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
