IPO of indebted Russian aluminum giant UC Rusal, which is planned for the end of this year, may be delayed until the first quarter of 2010 as the Hong Kong stock exchange’s listing committee failed to decide whether to allow the deal to go ahead, according to people familiar with the matter. (Hong Kong Economic Journal P. 2)
The Bank of Communications (3328 HK) said it aimed to set up a branch in Taiwan in order to facilitate trade between the two. The lender said it has no plan to purchase stake in Taiwan banks at this stage. (Sing Tai Finance B3)
Bio-Dynamic group (39 HK) said it is working on alcohol production at this stage and plans to develop downstream beverages and forages. Its newly-built wine factory in Harbin has completed its production test and has 60,000 tonnes of production. (Sing Tai Finance B3)
China Corn Oil (1006 HK), mainland’s largest edible corn oil producer, plans to launch its initial public offering on the Hong Kong bourse to raise HK$526 million. The offering price is set at between HK$2.57 to HK$3.85 per share. The minimum entry fee is HK$3880. (Sing Tao Finance B1)
China Huiyuan Juice (1886 HK) announced that it has no negotiations or agreements with Uni-President Enterprises Corporation on neither increase of stakes nor takeover. China Huiyuan Juice rose 19 per cent following a newspaper reporting that the Taiwan-listed Uni-President may take it over. (Sing Tao Finance B2)
China Motor (26 HK) Bus’s proposal to turn its Chai Wan former bus factory into residence was not supported by regulatory due to height restriction. (Hong Kong Economic Journal P. 8)
Hong Kong’s China Strategic Holdings Ltd. (235 HK) and Primus Financial Holdings Ltd. plan to resubmit their application to acquire American International Group Inc.’s (AIG) Taiwan life insurance unit before the end of the year, China Strategic Chief Executive Raymond Or said. China Strategic plans to sell a 30 per cent stake in Nan Shan to Chinatrust in exchange for a 9.95 per cent stake in Chinatrust after Taiwan approves the consortium’s acquisition of Nan Shan. (Hong Kong Economic Journal P. 6)
Fufeng Group (546 HK) announced that 29 shareholders (excluding chairman) plan to sell 62.23 million old shares of Fufeng Group to public investors. Fufeng Group dropped 3.54 per cent to HK$4.90 yesterday. (Sing Tao Finance B2)
Geely (175 HK) plans to raise its sales target by 33 per cent to 400,000 vehicles in 2010. The producer also plans to boost capital spending to 1 billion yuan next year for expansion of production and development of new products. (Sing Tao Finance B2)
Hong Kong Health Check (397 HK) and Laboratory, which will be renamed to China Gogreen Assets Investment Limited soon, has agreed to form a joint venture with Zhengzhou High-Tech Start-up Investment Co., Ltd to develop thin film solar PV business. (Sing Tao Finance B3)
Mainland sportswear brand Li Ning (2331 HK) said it plans to open its first store overseas in Portland of the United States in January in 2010 to prepare for its overseas expansion five years later. (Sing Tao Finance B2)
PolyTec Asset Holdings (208 HK) has spent US$1 million to purchase a call option that has the right to acquire a mine in Kazakhstan for US$139.6 million. (Sing Tai Finance B2)
Sino-Ocean Land (3377 HK) has successfully bidden a state-owned construction land use right of a land in Beijing with a total gross floor area of 268,000 square meters for residential use at a consideration of 4,830 million yuan in a public bidding. (Hong Kong Economic Journal P. 8)
Texwinca (321 HK) has recorded a net profit of HK$480 million for the first half ended September 30, edging up 7.16 per cent from a year ago. Earnings per share were 36.2 HK cents. An interim dividend of 22 HK cents per share was declared. (Sing Tao Finance B2)
Zijin Mining’s (2899 HK) wholly-owned subsidiary South West Company has agreed to buy 20 per cent stake in Yuanyang Huaxi, another subsidiary of the company, for 162 million yuan. South West Company will hold 30 per cent stake in Yuanyang Huaxi upon the deal. (Sing Tao Finance B2)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
