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
