Tuesday, December 22, 2009

Hong Kong Stock Market Wrap Dec. 21st, 2009

IPO: United Co RUSAL’s application for a HK$2 billion initial public offering on the Hong Kong bourse has received approval from regulator. The SFC has set a HK$1 million floor on the subscription for its IPO, which is closed to retail investors. The aluminum producer plans to start gauging demand for the sale on January 4, sources said. (Hong Kong Economic Times A14)

Build King Holdings (240 HK) plans to issue 310 million shares at a subscription price of 15 HK cents apiece, a 40 per cent discount of its closing price yesterday, on the basis of one offer share for every three shares. The company plans to raise HK$46.6 million for general working capital. (Sing Tao Finance B2)

China Eastern Airlines (670 HK) has signed a letter of content with Anhui Civil Airport Group Company Limited, confirming their cooperation in the construction of a project located in Hefei Xinqiao International Airport. China Eastern Airlines will pay for the project in cash amounting to 352 million yuan. (Sing Tao Finance B2)

China Gamma (164 HK) announced that it has entered into a cooperation agreement with The Academy of Military Medical Sciences (the Academy), pursuant to which the company can gain support from the Academy, one of the top research institutions in China, for further developing its gamma ray technologies and applications. Trading in shares of the company resumed yesterday. (Hong Kong Economic Journal P. 7)

China Mobile (941 HK) announced that it had a net addition of 4.579 million subscribers in November, while number of 3G subscribers is 2.976 million, which is lower than its target of 5 million subscribers a month. (Hong Kong Economic Times A14)

China Pacific Insurance (2601 HK), the country’s third-largest insurer, is about to go public tomorrow. Yet, sources said buyers only offer HK$26 apiece, 17 per cent lower than its offer price at HK$28. (Hong Kong Economic Times A14)

Hong Kong Resources (2882 HK) said its net profit amounts to HK$108 million for the six months ended September 30. Earnings per share were 19 HK cents. An interim dividend of 0.7 HK cent apiece was declared. (Sing Tao Finance B2)

HSBC (5 HK) has sold its Paris offices for £356 million (HK$4.4 million), completing its planned sale of its three biggest sites in the past two months. Over the past two months, HSBC has sold its European headquarters and its New York City building for £772.5 million and £205 million respectively. (Hong Kong Economic Times A15)

Hung Hing Printing (450 HK) has posted a net profit of HK$101 million for the first half ended September 30, diving 55 per cent from a year earlier. Earnings per share were 10.9 HK cents. An interim dividend of 4 HK cents per share was distributed. (Sing Tao Finance B3)

KTP Holdings (645 HK) has posted a net profit of US$2.99 million for the first half ended September 30, plunging 33 per cent year-on-year. Earnings per share were 0.88 US cent. No interim dividend was declared. (Sing Tao Finance B3)

Shenzhen-based retailer Maoye International Holdings (848 HK) chairman Huang Maoru was arrested earlier for alleged connections to the insider trading case involving Huang Guangyu, former Chairman of Gome (0493). Maoye subsidiary said Huang is performing his duty as usual and goes to work every day. (Hong Kong Economic Times A14)

NWS Holdings (659 HK) announced that the sales of 52.86 per cent share of Taifook Securities has been completed. The buyer Hai Tong plans to make an unconditional mandatory general offer to acquire all issued Taifook shares. (Sing Tao Finance B2)

Sunlight Real Estate Investment Trust (435 HK) said it plans to sell projects with low return in order to more effectively reflect it valuation. The company is also seeking merger and acquisitions in the coming year. (Hong Kong Economic Journal P. 11)

Unity Investments’ (913 HK) fully underwritten placing has been rejected by the stock exchange on December 21 since the latter said the company did not provided shareholders with information on how the funds under the placing would be specifically used. (Sing Tao Finance B3)

Victory City International (539 HK) has agreed to open a top up placing of 35 million existing shares to five institutional investors at a placing price of HK$1.35. The net proceeds from the subscription amount to HK$47 million and will be used for general working capital. (Sing Tao Finance B2)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard