 80 million old shares at a price ranging between HK$9.88 to HK$10.1 for HK$808 million, a 5.8 per cent to 7.8 per cent discount to yesterday’s closing price.
(Hong Kong Economic Journal P. 14)
Finanicals: China Construction Bank (939 HK) has recorded a net profit of 86.119 billion yuan for the first nine months, edging up 2.24 per cent compared with a year ago. Earnings per share were 0.37 yuan. Bank of East Asia (23 HK), Hong Kong’s fifth-biggest lender, intends to raise HK$4.7 billion via the issuance of 50-year U.S. dollar-denominated hybrid bonds to help boost its capital adequacy ratio, said market sources. Standard & Poor’s Ratings Services said it has assigned its "BBB-" issue rating on the lender’s proposed US dollar-denominated stapled securities. China Citic Bank Corporation (998 HK) has announced that its third-quarter net profit has increased 7.5 per cent to 4.348 billion yuan from a year ago on rising net interest margin and reduced losses from assets devaluation. The net profit for the first three quarters dropped 8.6 per cent to 11.4 billion yuan. Industrial and Commercial Bank of China’s (1398 HK) A shares are permitted to circular as the lockup period on its 236 billion A shares held by Huijin and the Ministry of Finance expires today.
Huadian Power International (1071 HK) has posted a net profit of 907.727 million yuan in accordance with the PRC’s accounting standards for the first nine months. Earnings per share were 0.15 yuan. The third-quarter net profit amounted to 361.48 million yuan.
Kingboard Chemical Holdings Ltd (148 HK) plans to spin off its subsidiary Kingboard Heibei Coalchem Holdings Ltd to list on the Hong Kong bourse. A listing application has been submitted to the Hong Kong Stock Exchange. The company said it plans to sell 25 per cent stake of the subsidiary and spend fund raised on developing chemical products.
The Australian government has granted conditional approval for a proposed takeover of coal miner Felix Resources by Yanzhou Coal Mining (1171 HK). The conditions include operating the firm through an Australian-based subsidiary, Yancoal Australia Pty Ltd and listing that unit on the Australia Securities Exchange by the end of 2012. Yanzhou Coal Mining will be required to cut its holding in Yancoal Australia to below 70 per cent when it lists.
Anhui Conch Cement (914 HK) has recorded 938 million yuan for its third-quarter net profit, a 33 per cent increase from a year ago. The net profit for the first three quarters was 2.235 billion yuan, a 11 per cent rise from a year earlier. Earnings per share were 53 fens. A dividend of 1.27 yuan per share for the first three quarter was declared.
China Life Insurance (2628 HK) has recorded a third-quarter profit of 5.954 billion yuan, more than a double from a year earlier, yet a 30 per cent plunge from a quarter earlier. Net profit for the first three quarters was 19.874 billion yuan, surging 51.58 per cent from a year earlier. The premium income for the first nine months rose 42.27 per cent to HK$9.152 billion yuan.
Hutchison Whampoa’s (13 HK) subsidiary Hutchison China MediTech Limited announced yesterday that it has accumulated 15 per cent stake in Hutchison Healthcare Limited (HHL) for 42 million yuan. The deal will be completed within this year, Hutchison China MediTech will hold 100 per cent stake in HHL upon the deal.
Rumoured has it that Zijin Mining (2899 HK) plans to acquire copper mines and gold mines next year for 1 billion yuan at most. The grou pis seeking targets with over 100 tonnes reserves of gold and 1 million tonnes of copper.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
