IPO: American International Group aims to spin off its Asian life insurance arm American International Assurance Company in Hong Kong. Market sources estimate AIA could raise at least HK$30 billion from the offer in the second quarter of 2010. Morgan Stanley and Deutsche Bank are the sponsors for the potential deal. (Hong Kong Economic Journal P. 4) Russian aluminium group United Company RUSAL has reached agreement to refinance US$16.8 billion (HK$131 billion) of loans in Russia’s biggest ever debt restructuring and can now proceed with IPO in Hong Kong. (Hong Kong Economic Journal P. 4)
Bank of China (3988 HK) has signed a strategic cooperation framework agreement with BYD (1211) that it will give a 15 billion yuan in credit to support BYD’s production of three main pillars and development of new energy technology. (Sing Tao Finance B3)
Brilliance China Automotive’s (1114 HK) shareholder, Huachen Automotive Group, has sold 500 million secondary shares at HK$2.25 per share forHK$1.125 billion. Huachen now holds 45.35 per cent shares of Brilliance China Automotive. (Sing Tao Finance B2)
China CITIC Bank’s (998 HK) substantial shareholder Spanish bank BBVA has increased its stake in the lender to 15 per cent from 10.07 per cent by buying about 1.924 billion CITIC shares at HK$6.45 per share. (Sing Tao Finance B3)
China-HongKong (1123 HK) Photo Products Holdings has recorded a net profit of HK$25.77 million for the six months ended September 30. Earnings per share were 2.21 HK cents. An interim dividend of 1 HK cents per share and a special dividend of 1.5 HK cents per share were declared. (Sing Tao Finance B3)
China Mandarin Holdings (9 HK) has agreed to sell its subsidiary for HK$23 million. The subsidiary engages in hotel operation and related business and holds 37.5 per cent stakes in Jiejiang Mandarin International Development Company Limited. (Sing Tao Finance B3)
China Molybdenum (3993 HK) has agreed to sell 50 per cent stake in Luoyang High Tech Molybdenum & Tungsten Materials (Luoyang High Tech) for no more than HK$500 million to Molymet Corporation, a producer of molybdenum products and its by-products. (Hong Kong Economic Times A16)
China Water Affairs Group (855 HK) has posted a net profit of HK$226 million for the six months ended September 30, against a net loss of HK$180 million last year. The company proposes an interim dividend of 2 HK cents per share. (Sing Tao Finance B3)
Chuang's China Investments (298 HK) has recorded a net profit of HK$12.7 million for the first half ended September 30, rocketing 87 per cent compared with a year ago. No interim dividend was declared. (Sing Tao Finance B3)
Dah Sing Banking’s (2356 HK) credit rating was downgraded by Standard & Poor's Ratings Services with a "C+" on its financial strength. (Hong Kong Economic Journal P. 8)
Easyknit International (1218 HK) said it has sold all its 0.915 million shares of China Minsheng Banking (1988) at a closing price of HK$8.78 each. The company did not specify the consideration of the disposal. (SingTao Finance B3)
Shares of Futong Technology (465 HK) rose yesterday as much as 17 per cent before closing up at HK$1.9 in the grey market. Investors posted a paper gain of HK$540 per board lot of 2,000 shares. (Hong Kong Economic Journal P. 4)
Kin Yat Holdings (638 HK) has posted a net profit of HK$90.04 million for the first half ended September 30, surging 45 per cent year-on-year. Earnings per share were 22.12 HK cents. An interim dividend of 5 HK cents per share was declared. (Sing Tao Finance B3)
Nine Dragons Paper (2689 HK) said it has no plan for capitalization after the earlier share placement. The group expects its production to exceed 10 million tonnes next year. (Hong Kong Economic Times A16)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
