IPO: China Minsheng Bank, the largest IPO this year, has set its price at HK$9 to HK$10 per share, representing 1.78 times to 1.98 times of the P/B ratio next year.
AV Concept (595 HK) plans to raise HK$30.7 million through a top-up placement of 45.83 million shares at a price of HK$0.681 per share, a 19.8 per cent discount to the closing price of HK$0.85 yesterday.
Beijing Capital Land (2868 HK) said its contracted sales area totaled 950,000 square meters and contracted sales reached 10 billion yuan for the first ten months, posting a year-on-year growth of 295 per cent and 265 per cent respectively. For October alone, the group has achieved 79,000 square meters contracted sales area of and the contracted sales amounted to 920 million yuan, a 19 per cent and a 85 per cent year-on-year growth.
China Overseas Land & Investment (688 HK) said it has met its annual sales target for the first ten months ended October 31 by selling 4.3 million square meters of property, bringing in 38 billion yuan, according to chairman Kong Qingping. The company has also increased its land reserve by 8.4 million square meters.
Sinopec Corp (Sinopec), (386 HK) the Asia’s largest refiner, and Saudi Basic Industries Corp (SABIC) have formed a 50-50 joint venture, Sinopec SABIC Tianjin Petrochemical Co Ltd, to build and operate facility in Tianjin. The new petrochemical complex can produce 1 million tons of ethylene annually and cost 18.3 billion yuan.
China Unicom (762 HK), the country’s second-largest mobile carrier said it has signed up 5,000 users for iPhone since the launch of headset last Friday. The carrier said it had more than one million 3G subscribers so far and the sales have been in line with expectations. It hopes to add 1 million new 3G subscribers each month in the future.
Chuang’s China (298 HK) subsidiary Dongguan Chuang’s would launch a new 64-unit residence with a target price of 6300 yuan per square meter.
CLP (2 HK) plans to raise US$400 million (HK$3.12 billion) for an Indian electricity project, said Stefan Robertsson, head of Corporate Finance and Treasury for CLP’s international business.
Dongfeng Motor Group (489 HK) has recorded a net profit of 4.627 billion yuan for the first nine months, in accordance with the PRC’s accounting standards.
Hopson Development (754 HK) announced that it is going to acquire a land lot in Panyu from the relatives of chairman Mr Zhu Mengyi who is also a substantial shareholder of the company. The deal amounts to 3.346 billion yuan and will be settled by a piece of land in Haizhu district and the issue of Hopson’s new shares.
UK banking giant HSBC (5 HK) has said it is to cut 1,700 jobs in the UK. An announcement would be made later to explain the reason for the layoff.
Huadian Power International (1071 HK) announced that it has agreed to acquire 35 per cent stake in Fucheng Mining for 498 million yuan and 25 per cent stake in Changcheng Mine for 180 million yuan.
Jingwei Textile Machinery (350 HK) announced that no concrete agreement has been reached with the seller on its proposed acquisition and thus no further discussion on the acquisition will be made within this year. The company’s trading in A shares will resume today.
New Times Energy (166 HK) announced that it plans to issue 2-year convertible bonds worth of HK$124 million with a convertible price of HK$0.31 per share and an interest rate of 3 per cent per annum to fund its mining project in Argentina.
TCL Communication Technology (2618 HK) plans to raise HK$358 million through a 358 million rights issues at the subscription price of HK$1.00 per rights share for every two existing shares. The proceeds will be used as general working capital to upgrade and expand the existing production facility.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
