Asia Cassava Resources (841 HK) has recorded a net profit of HK$34 million for the first half ended September 30, surging for 11.3 times year-on-year. Earnings per share were 11.3 HK cents. An interim dividend of 2 HK cents per share was declared. (Sing Tao Finance B3)
Asia Financial (662 HK) said it has increased its capital contribution to PICC life with PICC Group by 3.385 billion yuan. The registered capital of PICC Life will increase from 5.42 billion yuan to 8.8 billion yuan in which the company and Bangkok Bank will contribute 169 million yuan. The company will maintain a 5 per cent stake in PICC Life upon the completion of capital increase. (Sing Tao Finance B3)
Bank of China (3988 HK) announced for the period ended December 21, the lender’s cross-border settlement in yuan amounts to over 1.1 billion yuan, becoming the first lender to break through 1 billion level. (Hong Kong Economic Journal P. 8)
Citic Resources (1205 HK), biggest shareholder of Macarthur, plans to sell its direct interests in a number of Macarthur’s operating assets in return for shares worth A$110m. Citic’s holding in the Australian group will decrease from 22.4 per cent to 19.2 per cent upon the deal. (Hong Kong Economic Journal P. 8)
Fubon Bank (Hong Kong) (636 HK) said it has fully subscribed allocated 32 million rights shares of Xiamen Bank at a subscription price of 2.5 yuan each. The total subscription fee of 79.96 million yuan is payable on or before January 30 next year. The bank now holds 19.99 per cent stake in Xiamen Bank. (Sing Tao Finance B3)
Citic Resources (1051 HK) has acquired a gold and silver mine project in Martabe, Indonesia, earlier in July this year. The company expects the mine to start operation by the end of 2010 or early 2011 to produce 250,000 once of gold and 3 million once of silver annually. (Hong Kong Economic Journal P. 8)
Huscoke Resources (704 HK) has acquired coke processing assets in Shanxi province earlier for about 726 million yuan. The company said the acquisition helps to realize its integration and create synergy with its existing coke trade business. (Hong Kong Economic Journal P. 8)
ICBC (1398 HK) chairman Jiang Jianqing said he had not heard of any plan for the lender to acquire a stake in Taiwan’s Cathay Financial Holding. He added that ICBC is targeting a decline in new yuan loans next year, without giving a specific loan target. He also said the lender has no financing plan in near term. (Hong Kong Economic Times A14)
Lenovo (992 HK), a Chinese high-tech giant, denied that it would set up a research and development centre in Taiwan. According to the Commercial Times, executive Ma Jianrong said Lenovo plans to set up a research and development centre in Taiwan and the company will use the Taiwan’s technological know-how to boost its global competitiveness. (Sing Tao Finance B3)
Shenzhen-based retailer Maoye (848 HK) denied rumour on chairman Huang Maoru’s arrest for alleged connections to the insider trading case involving Huang Guangyu, former Chairman of Gome (0493). The company said chairman Huang was not in the company only due to private issue. Tradings of Maoye resumes today. (Hong Kong Economic Times A14)
Skyworth Digital (751 HK) announced that its TV sales volume in November reaches 849,000 units, rising 18 per cent year-on-year. The company said the 45 per cent growth in the total sales volume on the mainland could offset its 48 per cent drop in the overseas TV sales volume. (Sing Tao Finance B4)
Sand China (1928 HK) chairman Sheldon Adelson said projects in the Cotai Strip will resume within five months. The first two phrases of construction will be completed in 2011 and the whole project will be completed within five years. (Sing Tao Finance B3)
Superb (1228 HK) Summit announced it has signed a cooperative agreement with Tianjin commodity trade market to build a timber trade market in Binhai District and to establish a Chinese international timber product trade exhibition center. The company has 51 per cent stake in the project. (Sing Tao Finance B3)
Taifook Securities (665 HK) announced that it has appointed Mr. Li Ming Shan to be the chairman and non-executive director of the company and Mr. Li Jian Guo as the executive director. Dr. Henry Cheng Kar Shun, representing NWS Holdings (0659), will leave the board of directors. (Sing Tao Finance B3)
Yardway Group (646 HK) said ICAC executed a search warrant at the company’s offices on March 17 and it has concluded its investigation and no further investigative action is required. Trading of the company resumes today. Meanwhile, the company announced that its net profit for the first half doubled, amounting to HK$8.12 million. Earnings per share were 0.72 HK cent. No interim dividend was declared. (Sing Tao Finance B3)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
