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
