Friday, November 20, 2009

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