Hong Kong Stock Market Wrap Nov. 27th, 2009

Asian Citrus fell 64 per cent in Hong Kong trading after the stock exchange said “disorderly” transactions prompted it to suspend China’s biggest orange plantation owner on its debut last Friday. Asian Citrus closed at HK$7.10 on the city’s stock exchange, after being suspended at HK$19.94. (Hong Kong Economic Times A12)

The Bank of China (3988 HK), the world’s fourth largest bank, yesterday signed an £86 million (HK$140 million) deal for the prestigious City building One Lothbury. The Bank of China, which currently occupies 48,000 sq ft at 90 Cannon Street, will move between 250 and 300 of its UK staff into its new flagship office, with the hope of expanding its staff base further. (Sing Tao Finance B10)

Consumer sector-focused China Resources Enterprise (291 HK) said on Friday it may consider spinning off its beer and supermarket businesses in the future but no schedule had been set. (Hong Kong Economic Journal P. 3)

Hang Seng Bank (11 HK) has gained approval from China regulator to open a new branch in Foshan. The lender is seeking opportunity to open more branches in Guangdong Province. (Sing Tao Finance B10)

Chinese PC maker Lenovo (992 HK) said it intends reacquiring its Lenovo Mobile business for UK$200 million (HK$1.6 billion). The handset unit was bought for half the reacquisition sum 18 months back, by a group of investors led by the private equity arm of the company’s parent Legend Holdings. (Hong Kong Economic Times A12)

Modern Beauty Salon (919 HK) has issued profit warning on interim results for the period ended September 30, expecting a loss due to economic downturn. The company will announce results on December 17. (Hong Kong Economic Times A12)

Sa Sa International (178 HK) has posted a net profit of HK$123.52 million for the six months ended September 30, surging 40.9 per cent over the previous corresponding period. Earnings per share were 8.9 HK cents. An interim dividend of 3 HK cents per share and a special dividend of 6 HK cents per share were declared. (Hong Kong Economic Journal P. 3)

China Eastern Airlines (670 HK) announced that it has gained approval from China Securities Regulatory Commission to issue 490 million new H shares to its parent CES Global. (Hong Kong Economic Journal P.8)

China National Materials (1893 HK) clarified that it has no direct cooperation with Dubai World and said its business would not be affected by the request made by Dubai World to delay its debt repayment to the company. (Hong Kong Economic Journal P.10)

Guangzhou R&F Properties (2777 HK) has purchased a commercial land lot with 18,816 square metres in Guangzhou for 400 million yuan. This is the fourth time to purchase land lot this month. (Hong Kong Economic Journal P.10)
Pearl Oriental (632 HK) Innovation announced that it has agreed to sell 100 per cent stakes in its subsidiary Pearl Oriental Warehouse (Shenzhen) Company Limited for HK$106 million, gaining a profit of HK$500,000. The deal will be completed on
December 18. (Sing Tao Finance B13)

Sino Katalytics Investment (2324 HK) has agreed to place 51.56 million new shares at a price of HK$0.24 per share, an 11 per cent discount of the closing price last Friday. It plans to raise HK$12 million through the placement. (Sing Tao Finance B13)
Sino-Ocean Land Holdings (3377 HK) has bought three pieces of land in Dalian for 1.159 billion yuan, including two residential and a high technology industry land lots with a gross area of 1.79 million square metres. (Hong Kong Economic Journal P.10)

Styland Holdings (211 HK) has posted a net profit of HK$33 million for the first half ended September 30, against a net loss of HK$18 million compared with last year. An interim dividend of 0.16 HK cents per share was declared. Bonus shares will be issued on the basis of 1 bonus share for every 10 shares and will be delivered once it resumes trading. (Sing Tao Finance B13)

UDL Holdings (620 HK) has recorded an annual net loss of HK$28.23 million for the period ended July 31. Loss per share was 0.31 HK cents. No interim dividend was declared. (Sing Tao Finance B13)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 26th, 2009

BYD (1211 HK) Company Ltd has posted a net profit of 1.16 billion yuan for the period ended September 30, up more than 5 times than that in the same period of last year. The company attributes the profit to the 53 per cent rise of business volume and drop in financing cost and other spending. (Hong Kong Economic Times A12)

China Resources Gas (1193 HK) has announced its acquisition plan of Zhengzhou Gas (3928) earlier and is going to form a joint venture with substantial shareholders of the latter in order to buy it out at a price of 8.45 yuan per share, a 44 per cent discount of its closing price. (Sing Tao Finance B2)

CLP Holdings (2 HK) plans to split its Indian unit to list on the India bourse. The company said the aim of the listing is not fund raising but to change Indian investors’ view on CLP Holdings and to develop a local Indian image of the company. (Sing Tao Finance B1)

Easyknit International Holdings (1218 HK) Ltd said the arrest of Kwun Wing-yi, the husband of Lui Yuk Chu, vice chairman and executive director of the company, for the charge of kidnapping and money laundering, would not affect the company’s operations, assets and finances. (Hong Kong Economic Times A12)

Excellence Real Estate Group (1028 HK) will resume its listing plan next year in spring to raise as much as HK$3.9 billion, which is halved from its original plan of HK$7.8 billion. (Hong Kong Economic Journal P. 12)

First Mobile Group (865 HK) says it cannot meet demands by its bank creditors for the immediate repayment of HK$362 million. Its shares will be suspended from today. (Sing Tao Finance B2)

Guangzhou R&F Properties (2777 HK) has bought a site in Zhujiang New Town in Guangzhou for 1.01 billion yuan. The gross floor area is 91,503 square meters. (Sing Tao Finance B3)

Kingsoft Corporation (3888 HK) said the earnings for the third quarter has dropped 32.9 per cent on the year to 69.064 million yuan due to the fall in average user consumption and tax rise. Earnings per share were 6.48 HK cents and income has grown 13.4 per cent to 246 million yuan. (Sing Tao Finance B3)

QJY Media (2366 HK) has posted a net loss of HK$390 million for the year ended September 30, compared with a profit of HK$217 million a year ago. Loss per share was 55.96 HK cents. A final dividend of 0.88 HK cent per share was declared. (Sing Tao Finance B3)

Shimao Property (813 HK) has bought a residential area in Shenyang for 790 million yuan. Per square meter price is 1436 yuan. (Sing Tao Finance B3)

Sino Dragon New Energy (395 HK), formerly China Zirconium, said it will focus on fuel power research and undertake two new energy projects to generate power from coking coal and marsh gas. Chairman Yang Xinmin said Sino Dragon will launch a three-year research and development plan for its solid oxide fuel cell project. (Sing Tao Finance B3)

Smartone Telecommunications Holdings (315 HK) CEO Douglas Li said yesterday the number of smartphone users has grown nearly 70 per cent over the last 12 months. He said the company would launch new search services for smartphones. (Hong Kong Economic Journal 8)

Soho China Ltd (410 HK) chairman Pan Shi Yi said yesterday at the 7th Global Chinese Business Leaders Summit that the group’s sale amount had achieved 12 billion yuan. He said the housing price next year would depend on government polices instead of developers. (Hong Kong Economic Journal 13)

The Tianjing-based developer Sunac China (1918 HK) plans to list on the Hong Kong bourse by the end of this year, sources said. The company aims to raise as much as US$300 million. (Hong Kong Economic Journal P. 12)

Yip's Chemical (408 HK) Holdings yesterday announced that its gross profits have grown 44 per cent on the year to HK$228 million for the period ended September 30. Earnings per share were 42.5 HK cents. It will pay an interim dividend of 12 HK cents per share. (Hong Kong Economic Journal 13)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 25th, 2009

Bank of China Hong Kong (2388 HK) said it had not lay off staff since the outbreak of the financial tsunami and it now plans to hire 500 life insurance salespeople. (Sing Tao Finance B4)

Cafe De Coral Holdings Ltd (341 HK) announced that the gross profits has reached HK$221 million for the period ended September 30, up 10.33 per cent from last year. Earnings per share were 39.83 HK cents. An interim dividend of 17 HK cents was declared. (Hong Kong Economic Times A12)

China Kangda Food Company (834 HK) announced that it has signed an agreement with Weifang Chixing Investment and Overseas Investment Company that it will buy the 100 per cent stake in Shandong Kaijia Food Co.,Ltd for around 130 million yuan. (Sing Tao Finance B4)

Sinopec Corp (386 HK), the biggest oil refiner in China, and US buyout firm TPG have weighed a bid for bankrupt chemicals company LyondellBasell Industries that could challenge Reliance Industries Ltd's (RIL) offer of about US$12 billion, say international media reports. However, according to spokesman of Sinopec, they are not considering a bid to buy LyondellBasell Industries. (Hong Kong Economic Journal P. 8)

China Resources (1193 HK) Gas announced yesterday it plans to acquire all stake of Zhengzhou Gas (3928), including both H shares and mainland shares of the company, for HK$682 million. (Hong Kong Economic Times A12)

Hanison Construction (896 HK) has gained approval from government to develop a low-density housing project in Yuen Long, 122 units of western-style housing would be developed. (Hong Kong Economic Journal P. 10)

Norway central bank Norges Bank has accumulated 16 million stakes of Hutch Telecom (2332 HK) at a price of HK$1.578 per share for HK$25.6 million. (Sing Tao Finance B4)

Trading in shares of K.P.I. (605 HK) Company has been suspended with effect yesterday pending the release of a clarification announcement, which is price-sensitive in nature. K. P. I. plans to increase the number of convenient stores to 300 outlets by 2011, a revenue of HK$1.4 billion for the first ten months has been recorded. (Sing Tao Finance B4)

Media Chinese International Ltd (685 HK) announced that its first-half profits has reached US$14.65 million, down 2.5 per cent year-on-year. An interim dividend of 0.45 US cents was declared. (Ming Pao A23)

Rumour has it that PetroChina (857 HK) is bidding an overseas asset from Spanish oil firm Repsol YPF SA in Argentina for US$14 billion. (Hong Kong Economic Journal P. 8)

Shimao Property (813 HK) said it has acquired two plots of land in Chengdu and Shanghai for 936 million yuan, which would be developed for residential use. (Hong Kong Economic Journal P. 10)

Sinotronics Holdings (1195 HK), a Hong Kong-based electronics maker, surged by a record on the city’s stock exchange after Controlling shareholder Lin Wan Qaing sold his entire 41.2 per cent holding at 18 HK cents each to a company owned by Sze Ming Yee, a property developer in China. (Sing Tao Finance B4)

Sinotruk (Hong Kong) Limited (3808 HK) announced that its subsidiary CNHTC Jinan Power Co would buy a 100 per cent stake in Sinotruk Group Jining Commercial Vehical (sic) Co. Ltd from its parent company Sinotruk Group for 110 million yuan. (Ming Pao B5)

TPV Technology Ltd (903 HK) said its net profits for the first three quarters ended September 30 has declined 26.5 per cent to US$94.148 million (HK$734 million). Earnings per share were 4.46 US cents. (Hong Kong Economic Times A12)

VTech Holdings (303 HK) said its net profit has surged 33 per cent to US$91.5 million (HK$714 million) for the period ended September 30. An interim dividend of 16 US cents per share was declared, up 33.3 per cent from last year. (Hong Kong Economic Times A10)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 24th, 2009

Shortfalls began this month when heavy snow hit north China, Binhai Investment (8035 HK) expects the unstable natural gas supply to continue, and said the condition would benefit its development. Prices of natural gas are set to rise but still have a distant to global price. It said a globalization of natural gas price would not happen in a short term. Meanwhile, the company plans to develop in real estate business as its substantial shareholder Tianjin TEDA Investment Holding Co., Ltd owns 20 square kilometres of land reserves. (Hong Kong Economic Journal P. 6)

Minsheng Bank (1998 HK) grey market prices are between HK$9 to HK$9.2, falling short of expectation and may drop further below to the share offer price at HK$9.08. (Hong Kong Economic Journal P. 2)

EPI Holdings (689 HK) is in talks with one of the three largest oil companies in China on exploiting oil fields and setting up a refinery at its oil field project in Argentina. A detailed plan will be released in the first half of next year. Forecast cost of the refinery is US$100 million to US$200 million.

Fosun Internationa’s (656 HK) subsidiary Nanjing Iron and Steel plans to acquire 100 per cent stake in Nanjing Iron and Steel Property Development from Nanjing Iron and Steel Union Company Limited for 9.92 billion yuan so as to list its steel and iron business. It plans to issue 2.17 billion shares at a price of 4.19 yuan per share. (Sing Tao Finance B4)

GCL-Poly Energy (3800 HK) has agreed to issue 3.1 billion new shares to China Investment Corporation (CIC) at a price of HK$1.79 with a 9-month lock up period. (Hong Kong Economic Journal P. 8)

(0902) HUANENG POWER INTERNATIONAL, INC
TO REDUCE TARIFFS According to the announcement of the National Development and Reform Commission, the average on-grid tariff of its coal-fired power plants would be decreased by 1.29 yuan /MWh, a 0.3 per cent decrease as compared to that before the adjustment. The adjustment took effect on November 20. (Sing Tao Finance B4)

I-cable (1097 HK) has announced fee for watching the Premier League matches, new subscribers are to pay a monthly fee of HK$340 while existing subscribers are to pay HK$159, rising from HK$139 on upgrading the plan. (Hong Kong Economic Journal P. 6)
Manulife Financial (945 HK) has agreed to buy 49 per cent stake in ABN AMRO TEDA Fund Management Co from Fortis Bank for 105 million euros (HK$1.2 billion). The fund will be renamed as Manulife TEDA Fund Management Co upon completion. The purchase is subject to regulatory approval and is expected to complete in the first quarter of next year. (Sing Tao Finance B3)

PetroChina (857 HK), the country's leading gas supplier, yesterday said it would make a second cut of 3 million cubic meters in the daily amount it delivers to industrial users in north China, reducing their volumes by another 10 per cent. PetroChina was also pumping at maximum rates, raising its daily output to nearly 200 million cubic meters from 169 million cubic meters in early November. (Hong Kong Economic Journal P. 5)

Silver Grant International (171 HK) is to sell 364 million new shares to Chinese state-owned China Guangdong Nuclear Power Group (CGNPC) at a price of HK$2 each to raise HK$728 million for acquisition of natural resources, energy and nuclear-related investment. (Hong Kong Economic Times A12)

SincereWatch (444 HK) has recorded an interim net loss of HK$27.9 million for the period ended on September 30, compares to a net profit of HK$45 million last year. Loss per share was 6.9 HK cents. (Sing Tao Finance B4)

Skyfame Realty (59 HK) announced that its provisional liquidators are currently ascertaining its financial position and operations and together with the board of directors of the company aim to put forward to the creditors a mutually acceptable debt restructuring plan. Trading in the shares of the company has been suspended since November 3 and will remain suspended until further notice. (Hong Kong Economic Times A12)

SHKP (16 HK) has appointed Michael Wong Yick-kam as the group’s principal adviser effective on January 1. Wong was supposed to retire as Sun Hung Kai Properties executive director on January 1 and take up a non-executive position. (Hong Kong Economic Journal P. 7)

TPV Technology (903 HK) has recorded a net profit of US$94 million for the first nine months ended September 30, plunging 27 per cent year-on-year. Net profit for the third quarter totalled 39.497 million, climbing 26 per cent from a year ago. Earnings per share were 4.46 US cents. No interim dividend was declared. (Sing Tao Finance B4)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 23rd, 2009

IPO: New listing candidate Shandong Taifeng Textile (873 HK) hopes to raise HK$78 million on the Hong Kong bourse next month. Its IPO will kick off on December 1. (Hong Kong Economic Journal P. 2)Shengli Oil& Gas passed hearing of its listing last week and is going to float 720 million shares for US$200 million (HK$1.56 billion), its IPO will kick off on December 8. (Hong Kong Economic Journal P. 2)

Brightoil Petroleum (933 HK) has entered into a MOA with Nisos Shipping Co. Ltd. to acquire an oil tanker for US$52.5 million (HK$410 million). (Sing Tao Finance B3)

Tycoon Li Ka-shing raised his stake in Cheung Kong Holdings Ltd. (1 HK) to 40.66 per cent last Thursday, according to a statement filed to the Hong Kong stock exchange. Li bought 1.2 million shares at an average price of HK$97.049 for HK$116.9 million. He also bought 208,000 Hutchison Whampoa Ltd. (0013) shares on Thursday at an average price of HK$54.234, leaving his stake in the blue-chip conglomerate to 51.43 per cent. (Sing Tao Finance B3)

China Investment Corp has agreed to buy US$400 million (HK$3.1 billion) of stock in China Longyuan Power Group Corp’s (916 HK) Hong Kong initial share sale, as the sovereign wealth fund steps up investments in energy and commodities companies.
(Hong Kong Economic Journal P. 2)

China Resources Power’s (836 HK) wholly-owned subsidiary CR Power Nansha has entered into an acquisition agreement with Guangzhou Nansha Investment in relation to an acquisition of 30 per cent stake in Guangzhou Thermal Power for 1.184 billion yuan. CR Power Nansha currently holds 70 per cent stake in Guangzhou Thermal Power. (Sing Tao Finance B3)

China Telecom (728 HK) is in advance talks with BlackBerry about the sales of Blackberry handsets in China. The operator plans to sell CDMA Blackberry handsets by the end of the year or early next year, as it tries to gain share from the other two mobile telecom rivals, a source familiar with the situation said. (Sing Tao Finance B3)

Country Garden (2007 HK) announced that its property sales in Shanwei has kicked off on November 18. The total sales for the first three days have reached 550 million yuan. (Sing Tao Finance B3)

HKMC, a subsidiary of Far East Golden Resources (1188 HK) in the US, will introduce Eco Car technology to factory on the mainland. The company expects the factory to start producing in 2013 and have an annual production of 3 million units of cars
(Sing Tao Finance B2)

HSBC (5 HK) plans to issue 1.25 billion euro senior unsecured fixed-rate 7-year bond, with mid-swaps plus 67 basis points, pricing later on Monday, sources said. (Hong Kong Economic Journal P. 4)

KWG Property (1813 HK) has sold 155 and 170 units of its Chengdu and Suzhou projects and has recorded a sales income of 550 million yuan and 150 million yuan respectively. (Hong Kong Economic Journal P. 7)

Long Success International (8017 HK) announced that it will focus on developing environmentally friendly paper on the mainland as it is highly potential in China’s market. The company has previously formed a joint venture with Zao Zhuang Hua Jin Paper to manufacture coated white top kraft liner board.

RBI Holdings (566 HK) announced that its subsidiary Apollo Solar Energy Technology Holdings Limited has gained two contracts, which totalled 175 megawatt and 1 billion yuan. The company has guaranteed revenue of US$15 million and US$40 million for the second half and first half of 2010. (Sing Tao Finance B3)

Growth of mortgage insurance of Standard Chartered (2888 HK) for the first three quarters has doubled, 60 per cent up compares with last year. The lender believes property market will turn more active as economy recovers. (Hong Kong Economic Times A12)

The Children’s Investment Fund (TCI) (823 HK) has cut its long position in Link REIT through two funds by 3.05 million units for a total of HK$52.4 million at a price at HK$17.01 per unit. (Hong Kong Economic Journal P. 6)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standar

Hong Kong Stock Market Wrap Nov. 20th, 2009

IPO: Beijing technology product distributor Futong plans to list on the Hong Kong bourse. It announced yesterday the availability of preliminary prospectuses on the HKEx website. Futong is one of the distributors of IBM and IBM is the largest supplier of the company. Indebted aluminium giant UC RUSAL plans to sell 3 per cent of its stake to Russian state bank VEB for 4 billion roubles to 18 billion roubles (HK$3.8 billion to HK$4.89 billion) this year or next, according to Reuters.

BYD Company (1211 HK) has denied press reports that its subsidiary, BYD (Ningbo) Semi-conductor Company Limited (Ningbo Semi-conductor), is making a monthly loss of 50 million yuan for the next three years. It also plans to delay the launch of its electric vehicle to next year due to the high prices of the vehicles, which are subject to government’s approval.

Gome Electrical Appliances (493 HK) announced that it has repurchased convertible bonds in an aggregate principal amount of 498.4 million yuan by way of an over-the-counter purchase yesterday.

Industrial and Commercial Bank of China (1398 HK) was granted the banking license from Bank Negara Malaysia, the central bank to open a subsidiary bank in Malaysia. The local bank to be established will be the first banking institution ICBC sets up in Malaysia, marking a significant breakthrough in ICBC’s implementation of its globalization strategy. ICBC’s application had been approved by China Banking Regulatory Commission previously.

Losing rights to English football matches from August, Now TV’s parent PCCW (8 HK) said it will reduce monthly fee to HK$98 since June next year.

Mainland insurance giant Ping An Insurance’s (2318 HK) subsidiary Ping An Asset Management has recently gained approval from the government to invest in non-guaranteed debt. It is believed that such investment can improve the company’s rate of return.

China Eastern Airlines (670 HK) announced that its Yunnan unit has recorded a net profit of 263 million yuan for the first ten months. Revenue amounted to 4.271 billion yuan for the period, climbing 14.3 per cent from a year ago.

China Longyuan Power (916 HK), China’s biggest wind power producer, plans to sell its shares at HK$6.26 to HK$8.16 each in its listing on December 10. Roadshow will be held on November 26.

Hong Kong Energy (987 HK) has agreed to buy 25 per cent shares of a project company HKE (Danjinghe) Wind Power Limited from its parent Hong Kong Construction (0190) Limited for 73.5 million yuan.

HSBC (5 HK) has completed a deal to sell its main building in New York to IDB Holding Corp for US$330 million (HK$2.57 billion). According to the announcement released last year, HSBC will leaseback the building for 10 years.

Jia Sheng has posted an interim net loss of HK$6.54 million, against an interim net loss of HK$53 million last year. Sales volume amounted to HK$6.71 million. Loss per share was 0.4 HK cents. No interim dividend was declared.

Pico Far East (752 HK) announced that it has won a bid from Macau to assist in design, execution, project management and maintenance of pavilion in the Expo 2010 in Shanghai for MOP$30 million.

Smartone Telecommunications (315 HK) plans to develop a 3G network in Macau for HK$100 million. The development of 3G network has started since October and is expected to be completed in the second half of next year so that the operator can provide related services in the second half of next year.

Taifook Securities (665 HK), a subsidiary of NWS Holdings Ltd. (0659) has agreed to sell its 373 million shares, or a 52.86 per cent shares, to China’s Haitong Securities Co. at a price of HK$4.88 per share or a total of HK$3.445 billion. NWS Holdings will hold 9 per cent shares of Taifook Securities upon the deal.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 19th, 2009

UC Rusal, the world’s largest aluminium and alumina producer, is coming to list on the Hong Kong bourse next month. Russian state banking agent VEB is likely to take a stake in the initial public offering of UC Rusal, marking the first government ownership of the embattled aluminum giant, a person close to the company said.

AV Concept (595 HK) now holds 21.32 per cent of shares in a Korean company Wavesquare after accumulating its stakes, it plans to develop super bright LED business.

Bright Prosperous (723 HK) plans to expand its timberland from 280,000 hectares to 1 million hectares in two to three years. Meanwhile, the company also plans to rename as Sustainable Forest Holdings Limited.

BYD (1211 HK) shares has plummeted 15 per cent these days regarding a rumour saying that its Ningbo factory is making a loss of 50,000 yuan every month, reported by a mainland newspaper. BYD clarifies that the loss made by the factory is far below the rumoured 50,000 yuan.

China Minsheng Banking Corp (1988 HK) has raised HK$30.16 billion by pricing its public offering at HK$9.08 per share, the middle of the indicative range is a 5.8 per cent discount of its A-share price, beating market expectations of HK$8.75.

China Mobile (941 HK), the world’s top mobile carrier by subscribers, plans to launch five more series of 3G mobile phones and push the price of each to below 1000 yuan. It also plans to install electronic reader and TV channel technology into the phones.

China Resources Enterprise (291 HK) has posted a net profit of HK$2.2 billion for the first three quarters ended September 30, edging up 1.9 per cent compared with a year ago. Earnings per share were 92 HK cents, a 2.2 per cent increase from a year earlier. Net profit for the third quarter amounted to HK$1.04 billion, surging 55 per cent year-on-year.

China Travel International Investment (308 HK) announced that it has agreed to acquire tourism assets from parent China Travel Service for HK$275 million. The deal will be settled in cash.

Henderson Land (12 HK) said it is in talks to launch several projects in different phrases in the mainland and expects a 2 billion yuan sales.

Imagi International (585 HK) said it expects that it will suffer a loss on the feature film production of Astro Boy. Among 14 countries released, the indicative box office performance of Astro Boy in the US has been disappointing, the company said. The company said it will consider further funding, whether by debt or equity, from time to time to finance future film projects and any Mainland China expansion strategies.

Shenzhen developer Kaisa Group’s IPO (1638 HK) will kick off next Thursday. Sources said its offer price will be set between HK$3.45 and HK$4.45, 1000 shares per lot, meaning an entry fee of HK$4495.

Manulife Financial (945 HK) announced that it plans to issue 2.87546 billion ordinary shares at a price of CAD19.00 (HK$138.7) to raise HK$20.9 billion. This has been the seventh fundraising since December 2008.

Silver Base Group (886 HK) has posted a net profit of HK$170 million for the six months ended September 30, diving 50 per cent from a year ago on seasonal factors affecting the demand for its products. Earnings per share were 14.36 HK cents. An interim dividend of 14.2 HK cents per share was declared.

The LINK REIT (823 HK) has recorded a total distributable income of HK$1.055 billion for the first half ended September 30, climbing 19.3 per cent year-on-year. Distribution per unit for the first half was 48.35 HK cents.

Vitasoy International Holdings (345 HK), a soy beverage manufacturer, has recorded a net income of HK$141 million for the first half ended September 30, rising 46 per cent year-on-year on reduction of the commodities and raw materials.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 18th, 2009

AV Concept (595 HK) has posted a net profit of HK$26.2 million for the six months ended September 30. The company proposes an interim dividend of 3 HK cents per share.

Cathay Pacific (293 HK) is shedding 53 senior information technology workers. The job cuts, representing about a sixth of the IT department, are part of a restructuring designed to pare costs and management layers.

CCB’s (939 HK) chairman Guo Shuqing reveals that the lender is hoping to open branches and acquire local asset in Taiwan market, No detail plan has been announced yet.

Wang Jianzhou, chairman of China Mobile (941 HK), said it is going to invest in TD-LTE (4G) so that only a small cut in expenditure is expected. China Mobile said it is still in talks with Apple Inc to sell iPhones in the world’s largest mobile phone market. The China’s largest cell phone operator said its 3G network was expected to expand to 238 cities by the end of this year, covering 70 per cent of the country’s area.

Chairman Chang Xiaobing from China Unicom (762 HK) told reporters yesterday that its subscribers have exceeded 1 million and the average revenue per user for its 3G service was touching the 100-yuan mark, more than a double of its GSM service.

CITIC Pacific (267 HK) announced that Zhang Jijing has been re-designated as an executive director and appointed as the managing director, and Yin Ke has been appointed as a non-executive director.

Fosun International Ltd , (656 HK) China’s largest non-state conglomerate, plans to expand investment in consumer-related businesses in the next few years as the government encourages domestic consumption, Chief Executive Liang Xinjun said.

GCL-Poly Energy Holdings Ltd (3800 HK), a Hong Kong-listed mainland power producer, has introduced CIC as a new investor in the company. The company has agreed to issue 3.1 billion shares at a price of HK$1.79 per share to CIC. Net proceeds from the subscription amounted to HK$5.5 billion.

Gome (493 HK) has recorded a net profit of 965 million yuan for the first nine months, plunging 39 per cent compared with a year ago. Sales revenue amounted to 31.43 billion yuan in that period, a 13.64 per cent decline year-on-year. The company expects to have a 3 per cent to 5 per cent increase in the number of branches next year.

Watch retailer Hengdeli Holdings (3389 HK) announced the renewal of strategic alliance with LVMH Watch & Jewellery Shanghai Commercial Limited, a subsidiary of LVMH Group. Hengdeli will continue to distribute the watch brands of TAG Heuer and Zenith in the Mainland China, and both parties will strengthen their partnership in the retail watch business in Hong Kong, Taiwan and areas where Hengdeli has set its foothold.

HSBC (5 HK), Europe’s largest bank, is in exclusive talks with an unidentified property fund to sell its Paris headquarters. It plans to lease back the buildings, a quarter of a mile away from the Arc de Triomphe, for an initial nine years.

Pokfulam Development (225 HK) has recorded a net profit of HK$456 million, against a net profit of HK$65.29 million a year ago. A final dividend of 16 HK cents per share was declared.

Shanghai Forte Land’s (2337 HK) chairman Fan Wei expected contract sales to exceed 10 billion yuan next year, a 20 per cent to 30 per cent surge compared with this year. The developer said it has no plan of acquiring land lot at this stage. Yet, it may expand the land reserve in the first or second quarter next year after considering the market situation.

Skyworth Digital (751 HK) announced that the amount of its unaudited consolidated profit for the six months ended September 30 is estimated to be over five times of that a year ago. The expected net profit would be no less than HK$455 million. The company attributes the estimated increase in profit to its unprecedented profit generated from its mainland television and set-top box business and overseas television business.

SOHO (410 HK) China has acquired a prime commercial plus retail complex “Nexus Central” with a floor area of 88,000 square metres in Beijing for 2.34 billion yuan from a foreign investment fund. Nexus Centre is now 30 per cent leased.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 17th, 2009

Bauhaus International’s (483 HK) chairman Wong Yui Lam said the company’s retail performance in Hong Kong has been satisfactory since September. In addition, the company has recorded a double-digit growth in sales in China, Hong Kong and Taiwan.

C C Land (1224 HK) announced that it will inject 300 million yuan into joint venture Guojia Real Estate so that its holdings in Guojia will increase to 80 per cent. Guojia Real Estate holds two projects in hand now.

China Life Insurance (2628 HK), the mainland’s largest life insurer, has recorded an unaudited premium income of 254.7 billion yuan for the first ten months of the year, a 3.81 per cent decline from a year earlier.

China Longyuan Power (916 HK), tipped to raise US$3 billion, is in talks with five possible cornerstone investors including sovereign fund CIC, sources said. Its roadshow starts next week.

China Overseas Land & Investment (688 HK) plans to further expand its land reserve by acquiring a land lot at Shenyang for 3.48 billion yuan with a floor area of 2.31 million square meters, though its plan of land acquisition has been completed earlier this year. The land lot will be used to develop a high-end boutique apartment.
China Strategic Holdings (235 HK) announced that it has signed a memorandum of understanding with Chinatrust Financial Holdings Co., Ltd that the company will sell 30 per cent stake in its subsidiary Nan-Shan Life Insurance. In return, the company will subscribe 9.95 per cent stakes in Chinatrust at a price of NT$17.74 per share. Upon the deal, China Strategic Holdings will hold 48.06 per cent of stakes in Nan-Shan Life Insurance, against a holding of 78.06 per cent of stakes before. The deal is expected to be completed by the second quarter of next year.

Hybrid Kinetic Motors Corporation (1188 HK), a fully owned US subsidiary of Far East Golden Resources, said it has signed a memorandum of understanding with Shenyang Euro-union Development Zone to develop hybrid cars there.

GCL-Poly Energy (3800 HK) has issued a profit warning and expected that its results for the year ending December 31 to be adversely affected due to impairment loss in goodwill arising from acquisition.
Broadcaster i-Cable Communications (1097 HK) saw its stock price surge 44.4 per cent after outbidding Now TV for the broadcasting rights to the Barclays Premier League for the next three seasons. Shares of i-Cable were suspended from trading yesterday morning as it jumped as much as 31 per cent in four minutes. Sources said i-Cable has paid HK$1.79 billion for the broadcasting rights.

Li Ning’ (2331 HK) sales contracts for the second quarter in 2010 has recorded a 15.4 per cent rise. Average prices of footwear have increased by 3.1 per cent while that of apparel has risen 6.4 per cent.

Shares of Now TV parent PCCW (8 HK) fell as much as 3 per cent after losing rights to English football matches from August. PCCW chief financial officer Susanna Hui Hon-hing said they are considering cutting television monthly fee after May 2010. Broadcasting the league for the past three years has helped win customers but the decision to forego matches will be of benefit to shareholders and customers, she claimed.

Sany Heavy Equipment (631 HK) locked up more than HK$55.4 billion as its IPO ended yesterday. The company was 230 times oversubscribed and it plans to raise HK$240 million.

Singamas Container (716 HK) announced that it plans to place 300 million shares at a price range of HK$1.30 to HK$1.40 each to raise HK$390 million to HK$420 million. The proceeds will be used as general working capital.

Sinotronics Holdings (1195 HK) announced that it has reached a settlement agreement with Deutsche Bank AG that the company will pay no more than HK$185 million to the latter to settle a previous lawsuit on swap agreement between the two parties. Sinotronics’ controlling shareholder Lin Wan Xin voluntarily executed the deed of indemnity by placing his shares on the basis of one offer share for every two shares at a price of HK$0.18 each to raise HK$45 million to finance the payment of indemnity.

Yueshou Environmental (1191 HK) announced that it plans to place 150 million shares at a price of HK$0.15 each to raise HK$21.9 million for general working capital.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 16th, 2009

Capital Strategic Investment (CSI) (497 HK) and Templeton Asset Management have reached an agreement that the latter will invest HK$78 million in convertible notes issued by CSI. Templeton Asset Management will hold 3.6 per cent stakes in CSI upon the deal and may hold up to 5 per cent stake in near term.

Cheung Kong Infrastructure Holdings (CKI) (1038 HK) and affiliate Hong Kong Electric Holdings (0006) have agreed to spend HK$1 billion to increase their stakes in a British gas distributor. The combined stake of CKI and HK Electric will increase from 75.1 per cent to 88.4 per cent upon the deal.

China Mobile’s (941 HK) chairman and chief executive Wang Jianzhou said the company eyes to list on the mainland international board, hoping that the regulatory can complete its application. The operator revealed that it has not yet appointed sponsors of its listing.

China Windpower Group (182 HK) has recorded a net profit of HK$106.95 million for the first half ended September 30, a double compared with a year ago. No interim dividend was declared.

Country Garden Holdings (2007 HK) announced that its contracted sales have reached 5.1 billion yuan for the period between October 1 and November 15. The sales in October amounted to 3.6 billion, surging 142 per cent year-on-year.

Green Global Resource (61 HK) announced that its unit North Asia Resources Group has established a strategic partnership with China Railway Mongolia to jointly develop the Oyut Ovoo mine. North Asia Resources Group holds 90 per cent stake in the Oyut Oyoo mine while China Railway Mongolia holds 10 per cent. The mine is expected to operate in the second half of next year.

Under the rumour that Guoco Group (53 HK) is going to merge with The Bank of East Asia (0023), Affin Holdings Berhad, Guoco’s subsidiary, surged 13 per cent yesterday. Rumour also has it that if Guoco won the bid, HLBank, a Malaysian lender owned by Guoco chair Quek Leng Chan, would merge with Affin Holdings Berhad, according to Singapore newspapers.

Hong Kong Economic Times (423 HK) has posted a net profit of HK$40 million for the first half ended September 30, plunging 22 per cent compared with a year earlier. An interim dividend of 3.1 HK cents per share was declared.
Pay TV operator Cable TV (1097 HK) has edged out rival Now TV for the rights to broadcast English Premier League soccer matches for the next three seasons. Cable TV has more than 900,000 subscribers and with the World Cup coming, it expected it could reach 1 million next year. It was estimated that 80 per cent of local soccer fans had been paying to watch the Premiership.

Footwear retailer Le Saunda (738 HK) has posted an interim profit of HK$36.282 million, falling 9.75 per cent from the prior year. Earnings per share were 5.7 HK cents. An interim dividend of 3 HK cents per share was declared.
Meadville Holdings (3313 HK) has agreed to sell its printed circuit boards business to Nasdaq-listed TTM Technologies for US$521.3 million (HK$4.07 billion).
PCCW (8 HK), operator of Now TV, which broadcasted the Premier League for the previous three seasons, said it had won the exclusive rights to broadcast the Spanish La Liga in Hong Kong for three years, covering the three seasons of 2009-10 to 2011-12.
Ping An (2318 HK) Executive Vice President Sun Jianyi said it will plan an investment portfolio according to market opportunities and overall development of the group, and it has no plan for fund raising at this stage.

Pou Sheng International (3813 HK) said it expects to record a loss in its audited consolidated results for the year ended September 30, reversing a year-ago profit. The earnings were hurt by a decrease in the gross profit margin on the sale of Converse products as the group’s exclusive brand licensee arrangement with Converse in PRC expired at the end of last year. More, gross profit margin declined as a result of higher discounts offered as an incentive to boost the lower-than-expected sales during the global financial crisis and post-Olympic slowdown. It also reported increases in selling and distribution expenses, and increases in inventory provision.

Tingyi (Cayman Islands) Holding (322 HK) has recorded a net profit of US$147 million (HK$1.14 billion) for the third quarter, surging 60 per cent year-on-year. Net profit for the first three quarters amounted to US$327 million (HK$2.534 billion), jumping 49 per cent compared with a year ago. Earnings per share were 5.85 US cents. No dividend was declared. The manufacturer plans to expand its beverage production by 20 per cent next year to boost its gross margin.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 13th, 2009

Global Sweeteners Holdings Limited (3889 HK) is studying the feasibility of a proposed Taiwan Depositary Receipts (TDRs) issue and listing of TDRs on the Taiwan Stock Exchange Corporation. The proposed shares to be offered may comprise new shares and shares held by existing shareholders. Application has not yet been made with the relevant authorities in Taiwan and Hong Kong.

ICBC (1398 HK) chairman Jiang Jianqing said he expects the scale of new loan growth to double this year with an edge up in net interest margin. The lender is considering stepping in the insurance field.

iShares Ftse/Xinghua (2823 HK) plans to launch five A shares ETF next week. The new A-share ETF will be the same as A50, buying A shares through QFII, which means indirectly holding A-share of the mainland companies.

Parkson Retail Group (3368 HK) has recorded a 663.23 million yuan net profit for the first nine months, climbing 10.16 per cent over the previous corresponding period.

Standard Chartered (2888 HK) is in discussions with Indian regulators about a listing that could come by April depending on market conditions, the Asia-focused bank said. It would be the first time an overseas company lists its parent group’s shares in India. Chief Executive Peter Sands has said a listing could occur as early as March or April, subject to market conditions.

Wheelock Properties (Singapore) (49 HK) of mainland property developer Wheelock Properties has posted a 44 per cent decline in its third-quarter net profit to S$93 million from a year ago. Wheelock said the fall in turnover was mainly due to a lower revenue recognition from Scotts Square based on the progress construction works in the current period.

Van Shung (1001 HK) Chong said its interim net profit soared 46 per cent to HK$50 million for the 6-month ended September 30. The revenue was HK$1.584 billion with an operating profit of HK$92.495 million. Its basic and diluted earning per share was 12.9 HK cents. The interim dividend will be 3 HK cents per share, payable on December 23.

Grandtop International Holdings (2309 HK) has agreed to acquire Peace International Creation Limited, an aviation media company, for 800 million yuan. The acquisition will be completed by the issue of shares and convertible bonds.

Hong Kong Resources (2882 HK) has reached an agreement with Agricultural Bank of China to sell its gold products in the branches of the lender. About 200 sales stations will be set up in the bank in future and the first batch of products will be sold next month. The company plans to open 240 branches on the mainland by 2012 so that there will be 500 branches in total.

HSBC (5 HK) has agreed to sell its London headquarters to South Korea’s National Pension Service (NPS) for 772.5 million pounds (HK$9.978 billion). The deal will be settled in cash. HSBC is believed to gain 350 million pounds (HK$4.521 billion) in this deal.

InterChina Holdings (202)’subsidiary Heilongjiang InterChina plans to issue 130 million new shares to not more than 10 investors at a price of not less than 6.55 yuan per share for fundraising. InterChina Holdings’ interest in Heilongjiang InterChina will be reduced from 70.2 per cent to 50.2 per cent. The proceeds will be used by Heilongjiang InterChina for acquisition of water plants in China.

Minmetals Land Limited (230 HK) has agreed to acquire three real estate projects with a total floor area of 1.25 million square meters from its parent for HK$1.419 billion. The deal will be settled by the issue of 600 million shares. Its land reserve would be increased to 2.33 million square meters upon the acquisition.

Pacific Andes International (1174 HK) is looking to tap fishing grounds in the North
and South Atlantic. The company also plans to expand its distribution network in Eastern Europe and the US through acquisitions. The company believed that the profit margin of its fishery business would reach 50 per cent in five years from 35 per cent, helped by its flagship fishing vessel which will be operating next month.

Rumoured has it that Taifook Securities (665 HK) would be acquired by a mainland securities broker Haitong Securities Company Limited for HK$3.5 billion. According to market sources, its parent NWS Holding Limited (0659) is in talks with Haitong about the matter of acquisition.

Zhongda International Holdings (909 HK) plans to produce 2000 electronic buses annually. The company says the production will kick off in May next year. The initial price of an electronic bus is 1.7 million yuan each.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 12th, 2009

BEA (23 HK) stated that there are no negotiations or agreements relating to intended acquisitions or realisations. Rumours that Malaysia-controlled conglomerate Guoco Group is interested in BEA. Guoco Group yesterday stated that the holding of BEA’s shares is just one of its strategic investments but it has not denied or admitted the rumour of taking over BEA.

Brilliance China (1114 HK) has signed a momentum of understanding with German luxury carmaker BMW Group that 5 billion yuan will be spent on new car plant in Shenyang in order to increase the latter’s production capacity in China.

BYD Company (1211 HK) has reached an agreement with Shaoguan that it will spend 1.5 billion yuan on building a runway for automobile trial operation and a production base of auto parts.

China South City Holdings (1668 HK) announced that its sales has amounted to 90,000 square metres this financial year, mainly generated from its phase-two project in Shenzhen. As the sales have nearly met its target, the developer plans to raise the prices of its remaining projects.

China Strategic (235 HK) chief executive Raymond Or Ching-fai said they have submitted acquisition proposal of Taiwan’s Nan Shan Life Insurance to the Taiwan regulator for approval.

CITIC Pacific (267 HK) plans to sell two-thirds of the iron ore produced in its US$ 4 billion project in Australia to Chinese steelmakers. The company will sell 20 million tons of iron ore to customers while the remaining will be left for its own factories in China.

Galaxy Semi-Conductor Holdings (527 HK) announced that it plans to place 80 million of shares at a price of HK$0.45 each to raise HK$35.1 million. The placing price was a 19.64 per cent discount to its closing price.

GCL-Poly Energy (3800 HK) said its October electricity generation has increased by 16 per cent year on year to 0.53 million megawatt-hours while that for the first ten months amounts to 5.57 million megawatt-hours, surging 13.2 per cent year-on-year.

HSBC Holdings (5 HK) will sell its London headquarters building to South Korea's National Pension Service for £ 800 million (HK$10.34 billion), the Maeil Business Newspaper reported.

Orange Sky Golden Harvest Entertainment (1132 HK) announced that it plans to place 366 millions of shares at a price of HK$0.539, a 19.55 per cent discount to its closing price in order to raise as much as HK$189 million.

Shanghai Tonva Petrochemical (8251 HK) announced that its asphalt business, which accounts for 45 per cent of its income, has dropped in prices and gross margins. The company expects price of asphalt to hit height in the fourth quarter and remain high next year as the world Expo 2010 will be held in Shanghai.

Simsen International Corporation (993 HK) announced that chairman Mr. Haywood Cheung, and executive director Mr. Stanley Choi Chiu Fai plan to dispose all or part of the interest to potential investors. The disposal is subject to negotiation and has not been finalized. Mr Cheung, Mr Choi and other connected persons hold more than 63 per cent stakes in the company.

Taifook Securities (665 HK) announced that its controlling shareholder NWS Holdings (0659) was engaged in talks regarding the possibility of disposing part or all of its interests in Taifook Securities. NWS Holdings currently indirectly holds 61.86 per cent of equity interest in Taifook Securities. Taifook Securities will make further announcement to inform the market.

Television Broadcasts (511 HK) announced that Sharp-Roxy (Hong Kong) Limited, through its agent, Mindshare Hong Kong Limited, has purchased advertising airtime and sponsorship packages from Television Broadcasts on TVB’s television channels in Hong Kong for the period from December 1 last year to November 30 this year. The net receipt TVB received totalled HK$6 million. Sharp-Roxy is a connected person of TVB.

Xinyi Glass subsidiary Xinyi Glass (North America) and Xinyi Automobile Glass had to pay US$10.9 million (HK$85 million) to Saint-Gobain on a lawsuit alleging patent infringement in US. Xinyi Glass (868 HK) said it is looking to appeal.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 11th, 2009

Cheung Kong Infrastructure (1038 HK) chairman Victor Li Tzar-kuoi said the group is in several advance talks on overseas projects in different countries. The group would hold a press conference to announce these issues next week.

China Resources Power (836 HK) said its October net electricity generation has increased by 28 per cent to 6.4 million megawatt-hours.

Galaxy Entertainment Group (27 HK) announced that its revenue amounted to HK$2.853 billion, surging 16 per cent year-on-year. Earnings before interest, taxes, depreciation and amortization have climbed 181 per cent to HK$278 million from a year earlier.

Greentown China (3900 HK) Holdings announced that its total sales has reached 42.54 billion yuan for the period from January to October. The accumulated actual sales amounted to 41 billion yuan for the first ten months, surging 204 per cent from a year ago.

Hong Kong Exchanges and Clearing (388 HK), the world’s second-largest listed exchange operator, has recorded a net profit of HK$1.27 billion for the third quarter, jumping 33 per cent year-on-year. Net profit for the first three quarters amounted to HK$3.475 billion, lagging 12 per cent compared with a year ago. Average daily turnover has dropped 7 per cent to HK$66.7 billion, compared with the figure in the second quarter.

Mei Ah Entertainment (391 HK) chairman Tang Qingzhi said the company has gained a breakthrough in Japan as it has become the first local entertainment group entering mainstream Japan TV channels. The group plans to launch high definition TV channels in Japan.

Mongolia Energy Corporation (276 HK) announced that it has selected Leighton LLC as the international mining contractor for the development of Khushuut Mine. The company expected that Khushuut Mine could start operation in the first quarter of 2010.

Ping An Insurance (2318 HK) announced that total premium incomes of its subsidiaries Ping An Life Insurance Company, Ping An Property & Casualty Insurance Company of China, Ping An Health Insurance Company of China and Ping An Annuity Insurance Company of China for the first ten months (Hong Kong Economic Times A14)

Poly Investments (119 HK) announced that it has accumulated the rest 40 per cent stakes in Guiyang project for 154 million yuan. The group now fully owns the project.

Sino Biopharmaceutical (1177 HK) has recorded a net profit of HK$274 million for the nine months ended September 30, surging 36 per cent from a year ago. Earnings per share were 10.62 HK cents. An quarterly dividend of 1.5 HK cents per share was declared. A bonus issue of one share for every two existing shares will be given to the eligible shareholders.

Sino-Life Group (8296 HK) has posted a net profit of 10.96 million yuan for the nine months ended September 30, rocketing 560 per cent compared with a year ago. Net profit for the third quarter totalled 4.03 million yuan, against a loss of 1.51 million yuan a year ago. Earnings per share were 2.37 fens. No dividend was declared.
Solargiga Energy Holdings Limited (757 HK), China’s leading monocrystalline silicon solar ingots and wafers manufacturer, announced that its 300kW photovoltaic pilot project has commenced power generation successfully, which is another significant corporate development of the group subsequent to achieving turnaround in net profit with a profit margin of over 17 per cent in the third quarter.

Swire Pacific (19 HK) urged investment banks to submit IPO proposals on the listing of its spin-off property unit as it would like to list the unit as soon as possible when the property market is still active. Submission deadline is today. The listing of the property unit is expected to initiate in the first quarter of next year at the earliest.

Taifook Securities Group (65 HK) announced that its controlling shareholder, NWS Holdings Limited (0659) plans to sell part of or all of its stakes in the company. NWS Holdings Limited currently holds 61.86 per cent shares of Taifook Securities Group.

Tencent Holdings (700 HK) has posted a net profit of 3.69 billion yuan for the first three quarters, surging 92 per cent compared with a year ago on internet value-added services. Earnings per share were 2.027 yuan. No quarterly dividend was declared.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 10th, 2009

Alibaba (1688 HK) has recorded a net profit of 236 million yuan for the third quarter, plunging 20 per cent from a year ago. Earnings per share were 5.31 HK cents. Net profit for the first three quarters amounted to 732 million yuan, a 24 per cent decline compared with a year earlier. The company expected to have a sign of growth in profit next year.

Artist Empire, (789 HK) a wholly-owned subsidiary of Artini China, has entered into a license agreement with The Walt Disney Company (Asia Pacific) Limited that Disney agreed to grant Artist Empire a non-exclusive license and right to use certain material and trademarks of Disney characters owned by Disney Enterprise, Inc. for a term from December 1 2009 to November 30 2011.

Burwill Holdings (24 HK) announced that it plans to acquire 51 per cent stake in a magnetic iron ore mine in China for HK$500 million. The deal will be settled by cash payment and issue of new shares at a price of HK$0.35 each. Trading of the company resumes today.

China Nickel Resources (2889 HK) said it has completed the acquisition of Lianyungang project. If the construction work is on schedule, it is expected that the project company can commence operation in the second half of 2010 with a production volume of 32,000 tones of nickel per annum.

China Shipping Container Lines (2866 HK) and Orient Overseas International (0316) are raising shipping fees for their Asian and European routes by 7 per cent and 10 per cent respectively in order to return to the black, according to Credit Suisse.
China Zhongwang (1333 HK) has posted a HK$2.72 billion profit for the first nine months, surging 48.7 per cent on growing demand for industrial aluminum extrusion products.

Giordano International (709 HK) announced that its sales for the first nine months have plunged 12.9 per cent compared with a year ago. Gross margin for the third quarter has recovered to 52.1 per cent, 170 basis points above the same period last year.

Greenfield Chemical (582 HK) announced that its substantial shareholders have completed a 3 million share placement at a price of HK$1.5, raising HK$4.5 million in total. Shares held by the public returned to 25 per cent level as required by regulatory upon the deal.

HSBC (5 HK) said in its interim management statement that profit for the first nine months is higher-than-expected. Group chief executive Michael Geoghegan believed that businesses other than global banking and capital market will be driven by the improving demand for credit, including emerging markets like China.

Hutchison Telecommunications International (2332 HK) announced that its total customer base has risen 14.8 per cent to about 9.9 million in the third quarter, driven by growth recorded in Indonesia and Vietnam for 10 per cent and 63.3 per cent respectively. Its Vietnam operation has exceeded one million customers within six months of launch.

Rumoured has it that Meadville (3313 HK), family business of Chief Secretary for Administration Tang Ying-yen, would be bought out by TTM Technology. Trading of the company has been suspected for a week starting from October 31. Details will be announced this week at the earliest.

Semiconductor Manufacturing International Corp (SMIC) (981 HK) has agreed to settle the lawsuit with Taiwan Semiconductor Manufacturing Company Ltd. (TSMC) by paying US$200 million (HK$1.56 billion) instalments over a period of four years. In addition, SMIC has to grant to TSMC its 1.79 billion shares and a warrant to subscribe for its 700 million shares at a price of HK$1.30 per share, allowing TSMC to obtain about 10 per cent of total ownership of SMIC. The company’s founder Richard Chang will be replaced by David Wang, a director at Solar Fun Power Holdings.

Wheelock and Co says its 50.02 per cent-owned Wharf (Holdings) (4 HK) has agreed to sell its 87.5 per cent stake in a 10-year-old property in the Beijing Capital Times Square office-retail property and shareholder loan for HK$3.07 billion.

Vantage International (15 HK) announced to purchase the property, No. 157 Waterloo Road, Kowloon, for a cash consideration of HK$76.5 million. The property comprises a 2-storey house and has a gross floor area and a site area of about 5,600 square feet and 6,944 square feet respectively.

Wumart Stores (8277 HK) has recorded a net profit of 99.2 million yuan for the third quarter, surging 20 per cent compared with a year ago. Earnings per share were 0.081 yuan.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 9th, 2009

IPO: Longyuan Power, the mainland’s biggest wind power enterprise, plans to raise as much as HK$23.4 billion through its IPO, sources said. Roadshow will begin on November 23 and its IPO will kick off on November 27.

China Everbright (165 HK) has reached an agreement with Wuxi Guolian Financial Investment Group Co. Ltd to set up a 500 million yuan joint venture capital fund, the Everbright Guolian Fund, which mainly invests in new or hi-tech Chinese companies and enterprises seeking listing on the SME Board and GEM Board in China.

Excel Technology International (8048 HK) has recorded a net profit of HK$1.09 million for the third quarter ended September 30, plunging 33 per cent from a year ago. Revenue amounted to HK$1.37 million, surging 590 per cent compared with a year earlier.

Fantasia Holdings (1777 HK) plans to issue 1.45 billion shares at a price between HK$1.75 and HK$2.2 to raise HK$2.55 billion through its listing on the Hong Kong bourse, according to sources.

Far East Hotels & Entertainment (37 HK) expects to reverse a year-ago loss to a profit in the six months ended September 30.
The expected profit is mainly due to gains from financial assets and a disposal of an investment property.

Fubon Bank (Hong Kong) (636 HK) announced that it has appointed Mr. Thomas Pei-Hwa Liang as managing director and chief executive officer to replace Mr. Jin-Yi Lee with effect from 9 November 2009. Mr Liang joined the group in 2005, currently serves as head of consumer finance group of Fubon Financial Holding.

G-Resources Group (1051 HK) announced that its subsidiary company, PT Agincourt Resources, has signed a plant site bulk earthworks contract for the Indonesian Martabe Gold and Silver Project with PT Thiess contractors. The Martabe project is expected to commence production in the first quarter of 2011. It is expected to produce about 250,000 ounces of gold and 3 million ounces of silver each year in the early years of the mine life.

Guangzhou Investment (123 HK) announced that its contracted sales in October has reached 2.24 billion yuan with 178,900 square meters floor area sold. The accumulated contracted sales ended October amounted to 5.98 billion yuan with an accumulated floor area of 451,900 square meters, which have exceeded its annual sales target.
Kwong Hing International (1131 HK) announced that it has been negotiating with independent third parties for acquisitions of a coal mining business in Indonesia and a shipping business in Singapore. The negotiation is still ongoing and no agreement has been reached at this stage.

Lee & Man Paper (2314 HK) Manufacturing has recorded a net profit of HK$817 million, surging 22 per cent year-on-year for the six months ended September 30. Earnings per share were 71.8 HK cents. An interim dividend of 22 HK cents per share was declared. The paper manufacturer hopes to reduce its debts by HK$100 million each year in the future so that it can reduce the debt-to-equity ratio to 50 per cent. Its debt-to-equity ratio in September was 66 per cent.

It is said that 70 per cent of Mingfa Group (846 HK) shares have been subscribed. More, as international share placement is active, the group would transfer the rest of IPO shares for international share placing, sources said.

Real Gold Mining (246 HK) has posted a net profit of 347 million yuan for the first three quarters, soaring 720 per cent from a year ago. Revenue for the first three quarters amounted to 685 million yuan, surging 430 per cent year-on-year on increasing sales and prices.

Sands China (1928 HK), the Macau unit of Las Vegas Sands Corp, held investor presentation yesterday. According to market sources, it plans to offer 1.87 billion shares in which 10 per cent shares are for public offering while 90 per cent shares are for international offering. The indicative price range is between HK$10.38 and HK$13.88 per share. Each board lot contains 400 shares and the entry fee is HK$5608 per board lot.

USI Holdings (369 HK) is seeking HK$550 million with a one for three rights issue of 330 million shares at a price of HK$1.7, a 37 per cent discount of its closing price at HK$2.7. The proceeds will be used as working capital and for acquisition purpose.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 6th, 2009

IPO: Beijing Futong, a mainland technology product supplier, plans to list on the Hong Kong bourse this December, seeking no less than HK$100 million.

Amber Energy (900 HK) has issued a profit warning and expected a material downturn of its financial results for the second half. The company said it might not meet the profit forecast of 62 million yuan in net profit as set out in the prospectus. The expected downturn is resulted from the insufficient supply of natural gas to power plants.

Dongfeng Motor Group Company Limited (489 HK) has recorded a monthly sales of 136,000 vehicles for October, surging 77 per cent year-on-year.

Lai Sun Development (488 HK) has recorded a net loss of HK$220 million for the period ended July, dragged down by properties investment. A net profit of HK$1.1 billion was recorded for the same period last year.

Manulife Financial Corporation (945 HK) has recorded a net loss of C$172 million for the third quarter, compared with a net profit of C$1.77 million in the second quarter. Loss per share was C$0.12. A dividend of C$0.13 per common share was declared.

New World China Land (917 HK) announced that it has been granted a 2-year HK$150 million recycling loan fund as working capital.

Smartone Telecom (315 HK) plans to spend HK$100 million to develop a 3G network in Macau. The operator said a total expenditure of HK$500 million to HK$600 million is expected this year.

Tse Sui Luen (417 HK) Jewellery said its interim net profit has plunged 60 per cent to HK$25 million for the six months ended August 31. Earnings per share were HK 12 cents. An interim dividend of HK 2 cents per share was declared.

361 Degrees International (1361 HK) plans to develop children products in the first quarter next year to broaden its sales. Its children products have led to a surprising response and contracted sales were 15 per cent higher than the company’s expectation. The company plans to open 200 branches for children products in China next year

Asia Resources (899 HK) plans to raise HK$80.70 million through placing 320 million new shares at a price of HK$0.26 each to fund an iron mine project in Indonesia and use as general working capital.

China Minsheng Banking Corporation Limited (1988 HK) starts its investor promotion today. Share prices were set at a range of HK$8.50 to HK$9.50 per share and each board lot contains 500 shares. Entry fee is HK$4797 per board lot. The bank plans to raise HK$31.54 billion through this listing.

Inspur International (596 HK) announced that it has gained a contract from China Mobile Limited (0941) on mobile integrated resources in Sichuan which worth of 11 million yuan.

Lerado Group (1225 HK) plans to issue Taiwan Depositary Receipts (TDRs). The company said it has to gain approvals and consents from different parties to complete the issuance. Details have not been finalized.

Poly (Hong Kong) Investments (119 HK) announced that its contracted sales revenue for the first ten months was 7 billion yuan. Gross floor area sold amounted to 1.1 million square meters during the period.

Value Partners Group (806 HK) announced that it has introduced Affiliated Managers Group as its strategic investor. Affiliated Managers Group has agreed to buy 5.05 per cent stake in Value Partners at a price of HK$3.45 per share for HK$279 million from chairman Cheah Cheng-hye, executive directors Louis So Chun-ki and Renee Hung Yeuk-yan.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 5th, 2009

Agile Property (3383 HK) has entered into an agreement with HSBC, Bank of America and Merrill Lynch to issue of US$300 million notes due 2016. The estimated net proceeds of the notes issue amount to approximately US$283.6 million, which the company intends to use to finance existing and new property projects.

Capital Estate (193 HK) has recorded a net loss of HK$227.2 million for the twelve months ended July 31, a further 12 per cent from a year ago. No dividend was declared.

China.com (8006 HK) plans to turn its global income of its CDC Software to US$500 million within the next three to four years and to raise its Chinese market income from US$30 million to US$100 million. The company said more resources will be put on developing the mainland software market.

China Overseas Land & Investment (688 HK) announced that its property sales in October have reached 4.02 billion yuan, surging 98 per cent year-on-year. The accumulated sales for the ten months ended October was 42.5 billion yuan, an 86 per cent rise from last year with an accumulated floor area of 43.57 million square meters. Its land reserves account for 28.9 million square meters, which is sufficient for the future four years’ development.

City Telecom (Hong Kong) (1137 HK) has posted a net profit of HK$213 million for the twelve months ended August 31, surging 70 per cent from a year ago on strong growth in fixed telecommunication network services business. Earnings per share were 32.4 HK cents. A final dividend of 16 HK cents per share was declared.

China’s leading offshore oil producer CNOOC Ltd (883 HK) said it has agreed to buy 10 to 20 per cent stakes in oil assets in the Gulf of Mexico from Norway’s Statoil, marking its first entry into oil reserves in the gulf.
CNOOC Ltd did not disclose the price of the deal.

Hong Kong Building & Loan Agency (145 HK) announced that a substantial shareholder has sold 56.50 million shares of the company for HK$103 million. Trading of its shares resumes today.

Hopefluent Group (733 HK) announced that it has agreed to acquire a property project in Tianhe district in Guangzhou which is worth of HK$88.20 million. The deal will be settled by issuing 42 million new shares at a price of HK$2.1 per share.
A shareholder of Kingsoft (3888 HK) is rumoured to sell 82.64 million shares of the company for as much as HK$572 million, according to market sources. Singapore Investment Corp (GIC) is rumoured to be the seller in this deal.

Lenovo Group (992 HK) has recorded a higher-than-expected net profit of US$53 million (HK$414 million), surging 130 per cent year-on-year for the second half ended September 30 on cost control and strong growth in sales of personal computer. An interim dividend of 1 HK cent per share was declared. Net profit for the first half amounted to US$130 million, plunging 72 per cent from a year ago.

Li Ning (2331 HK) Company announced that its non-wholly-owned subsidiary, Shanghai Double Happiness, has agreed to acquire 20 per cent stake in Suzhou Double Happiness from Wujiang Daoboer Sports Equipment for 6.42 million yuan. Shanghai Double Happiness and Daoboer will hold 75 per cent and 25 per cent of stake in Suzhou DHS respectively upon the deal.

New IPO candidate LongFor Properties (960 HK)’ 900 million shares international placing has been oversubscribed for 6 times. Morgan Stanley, UBS and Citibank are the sponsors of its listing.

Manulife Financial Corporation has reported a net loss of C$172 million for the third quarter ended September 30, compared to a net profit of C$510 million in the third quarter last year. The loss per share was C$0.12. A quarter dividend of C$0.13 per share is declared.

Peace Mark (304 HK) announced that its investor Global Peak has reached an agreement with temporary liquidator that Global Peak will be granted the right to restructure Peace Mark exclusively before May 4 in 2010. Global Peak has already deposited HK$8 million as escrow money.
The Link announced (823 HK) that a salary committee of four independent non-executive directors has been formed to help setting a responsible and a fair salary mechanism for management.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 4th, 2009

Agile Property (3383 HK) plans to sell US$400 million worth of seven-year U.S. dollar-denominated bonds to raise funds for existing and new projects, according to sources. Roadshows for the offering began in Asia on Wednesday and will go to Europe and the US. Bank of America Merrill Lynch and HSBC are the joint lead managers and bookrunners of the deal.

Avichina Industry & Technology Company (2357 HK) has agreed to sell 54 per cent stake in Dongan Motor for 2.367 billion yuan to its substantial shareholder Aviation Industry Corporation of China (AVIC). In return, Avichina will be able to purchase 43 per cent stake in Jonhon Optronic for 1.774 billion yuan. The difference between the disposal and purchase will be settled by AVIC in cash. Avichina expects to earn 600 million yuan from this transaction.

Beijing Enterprises Water Group (371 HK) has agreed to acquire a 20-year operating concession period for 500 million yuan from the Shenzhen Municipal Water Affair Bureau and to provide sewage treatment services at a fee of 0.964 yuan per cubic meter of treated water.

Minsheng Banking Corp (1988 HK) has selected four companies and three Hong Kong tycoons to be its cornerstone investors, raising its H shares worth US$700 million (HK$5.46 billion). The purchases account for about 20 per cent of the total number of Minsheng’s shares.

Several newspapers had reported earlier that chairman of China Overseas Land & Investment (COLI) (688 HK), Mr.Kong Qingping, had stated that there is currently no intention to raise the acquisition price of Shell Electric. The board of directors of the company clarifies that the statement was not intended to be a “no increase statement” in relation to the COLI offer for the purposes of Rule 18.3 of the takeovers code.

Sinopec (386 HK), the country’s second largest oil company, signed its first purchase deal for liquefied natural gas (LNG) with US oil major ExxonMobil yesterday. The two companies have entered into a preliminary agreement for the long-term supply of 2 million tons per annum of LNG from ExxonMobil. This is the first exports agreement Sinopec made for LNG.

China Tontine Wines (389 HK), a grape-wine producer based in the mainland, is seeking HK$ 580 million through offering 413.9 million shares (including 331 million new shares) at a price of HK$1.05 to HK$1.4 per share. Board lot size is 2,000 shares while IPO entry fee is HK$2,828.25.

CITIC 1616 (1883 HK), a wholly-owned subsidiary of CITIC Pacific, has agreed to purchase Broadway Centre in Kwai Chung for HK$150 million from CITIC Pacific Limited (0267). The property costs HK$194 million. Upon the transaction, the company will pay a monthly fee on management, water and air-conditioning to CITIC Pacific for HK$6.8 million for two years.

CNOOC (883 HK), the country’s leading offshore oil company, announced that Luda (LD) 27-2, a new independent field in Bohai Bay, has come on stream ahead of schedule.
The field is producing at a volume of 11000 barrels of oil per day from 11 wells currently. LD 27-2 is located in the Eastern Bohai Bay in about 25 meters of water. It is about 104 kilometers northwest of Qinhuangdao City of HeBei Province.

The international placing portion of CPMC’s (906 HK) IPO is seen 20 times oversubscribed. CPMC is selling 200 million shares to raise up to HK$1.08 billion.

Digital China (861 HK) and its non-wholly-owned subsidiary, Digital China Software, will invest up to 6 billion yen (HK$511.63 million) in Japanese computer systems developer SJI for 20 per cent of its stake.

Rumour has it that Industrial and Commercial Bank of China Ltd (1398 HK) will get the bank permit from Malaysia regulatory as it seeks to boost foreign direct investment. Malaysia’s government and central bank are in the process of completing the approval, according to sources. ICBC would become the first foreign lender to receive a banking permit in Malaysia in nine years.

I.T (999 HK) has recorded a net profit of HK$44.77 million for the six months ended August 30, surging nearly 200 per cent from a year earlier due to effective cost control. Earnings per share were 3.9 HK cents. No interim dividend was declared.
Lai Sun Development (488 HK) has agreed to purchase a piece of land in Tai Hang Road in a private tender for HK$358 million. The land lot provides a floor area of 13,800 square meters and the company plans to develop it into a residential property for sale.

Semiconductor Manufacturing International Corp (SMIC) (981 HK) has lost a lawsuit of stealing and using trade secrets from its rival Taiwan Semiconductor Manufacturing Corp (TSMC) by a California jury on Tuesday. TSMC is asking the court panel for a compensation of more than US$1 billion, it also urge the judge to permanently bar SMIC from selling the contested products in the United States. Spokesperson of SMIC said the company would appeal to a higher court in the near term. Trading of SMIC was suspended yesterday.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 3rd, 2009

IPO: China Minsheng Bank, the largest IPO this year, has set its price at HK$9 to HK$10 per share, representing 1.78 times to 1.98 times of the P/B ratio next year.

AV Concept (595 HK) plans to raise HK$30.7 million through a top-up placement of 45.83 million shares at a price of HK$0.681 per share, a 19.8 per cent discount to the closing price of HK$0.85 yesterday.

Beijing Capital Land (2868 HK) said its contracted sales area totaled 950,000 square meters and contracted sales reached 10 billion yuan for the first ten months, posting a year-on-year growth of 295 per cent and 265 per cent respectively. For October alone, the group has achieved 79,000 square meters contracted sales area of and the contracted sales amounted to 920 million yuan, a 19 per cent and a 85 per cent year-on-year growth.

China Overseas Land & Investment (688 HK) said it has met its annual sales target for the first ten months ended October 31 by selling 4.3 million square meters of property, bringing in 38 billion yuan, according to chairman Kong Qingping. The company has also increased its land reserve by 8.4 million square meters.

Sinopec Corp (Sinopec), (386 HK) the Asia’s largest refiner, and Saudi Basic Industries Corp (SABIC) have formed a 50-50 joint venture, Sinopec SABIC Tianjin Petrochemical Co Ltd, to build and operate facility in Tianjin. The new petrochemical complex can produce 1 million tons of ethylene annually and cost 18.3 billion yuan.

China Unicom (762 HK), the country’s second-largest mobile carrier said it has signed up 5,000 users for iPhone since the launch of headset last Friday. The carrier said it had more than one million 3G subscribers so far and the sales have been in line with expectations. It hopes to add 1 million new 3G subscribers each month in the future.

Chuang’s China (298 HK) subsidiary Dongguan Chuang’s would launch a new 64-unit residence with a target price of 6300 yuan per square meter.
CLP (2 HK) plans to raise US$400 million (HK$3.12 billion) for an Indian electricity project, said Stefan Robertsson, head of Corporate Finance and Treasury for CLP’s international business.

Dongfeng Motor Group (489 HK) has recorded a net profit of 4.627 billion yuan for the first nine months, in accordance with the PRC’s accounting standards.

Hopson Development (754 HK) announced that it is going to acquire a land lot in Panyu from the relatives of chairman Mr Zhu Mengyi who is also a substantial shareholder of the company. The deal amounts to 3.346 billion yuan and will be settled by a piece of land in Haizhu district and the issue of Hopson’s new shares.

UK banking giant HSBC (5 HK) has said it is to cut 1,700 jobs in the UK. An announcement would be made later to explain the reason for the layoff.

Huadian Power International (1071 HK) announced that it has agreed to acquire 35 per cent stake in Fucheng Mining for 498 million yuan and 25 per cent stake in Changcheng Mine for 180 million yuan.

Jingwei Textile Machinery (350 HK) announced that no concrete agreement has been reached with the seller on its proposed acquisition and thus no further discussion on the acquisition will be made within this year. The company’s trading in A shares will resume today.

New Times Energy (166 HK) announced that it plans to issue 2-year convertible bonds worth of HK$124 million with a convertible price of HK$0.31 per share and an interest rate of 3 per cent per annum to fund its mining project in Argentina.

TCL Communication Technology (2618 HK) plans to raise HK$358 million through a 358 million rights issues at the subscription price of HK$1.00 per rights share for every two existing shares. The proceeds will be used as general working capital to upgrade and expand the existing production facility.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Nov. 2nd, 2009

Agile Property (3883 HK) has won a land bid in Jiangsu province for 940 million yuan. The lot is expected to have a potential floor area of 560,000 square meters. The company has also won a bid at Guangzhou Science City in Guangzhou province with a land price of 7074 yuan per square.

Beiren Printing Machinery (187 HK) announced that its net loss for the first three quarters was 55.84 million yuan, against a net loss of 76.85 million yuan last year. Loss per share was 13.2 fens. Net loss for the third quarter was 20.16 million yuan.
Build King Holdings (240 HK) announced yesterday that it has gained a project from Ocean Park. The expansion project amounts to HK$628 million. Facilities in Ocean Park will double upon the completion of the project.

China Overseas Land & Investment (688 HK) has won bids for four pieces of residential lands in Shenyang, Changchun, Chongqing and Foshan for around 10.8 billion yuan in October, providing a potential floor area of 52.28 million square meters.

China Power International Development (2380HK) said it will invest in the Chuanjing Coal Mine project situated in Junlian Mining Area in Sichuan Province by forming a joint venture. China Power will hold 49 per cent stake in the joint venture and will contribute 198.45 million yuan to the venture.

Country Garden (2007 HK) says its contracted sales for October was 3.6 billion yuan, surging 142 per cent from a year ago, with a floor area of 710,000 square meters sold.

Food packaging products maker CPMC Holdings Ltd, (906 HK) a packaging unit of COFCO, said its international placing portion of the Hong Kong initial public offering is seen ten times oversubscribed. CPMC is selling 200 million shares to raise up to HK$1.08 billion.

Cvm Minerals (705 HK) has recorded a net loss of HK$71.1 million for the first three quarters ended September 30, against a net loss of HK$51.53 million from a year ago. Loss per share was 1.58 HK cents.

Fubon Bank (Hong Kong) Limited (636 HK) and China Life Insurance (2628) has signed a
Memorandum of Insurance Business Cooperation. The two companies will enhance collaboration in the realm of insurance business and a series of life insurance products from CLI (Overseas) will be made available to customers of Fubon Bank through its retail outlets in Hong Kong.

HSBC (5 HK) said it plans to increase branches on the mainland to 120 by the end of the year and will open 15 to 20 more branches next year, according to HSBC Asia chief executive Sandy Flockhart.

Jiangsu Nandasoft Technology (8045 HK) has posted a net profit of 11 million yuan for the first three quarters ended September 30, climbing 7.8 per cent from a year earlier. Earnings per share were 1.19 fens. No dividend was declared. Net profit for the third quarter was 3.964 million yuan, rising 7.5 per cent from a year ago.
Magician Industries (526 HK) announced that it has reached an agreement with its substantial shareholder to buy its plastic and home products businesses for HK$90 million in cash. The company has placed 937.5 million new shares to its substantial shareholder in return to raise HK$150 million.

Playmates Toys (869HK) announced that it plans to issue convertible bonds worth US$30 million to Playmates Holdings Limited (0635) at a price of US$0.1 per share. The proceeds will be used for general working capital of its toy and related business.
Shanghai Shimao (813 HK), a subsidiary of Shimao Property, announced that its net profit attributable to owners of the parent company was 92.423 million yuan for the first nine months, surging 12.7 times over the corresponding period of last year. The earnings per share were 0.118 yuan.

Swire Pacific (19 HK) said it is considering the possibility of a separate listing of the shares of Swire Properties, which is at present a wholly-owned subsidiary of Swire Pacific. The net asset value of the property unit amounts to HK$80 billion.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard

Hong Kong Stock Market Wrap Oct. 30th, 2009

ASM Pacific Technology (522 HK) said its pre-tax net profit for the first nine months was HK$453 million. Earnings per share were HK$1.21. The company may give a higher dividend this year after considering its cash flow.

China Kangda Food (834 HK) said the group might report a lower unaudited net profit for the first nine months compared to the corresponding period last year. The decline is attributed to a decrease in demand for rabbit meat in the European Union and a decrease in sale orders for processed food from customers in Japan following the global economic downturn. More, due to keen competition, there is an excess supply of chicken meat products in the PRC domestic market.

China Merchants Bank (3968 HK) has recorded a net profit of 13.078 billion yuan in accordance with the PRC’s accounting standards for the first nine months, sliding 31.16 per cent from a year ago. Earnings per share were 0.68 yuan. The lender had a net profit of 4.816 billion yuan in the third quarter, falling 16.3 per cent compared with the same period last year.

China Unicom (Hong Kong) (762 HK) said its net profit for the first nine months was 9.338 billion yuan. The company has a net profit of 2.7 billion yuan in the third quarter, beating forecast. Earnings per share were 0.39 yuan.

ESun Holdings (571 HK) announced that East Asia Satellite Television, its non-wholly owned subsidiary, has commenced legal proceedings in Hong Kong against its joint venture partner, New Cotai, and others, seeking damages of approximately HK$689 million for breaches of the sale.

Henderson Land (12 HK) said it is in talks over several acquisitions of old buildings for redevelopment in order to boost land reserve. Henderson Land would spend HK$6 billion and its land reserves would be increased by 3 million square feet if these acquisition plans were confirmed.

Zhongyu Gas (8070 HK) has recorded a net profit of HK$40.123 million for the first nine months, rocketing 53 times compared with a profit of HK$744,000 a year ago. Earnings per share were 2.0746 HK cents. No third-quarter dividend was declared.

Asia Cassava Resources (841 HK) plans to place 60 million shares to seek HK$106.7 million at HK$1.88 per share, a 16.8 per cent discount to its closing price of HK$2.26 on Friday. The proceeds will be used for general working capital.

China Botanic Development (2349 HK) announced that it has agreed to buy Hubei Fucheng Property Development Limited for 200 million yuan to develop a property project in Wuhan of Hubei province. Meanwhile, the company has also form a joint venture with Shanghai Heng Shi Investment Company Limited to develop property business in mainland.

China High Precision Automation (591 HK), a manufacturer of automation instrument in China, plans to list on the Hong Kong bourse to seek as much as HK$1.2 billion. It will issue 250 million new shares with a price range of HK$3.50 to HK$4.80. Sun Hung Kai International Limited is the sponsor of its listing.

Oriental Wise, a wholly owned subsidiary of China Qinfa Group (866HK), has entered into a shipbuilding contract with China Shipbuilding and CSSC Guangzhou Longxue to buy vessels for US$35.2 million (HK$274.6 million).

Cosco Pacific (1199HK) announced yesterday that executive director and deputy managing director Mr. Wang Zhi has resigned with effect from November 1.

CPMG Holdings (906 HK), China’s largest manufacturer of metal packaging products for consumer goods, plans to list on the Hong Kong bourse to raise HK$1.078 billion. It will issue 200 million new shares priced at a range of HK$3.85 to HK$5.39. China International Capital Corporation Limited and Bank of China International are the sponsors of its listing.

Esprit (330 HK) has appointed Ronald Van der Vis as the group’s executive director effective from November 1, replacing Heinz Krogner, who will remain the executive chairman.

Guangzhou R&F Properties (2777 HK) announced that it has so far reached 89 per cent of its sales target. The total amount of contracted sales for the first ten months has reached 20.618 billion yuan, surging 61 per cent year-on-year with 2,043,900 square metres gross area sold.

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard