Monday, November 16, 2009

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