Thursday, December 10, 2009

Hong Kong Stock Market Wrap Dec. 9th, 2009

Apparel maker Bosideng International (3998 HK) has recorded a net profit of 60.62 million yuan for the first half ended September 30, jumping 19 per cent year-on-year.
An interim dividend of 3.8 fens per share was declared. (Sing Tao Finance B4)

CCB International (Holdings) Ltd (939HK), a wholly owned subsidiary of CCB in Hong Kong, plans to set up a private equity worth US$1 billion in Hong Kong, aiming to hold 15 per cent stake in Shanghai Commercial Bank in Hong Kong. (Sing Tao Finance B4)

China Power New Energy Development (735 HK) has entered into a joint venture agreement with Shanghai Green and CLP Chongming to establish a company in Shanghai. The project involves construction and operation of a wind farm located at the north-eastern part of Chongming Island, Shanghai which will install 24 wind turbines, each with an output of 2MW and a total installed capacity of 48MW. The total cost of investment of the project is estimated to be approximately 531.641 million yuan. (Hong Kong Economic Times A16)

China’s biggest offshore oil company CNOOC Ltd (883 HK) said yesterday its Canada-based partner Husky Energy had made a second significant deepwater gas discovery in the South China Sea, showing high potential in energy resources in the region. The newly discovered Liuhua 34-2 field, located in the Pearl River Mouth Basin in the eastern South China Sea, is capable of producing 55 million cubic feet of natural gas per day during test drilling, CNOOC said in a statement yesterday. (Hong Kong Economic Journal P. 9)

Dickson Concepts (113 HK) has posted a net profit of HK$81.16 million for the first half ended September 30, edging up 5.1 per cent compared with the corresponding period last year. Earnings per share were 21.8 HK cents. An interim dividend of 13 HK cents per share was declared. (Sing Tao Finance B3)

Fantasia (1777 HK) announced that it has signed a strategic cooperation agreement with China Construction Bank Corporation (0939) to form a long-term cooperation relationship. According to the agreement, CCB Shenzhen branch will provide a credit limit of 20 billion yuan in the coming five years to support Fantasia’s real property development. (Sing Tao Finance B4)

Greentown China (3900 HK), a Hong Kong-listed mainland property developer, announced that its accumulated sales have exceeded 50 billion yuan for the period ended December 8, surging 3.4 times compared with a year ago. (Sing Tao Finance B4)

Rumour has it that HSBC (5 HK) is set to buy the retail and SME businesses of Royal Bank of Scotland in India, China and Malaysia, according to Indian newspaper Mint. Spokesperson from Royal Bank of Scotland says the deal is in ongoing discussion and would make appropriate announcement in due course while HSBC’s spokesperson refused to comment. (Sing Tao Finance B3)

Mayer Holdings (1116 HK) has agreed to acquire Maxipetrol HK for HK$1.264 billion, the latter will be engaged in petroleum production in Argentina. The deal will be settled by promissory notes of HK$400 million and two batches of convertible bonds worth HK$864 million. (Sing Tao Finance B4)

Miramar Hotel & Investment (71 HK) has posted a net profit of HK$128 million for the first half ended September 30, climbing 5.8 per cent from a year earlier. An interim dividend of 13 HK cents per share was declared. (Sing Tao Finance B4)

Neo-Neon Holdings (1868 HK) announced it has gained approval from Taiwan regulatory to offer and list 140 million units of TDRs to raise up to HK$386 billion. Neo-Neon intends to use the net proceeds from the TDR issue for expansion of production capacity of LED-based lighting business in the PRC to cater for the rising demand of the LED-based lighting market.
(Hong Kong Economic Times A16)

New World Development (17 HK) has prepared around HK$7 billion to pay for government land premiums next year, said managing director Henry Cheng Kar-shun. The premium will be for a gross floor area of more than two million square feet, spreading mostly between sites in Sai Kung, Wu Kai Sha and Yuen Long. (Hong Kong Economic Journal P. 12)

Sino-Ocean Land (3377 HK) has agreed to buy the remaining 30 per cent stake in a property project in Hangzhou for 50 million yuan. Upon completion of the transaction, the property project will become indirectly wholly-owned by Sino-Ocean Land, which will give greater flexibility for the company to introduce any potential strategic partner to invest in the project, the company said in a statement. (Hong Kong Economic Journal P. 12)

Mainland developer SPG Land (337 HK) said contracted sales for the first 11 months have already hit 5.4 billion yuan, exceeding its revised target of 5.1 billion yuan for all of this year. The firm’s contracted sales last year totaled 1.8 billion yuan. The Shanghai-based firm has land reserves of 4.7 million square meters and it plans to expand its land bank by spending 10 billion yuan to acquire a further two million square meters next year. (Hong Kong Economic Journal P. 12)

Swire Pacific Ltd (19 HK), which may spin off its property unit Swire Properties Ltd next year, plans to hire Goldman Sachs Group Inc, HSBC Holdings Plc and Morgan Stanley to arrange the share sale that may raise HK$2.5 billion to HK$3 billion, sources said. (Hong Kong Economic Journal P. 12)

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