Hong Kong Stock Market Wrap December 13th, 2010

Headland Capital Partners placed 201 million shares of Bosideng International (3998 HK) via Goldman Sachs at a price ranging from HK$3.56 to HK$3.62 per share, representing a 3.5-5.1 per cent discount to its closing price of HK$3.75 yesterday, according to market sources. The proceeds from the share placement will be over HK$727million. (SingTao Daily B2)

Cheung Kong (Holdings) (1 HK) chairman Li Ka Shing bought in 1.361 million shares during 7-9 Dec, involving around HK$155.6 million. Li bought in 1.049 million shares during 2-6 Dec, involving approximately HK$121.75 million. (Hong Kong Economic Journal P12)

China Eco-Farming (8166 HK) announced the sale and purchase agreement entered into in August lapsed. On the other hand, the company will place up to a maximum of 150 million new placing shares at HK$0.25 per share to raise HK$36.5 million, HK$21 million of which will be used to repay debts. (SingTao Daily B3)

China Suntien Green Energy Corporation (956 HK) has entered into a strategic co-operation framework agreement with Shanxi International Energy Group Gas Investment & Management Co., Ltd. to construct two pipelines from Shanxi to Xunzhen for the provision of natural gas in Shanxi province. (SingTao Daily B3)

China Water Industry Group (1129 HK) has entered into a non-legally binding LOI, planning to acquire the entire issued share capital of Zhongtian Company that is principally engaged in sewage treatment business in Guangdong Province, at a consideration of not exceeding HK$200 million. (SingTao Daily B3)

Hengdeli Holdings (3389 HK) has entered into an agreement to purchase 80 per cent equity interest in Tianjin Hengdeli without disclosing the consideration amount. Upon completion of the acquisition, the company will hold over 90 per cent of market share in the middle to high-end import watch market. (SingTao Daily B3)

Hengxin Technology (1085 HK) plans to issue 98.68 million shares, around 47.3 per cent of which are existing shares. Maximum offer price a lot of 2000 shares is around HK$6060.5. (Hong Kong Economic Journal P6)

Hopson Development (754 HK) announces that the consideration for acquiring the Beijing project from Chu Yat-hong, son of the company’s chairman Chu Mang-yee, will be reduced by 270 million yuan to 6.605 billion yuan. The amount of cash consideration will remain unchanged. (SingTao Daily B3)

Huaneng Power International (902 HK) announces that Suzhou Port Taicang Terminal Zone Huaneng Coal Pier Construction Project has been approved by the National Development and Reform Commission of the PRC. The total investment amount of the project is around 2 billion yuan, 30 per cent of which is to be funded by internal funds. (SingTao Daily B3)

Hutchison Whampoa (13 HK) announces that the terms of contracts regarding 2 pieces of lands in Wolong Bay International Business District, Dalian have been agreed with the Dalian Land Bureau. The lands have an aggregate gross area of about 319,000sqm and will be developed into residential and commercial properties. (Hong Kong Economic Times A12)

Kaisa Group (1638 HK) chairman Kwok Ying Shing and his family bought 15.628 million shares at an average price of around HK$2.179 per share on 10 Dec, taking shareholding in the company from 59.08 per cent to 59.4 per cent. Kwok says this is to show his confidence in the group. (Hong Kong Economic Journal P11)

Ping An Insurance (2318 HK) announces that subsidiaries Ping An Life, Ping An Property & Casualty, Ping An Health and Ping An Annuity recorded accumulated written premiums of 147.558 billion, 55.553 billion, 168 million and 4.655 billion yuan respectively for the first 11 months. (Hong Kong Economic Times A12)

Sands China (1928 HK) announces that David Fleming will replace Anne Maree Salt as a joint company secretary starting Jan 10, 2011. Fleming has joined the company since 2007. He has worked as a deputy legal director of MTR (0066) previously. (Hong Kong Economic Journal P10)

Shui On Land (272 HK) proposes to conduct an international offering of notes, which will be denominated in RMB and settled in US dollar, to institutional investors in Asia and Europe. The proceeds from the notes issue will be used for repaying part of debts and for general working capital. (SingTao Daily B3)

Market sources say World Wide Touch Technology (1282 HK) prices its shares at HK$0.95 each and its retail tranche was 18x oversubscribed. (Hong Kong Economic Journal P6)

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

Hong Kong Stock Market Wrap December 10th, 2010

Allied Group (373 HK) announced it would dispose 1.145 billion shares in SHK Hong Kong Industries Limited (666) to Rising Fortune Group at $0.41 per share. (SingTao B3)

Cafe de Coral (341 HK) announced it would have salary adjustment in January next year and the average salary raise would be 7 per cent. (Hong Kong Economics Journal P.6)

China Power (2380 HK) announced that it proposed an issue of 5-year unsecured RMB denominated bonds in Hong Kong to raise not less than 600 million yuan. (Hong Kong Economics Times A10)

Fountain (420 HK) recorded a profit of $223 million for the year ended 31 August 2010. (SingTao B3)

HSBC (5 HK) announced the appointment of Samir Assaf as Chief Executive of its Global Banking and Markets business with effect from 1 January 2011. He succeeds Stuart Gulliver who becomes Group Chief Executive on the same date. (Hong Kong Economics Times A10)

Shangri-la (69 HK) announced right issue of $4.659 billion at $19.5 each on the basis of 1 right issue for every 12 shares, in order to repay its most bank borrowings and to save interest costs. (Hong Kong Economics Times A11)

Shui On (272 HK) proposed to issue RMB notes of $400 million. The roadshow will take place next week in HK and Singapore. (Hong Kong Economics Journal P.7)

China Longyuan Power Group (916 HK) plans to issue yuan bonds in HK next year, expecting the offer size to be 1 billion to 2 billion yuan at the first time. It expects 2010 profit will far exceed its target of 1.77 billion yuan. (Hong Kong Economic Journal P12)

China Financial International Investments (721 HK) has agreed to place 596.96 million new shares at HK$0.25 a share to raise around HK$149 million, about 16.55 per cent of the issued share capital as enlarged. (Hong Kong Economic Journal P8)

China Foods (506 HK) revises up the annual caps of the CPMC Products Supply Agreement for 2010 and 2011 to 15 million and 80 million yuan respectively. (SingTao Daily B17)

China Molybdenum (3993 HK) plans to apply to the relevant authorities in the PRC for issuing not more than 542 million A shares. The proceeds is intended to apply on various projects with a total estimated investment amount of around 3.788 billion yuan. (Hong Kong Economic Journal P8)

China Singyes Solar Technologies (750 HK) was awarded a BIPV project in the Centennial Campus of the University of Hong Kong. Total contract value of the project is HK$2.45 million. (SingTao Daily B17)

L’Occitane International (973 HK) announces that its parent L’Occitane Groupe placed 50 million ordinary shares, around 3.4 per cent of the total issued shares, at a price of HK$21.14 per share on 10 Dec. The shareholding of L’Occitane Groupe in L’Occitane International went down from 72.6 per cent to 69.2 per cent after the placing. (Hong Kong Economic Times A14)

Fantasia Holdings Group (1777 HK) successfully auctioned through Shenzhen Zhifu Real Estate Investment Development for a piece of land in Yuhuatai District, Nanjing City with a useable area of about 55,400sqm for 280 million yuan. The site has been approved for commercial use and its term of grant is 40 years.
(SingTao Daily B17)

Tiande Chemical (609 HK) entered into an LOI with Shandong Heneng Electricity Equipment and Shandong Haiwang Chemical last Fri. It will conduct due diligence review on the acquisition of Shandong Haiheng Chemical within 3 months. (SingTao Daily B17)

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

Hong Kong Stock Market Wrap December 9th, 2010

Ausnutria Dairy Corporation (1717 HK) has agreed to purchase premises with an aggregate construction area of about 2,700 square meters from Changsha Xin Xin Da Xin Real Estate for the use as its office premises in Changsha at around 24.67 million yuan. (SingTao Daily B3)

AV Concept Holdings (595 HK) reportedly plans to place 62.95 million shares at HK$1.6 each, 16.2 per cent discount to yesterday’s closing price of HK$1.91. (Hong Kong Economic Journal P8)

Birmingham International (2309 HK) acquires from a substantial shareholder a parcel land in Sha Ping District, Chongqing at a consideration of 75 million yuan. The site is being developed into commercial buildings with a total gross floor area of 57,400 sqm. (SingTao Daily B3)

China Glass (3300 HK) has participated in the bidding held by Qingdao Equity Exchange for acquiring 18 million ordinary shares of Weihai Bluestar Glass, around 17.46 per cent of the issued shares in Weihai Bluestar, from Qingdao Soda Ash Industrial. (SingTao Daily B3)

China Metal Recycling (773 HK) reportedly has placed 60 million shares at a price of HK$7.85-8.2 per share via Merrill Lynch Far East. (Hong Kong Economic Times A12)

China Overseas Land & Investment (688 HK) posted sales of 58.72 billion for the first 11 months, up 30.5 per cent yoy, achieving 98 per cent of the full-yr sales target of 60 billion. (Hong Kong Economic Times A12)

China ZhengTong Auto Services (1728 HK) shares ended at HK$7.4 each at the gray market yesterday, 1.37 per cent higher than its IPO price of HK$7.3. (Hong Kong Economic Journal P8)

Chigo Holding (449 HK) plans a bonus issue on the basis of 9 bonus shares for every 1 existing share to shareholders to show its gratitude for their loyalty and support. The company believes the issue will increase its capital base and enhance shares liquidity, enlarging its shareholders’ base. (SingTao Daily B3)

Huadian Power International (1071 HK) announces that it will acquire Bailu Coal Mine, Xijiazhai Coal Mine and Yibanling Coal Mine in Shanxi Province at 1.589 billion yuan. (SingTao Daily B3)

Prosperity International (803 HK) will increase stake in Lead Hero via a subsidiary in order to obtain the 50 per cent interest in certain iron ore mines in Brazil that Lead Hero holds. The deal involves US$20 million. (SingTao Daily B3)

Sino-Ocean Land (3377 HK) saw sales rise 33 per cent yoy to 18.2 billion yuan for the first 11 months, exceeding the full-yr sales target of 18 billion yuan. (Hong Kong Economic Times A12)

SRE Group (1207 HK) has agreed to allot and issue to several substantial shareholders a total of 700 million subscription shares at the price of HK$0.81 each to raise HK$567 million. (Hong Kong Economic Times A12)

Titan Petrochemicals (119 2HK) announces that a framework agreement has been signed in respect of a proposed disposal of 95 per cent of equity interests in Titan Quanzhou Shipyard for around 1.866 billion yuan and an issue of 500 million new shares. (SingTao Daily B3)

Yue Yuen Industrial (Holdings) (551 HK) reported net consolidated operating revenue of around US$553 million in Nov. The figure was around US$5.56 billion for the first 11 months. (SingTao Daily B3)

Yuzhou Properties Company (1628 HK) has completed an issue of US$200 million 13.5 per cent senior notes due 2015. It intends to use the net proceeds to repay certain existing loans and fund the acquisition of land. (Hong Kong Economic Times A12)

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

Hong Kong Stock Market Wrap December 8th, 2010

IPO: Topspring cancelled its roadshow yesterday. Sources say the company plans to go public in Q111 instead. (Hong Kong Economic Times A10)

AEON Stores (Hong Kong) (984 HK) has agreed to purchase a property in Kwai Chung at HK$310 million, planning to use it as its HK headquarters and as a place for distribution and processing facilities. The building located at Kung Yip Street comprises 15 storeys. Existing monthly rental is about HK$1.6 million. (Hong Kong Economic Journal P8)

An institutional investor of Beijing Enterprises (392 HK) was placing 18.5 million shares in the company at a price of HK$48.7-49.1 per share, seeking to raise up to HK$908 million, Reuters citing a termsheet reports. (SingTao Daily B3)

Dragonite International (329 HK) received a writ and a statement of claim from BOCI Asia Limited on 22 Sep 2010 claiming a sum of HK$4.47 million being service fees for the debt restructuring of the company. In response to the claim, Dragonite has filed a defence and counterclaim against BOCI Asia counterclaiming a sum of HK$236 million on 3 Dec 2010. (SingTao Daily B3)

Emperor Capital Group (717 HK) earned HK$72.11 million for the year ended 30 Sep. It proposed the payment of a final dividend of HK$0.015 a share. Loans and Financing revenue was up by 1.12x to HK$47.3 million. (Hong Kong Economic Journal P10)

Evergrande Real Estate (3333 HK) posted a record of 6.56 billion yuan in contracted sales in Nov, boosting the total for the first 11 months up to 47.72 billion yuan, having achieved its full-year target in advance. The developer expects contracted sales this year to exceed 50 billion yuan and double in 2012. (SingTao Daily B5)

Glorious Property (845 HK) announces that its contracted sales in Nov amounted to 2.242 billion yuan, boosting the total contracted sales for the first 11 months up to 10.013 billion yuan, soaring 94.32 per cent year on year. (SingTao Daily B3)

Greatview Aseptic Packaging (468 HK) shares closed at HK$4.4 in the gray market yesterday, 2.3 per cent higher than its IPO price of HK$4.3. Holding a lot generated a paper gain of HK$100. (Hong Kong Economic Times A10)

Hidili Industry (1393 HK) International expects its raw coal production plan for 2011 to be slashed by about 600,000 tonnes from the original of 5.5 million tonnes.
(SingTao Daily B3)

Husky Energy, a subsidiary under Hutchison Whampoa (13 HK), has confirmed the deal with China National Offshore Oil Corporation to develop the Liwan 3-1 gas field in the South China Sea. The gas field will be owned by Husky and CNOOC as to 49 per cent and 51 per cent respectively. (SingTao Daily B3)

International Mining Machinery (1683 HK) will set up a JV under the name of Shanxi Meijia Mining Machinery. It will hold 49 per cent of the equity interest. Registered capital of the JV company will be 69 million yuan, 33.81 million yuan of which will be contributed by it. (Hong Kong Economic Journal P6)

Sateri Holdings (1768 HK) shares ended at HK$6.5 each on their first day of trade, 1.5 per cent lower than its issue price of HK$6.6. Investors suffered a paper loss of HK$50 for holing a board lot, not taking charges into account. (Hong Kong Economic Times A10)

See Corporation (491 HK) has entered into a non-legally binding MOU, planning to acquire from a company connected to its managing director Wong Kui Shing Danny at HK$300 million cash and/ or promissory notes a company engaged in investments on renewable resources projects in Lao PDR, with a focus on developing plantation of Eucalyptus and the R&D of bioenergy. (Hong Kong Economic Journal P10)

Yuexiu Property (123 HK) booked contracted sales of 393 million yuan in Nov, down 53 per cent year on year. Contracted sales for the first 11 months rose 36 per cent to a total of 8.079 billion yuan year on year. (SingTao Daily B3)

Yuzhou Properties (1628 HK) has issued 5-year senior notes, but the raising amount was slashed from the original of US$300 million to US$150 million, according to foreign media. (SingTao Daily B3)

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

Hong Kong Stock Market Wrap December 7th, 2010

Agile Property Holdings (3383 HK) saw contracted sales soar around 64 per cent yoy to 25.4 billion yuan as of the end of Nov. Full-yr contracted sales target was achieved. Contracted sales area reached around 2.27 million sqm, up around 16 per cent yoy. Average price amounted to about 11189 yuan per sqm. Nov contracted sales was 2.8 billlion yuan, involving area of about 230000sqm. (Hong Kong Economic Journal P16)

Amber Energy expects (90 HK) net profit for the year ending 31 Dec to go up significantly yoy as natural gas supply in Zhejiang Province has improved since Q210. (Hong Kong Economic Times A10)

Asia Commercial Holdings (104 HK) announced interim results of 2010 in end Nov that its net profit surged over 100 per cent, mainly due to the 30 per cent growth in same-store sales during the period. The company is planning to set up 20-30 new-brand special stores and comprehensive stores in the mainland in next three years. (SingTao Daily B6)

Cathay Pacific Airways (293 HK) intends to replace business-class seats of its current fleets and new aircrafts, involving HK$1 billion, in order to respond to the competition from other airlines in business-class passengers. (SingTao Daily B4)

Hongkong Electric’s (6 HK) 10-year US$500 million worth bonds were well-received by investors. The coupon rate of the bonds is 4.25 per cent, while its bond yield is 4.341 per cent. Investors, totalled 150, have subscribed the bonds amounting to US$1.8 billion. (SingTao Daily B4)

HSBC Global Asset Management (5 HK), subsidiary of HSBC, announced in end Sept that assets in emerging market under its management have exceeded US$100 billion, accounting for around 25 per cent of the global assets of the lender. (SingTao Daily B4)

KWG Property (1813 HK) posted pre-sale income of about 500 million yuan in Nov and about 10.55 billion yuan for the first 11 months, exceeding its full-yr target by 5 per cent. The group says it has recently acquired sites in Chengdu, Shanghai and Tianjin, expecting its 2011 sales income to continue to go up sharply. (Hong Kong Economic Journal P16)

Longfor Properties (960 HK) reported Nov contracted sales of 4.05 billion. Contracted sales for the first 11 months hit 27.72 billion yuan, exceeding full year sales target by 12 per cent. (Hong Kong Economic Journal P16)

Leung Chi-Kin Stewart of New World Development (17 HK), aged 71, having served the group for 40 years, will retire from the group of all executive roles effective from 1 Jan and be re-designated as a non-executive director and principal adviser. Wong Man-Hoi will take his place as company secretary and an authorised representative. (Hong Kong Economic Times A10)

PAX Global Technology (327 HK), a EFT-POS terminal solutions provider in the mainland, starts opening its retail book today, planning to float 319.2 million shares at an offer price between HK$2.53 and HK$3.23 to raise up to HK$1.031 billion. Investors need to pay HK$3,262 for a board lot of 1,000 shares. The listing date is Dec 20 and CITIC Securities is the sponsor. (SingTao Daily B4)

Poly (Hong Kong) Investment’s (119 HK) sales for the first 11 months stood at around 10.1 billion yuan, gaining 38.4 per cent yoy. Contracted sales area was around 1.31 million sqm. (Hong Kong Economic Journal P16)

Tsingtao Brewery (168 HK) plans to acquire 100 per cent equity interest in Shandong Xin Immense Brewer, at a consideration of 1.873 billion yuan. Xin Immense Brewer owns the Silver Wheat brand, producing 550,000 liters a year. Tsingtao's takeover helped its shares climb 5 per cent to close at HK$42.95 yesterday. (SingTao Daily B5)

World Wide Touch Technology’s (1282 HK) offering closed yesterday afternoon. Market sources say the IPO was almost 20 times oversubscribed, locking in around HK$1.8 billion. Its shares will be priced between HK$0.85 and 1.05 each. (Hong Kong Economic Times A2)

Xinjiang Goldwind Science & Technology (646 HK) has successfully won the open tender of a concession project for supplying wind turbine generators to a wind farm developer, China Three Gorges New Energy Corporation in Kushui fourth wind farm at Hami, Xinjiang, involving 920 million yuan. (SingTao Daily B4)

Yardway Group (646 HK) announces to place 143 million shares at a price of HK$0.4335 per subscription share, representing around 18 per cent discount to its closing price of HK$0.53 before the trading suspension. The net proceeds of HK$60 million will be used for general working capital. (SingTao Daily B4)

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

Hong Kong Stock Market Wrap December 6th, 2010

Cathay Pacific Airways (293 HK) will focus on developing the mainland market over the next few years. It has no plans for a share placement although its share price has jumped to a new record high. In addition, the current chief operating officer John Slosar will take over from Tony Tyler who will resign as chief executive with effect from 31 Mar 2011. (SingTao Daily B3)
C C Land Holdings’ (1224 HK) Nov contracted sales sank 39.4 per cent mom to 372 million yuan, a gain of 33 per cent yoy. (Hong Kong Economic Times A14)

Changsha Zoomlion Heavy Industry Science and Technology (1157 HK) plans to start its IPO on 13 Dec and float on 23 Dec, aiming to issue 870 million shares. Sources close to underwriters disclose that the company's shares will be priced between HK$13.98 and 18.98 each. Maximum offer price a lot is HK$3834.26. CICC, Goldman Sachs and JP Morgan are sponsoring the issue. (Hong Kong Economic Journal P8)

China Automation Group (569 HK) has entered into a term loan facility agreement with a syndicate of banks and financial institutions. The facility agreement relates to the provision of a multi-currency 3.5-year term loan facility amounting to around US$50 million. (SingTao Daily B4)

China Resources Cement (1313 HK) is planning to acquire 50 per cent equity interest in target companies engaging in the production and sale of clinker, cement and concrete in Guangzhou and Hong Kong. The total consideration will be HK$1.24 billion that is intended to be satisfied by internal resources of the company. (SingTao Daily B4)

China Resources Enterprise (291 HK) that is actively expanding its retail network has acquired 98 per cent equity interest in a supermarket situated at Hongcheng, Guangzhou, at a consideration of around 36.7 million yuan. The company plans to open at least 300 retail stores in the mainland next year. (SingTao Daily B3)

Galaxy Entertainment Group (27 HK) proposes to issue 3-yr 1 billion yuan fixed rate senior unsecured bonds. Application has been made to the HKEx (0388) for listing of the RMB denominated bonds. BofA Merrill Lynch, BOCI International, HSBC and UBS are the joint bookrunners. (Hong Kong Economic Journal P12)

Geely Automobile Holdings (175 HK) booked Nov sales volume of 44,160 units of vehicles, up 24.5 per cent yoy, up 10.3 per cent mom. 90 per cent of the full year sales volume target of 400,000 units of vehicles was achieved. (Hong Kong Economic Journal P10)

Hongkong Electric Holdings (6 HK) proposes to change the name of the company from “Hongkong Electric Holdings Limited” to “Power Assets Holdings Limited”, following the recent substantial acquisition of a 40 per cent interest in electricity distribution assets in the UK. (SingTao Daily B3)

IRC (1029 HK) has entered into a contract with CNEEC, a major Chinese state-owned contractor. Under the contract, CNEEC will act as an engineering, procurement and construction contractor for the design and construction of stage 1 of the company’s mining operations at K&S, involving US$400 million (over HK$3.1 billion). (SingTao Daily B4)

Lee & Man Paper (2314 HK) Manufacturing has entered into a facility agreement in relation to a term loan facility amounting to HK$2.5 billion for a period of 6 months, for the refinancing of the existing facilities, general working capital requirements and capital expenditure of the company. (SingTao Daily B4)

Poly (Hong Kong) Investment (119 HK) posted contracted sales of around 10.1 billion yuan for the first 11 months, up 38.4 per cent yoy. Contracted sales area amounted to 1.31 million sqm. (Hong Kong Economic Times A14)

Powerlong Real Estate Holdings (1238 HK) registered a mom jump of 86 per cent in Nov contracted sales, which rose to 1.3 billion yuan. Sales area hit 175,000 sqm. Contracted sales reached around 4.3 billion yuan for the first 11 months. (Hong Kong Economic Journal P13)

SRE Group (1207 HK) plans to acquire a target company that holds two parcels of commercial and residential land located in Jiaxing, Zhejiang, involving US$36 million (around HK$280 million). The two pieces of land have a total site area of more than 129,800 square metres. (SingTao Daily B4)

Yuexiu Property Company (123 HK) has acquired 5 parcels of land, with a total permissible gross floor area of about 818,000 sqm, for residential, office and commercial uses, in Lin-an, Hangzhou at 589 million yuan. It has also agreed to sell to China Resources Enterprise (0291) the entire issued share capital of and the shareholder’s loan to Durman at around 37 million yuan. Durman holds about 98 per cent equity interest in Guangzhou Homecity Supermarket. (Hong Kong Economic Journal P13)

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

Hong Kong Stock Market Wrap December 3rd, 2010

Agile Property (3383 HK) has successfully bid for a commercial and residential site located at Chancheng district, the downtown of Foshan, at a consideration of 530 million yuan. The gross floor area of the land is more than 73,700 square meters, while the land price per floor area is around 7,122 yuan per square meter. (SingTao Daily B3)

Chinalco, parent of Aluminum Corp. of China Limited (2600 HK), has signed a MOU with Rio Tinto in Beijing. Both parties agreed to establish a joint venture company, aiming to explore mineral resources in China. The JV company will be owned by Chinalco and Rio Tinto as to 51 per cent and 49 per cent respectively. (SingTao Daily B3)

China Suntien Green Energy Corp. (956 HK) announces that its CDM project has recently been successfully registered with the United Nations. It expects that the project may contribute to the company’s profit by about 10 million yuan per annum for year 2011 and 2012. (SingTao Daily B3)

CSR Corporation (1766 HK) is actively expanding its overseas markets, planning to raise the proportion of the turnover of its overseas business to 20 per cent in 2015. The company is teaming up with the US-based General Electric Co. for involving in several express rail link construction projects in the US currently. (Hong Kong Economic Journal P4)

Morning Star Resources (542 HK) is planning to dispose the entire issued share capital of Morning Star Securities Limited to VMS Investment Group. The consideration will be the net asset value plus a premium of HK$3 million. The proceeds from the disposal will be used for travel-related service business. (SingTao Daily B3)

Singamas Container Holdings (716 HK) expects to record a profit for the financial year ending 31 Dec 2010 as compared to a loss last year. The positive turnaround of the results is mainly due to growing container demand as a result from improving global trading activities since the end of 2009, higher selling prices, an overall strengthening of internal management and effective cost control strategies. (Hong Kong Economic Times A8)

Viva china (8032 HK), formerly known as Coolpoint Energy Limited, has appointed Michael Ng Chi-man as the chief executive officer and executive director with effect from 3 Dec 2010. Michael Ng worked for China Travel International Investment Hong Kong Limtied (0308) and Shun Tak Holdings Limited (0242) prior to joining the company. (SingTao Daily B3)

Apollo Solar Energy Technology (566 HK) announces that it has successfully secured a sales contract through its indirect wholly-owned subsidiary Apollo Precision (Fujian) Limited, for a total contract sum of around HK$306 million. (Hong Kong Economic Journal P8)

CATIC Shenzhen (161 HK) plans to acquire a target group engaging in logistics, manufacturing and real estate industries from subsidiaries of its holding company AVIC International. The preliminary valuation of the target group was around 4.151 billion yuan. (SingTao Daily B6)

Emperor International (163 HK) plans to acquire a prime site situated in the Yu Shan district of Shanghai from Emperor Entertainment Hotel (0296), at a consideration of around HK$1.063 billion. (SingTao Daily B6)

Futong Technology Development (465 HK) has through its wholly-owned subsidiaries entered into a subscription agreement with subsidiaries of EMC Group. The purpose of signing the agreement is for setting up a joint venture company by both companies. (Hong Kong Economic Journal P8)

Kaisa Group (1638 HK) achieved contracted sales of 784 million yuan in Nov. The total contracted sales from Jan to Nov this year amounted to 8.5 billion yuan, soaring 67 per cent year on year.
(SingTao Daily B6)

Kaisun Energy Group (8203 HK) has acquired a coal firm for US$39 million (around HK$300 million) recently. The company plans to transport most of its products to China and to sell the products after finishing processing. (SingTao Daily B6)

Poly (Hong Kong) Investments (119 HK), which shifted to real estate business last year, hit 10 billion yuan of its home sale turnover this year. The company intends to raise its sales target to 18 billion yuan for 2011, expecting the average price of properties per square meter to rise 15 per cent next year. (Hong Kong Economic Times A10)

Superb Summit International Timber (1228 HK) entered into a strategic cooperative framework agreement with Tianjin Port (Group) Co., Ltd. Both companies agreed to make strategic investments in the other party’s subsidiaries. Superb Summit will make investment in a Tianjin Port’s project for development and construction of a port for imported timber in the harbor-side industrial area of Tianjin Binhai New Area, China. (SingTao Daily B6)

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

Hong Kong Stock Market Wrap December 2nd, 2010

Citigroup assigned a Buy rating to AIA Group (1299 HK), setting a HK$27 price target. Morgan Stanley set target price for the insurer at HK$25.6, with Overweight rating. (Hong Kong Economic Times A10)

Beijing Capital Land Limited (2868 HK) booked contracted sales of 10.4 billion yuan for the first 11 months. Full-year target was achieved. Nov contracted sales area hit 140000 sqm, involving 1.6 billion yuan, up 8 per cent mom, jumping 179 per cent yoy. (Hong Kong Economic Journal P14)

China Datang Corporation Renewable Power (1798 HK) kicked off roadshow yesterday. Sources say that its international placing was fully covered. It introduces 6 cornerstone investors, including China Longyuan Power (0916). (Hong Kong Economic Times A10)

China Petroleum & Chemical (386 HK) and Chevron have entered into an agreement in relation to jointly developing the Gendalo-Gehem natural gas project in Indonesia, foreign media reports. The natural gas project costs more than US$$6 billion. (SingTao Daily B2)

China Pipe Group (380 HK) planned to acquire tin business in Indonesia previously. The company has decided to cancel the transaction, as the Stock Exchange says it might be required to get listing approval. Trading in the company’s shares will resume today. (SingTao Daily B2)

Zhuhai Singyes Renewable Energy Technology Co., Ltd (750 HK), a wholly owned subsidiary of the company, has just signed a contract to supply about 1,300 environmental friendly solar powered houses in Nigeria, with a total contract value of about US$13 million. (SingTao Daily B2)

Mah Chuck On, executive director and executive chairman of operations-Mainland China of Giordano International (709 HK), says that the company has no need to raise proceeds through share placing as it has sufficient capital in hand. The company has intention to acquire medium to small-sized fashion brands in the mainland and purchase new stores to increase point of sale. (SingTao Daily B2)

Kaisa Group Holdings (1638 HK) is proposing to issue US$225 million USD settled 8 per cent convertible bonds due 2015 at an initial conversion price of HK$2.82 each. Net proceeds from the issue will amount to about 1.472 billion yuan. (Hong Kong Economic Journal P14)

Maoye International (848 HK) has successfully bid for two parcels of land located inTaizhou City, Jiangsu Province, with a gross floor area of about 800,000 square metres, for a total consideration of 1.111 billion yuan. The company plans to build a commercial and residential complex, among which more than 300,000 square metres will be designated for the use of a shopping mall. (SingTao Daily B2)

New Environmental Energy Holdings (3989 HK) plans to place a maximum of 202 million shares at HK$0.50 per placing share, seeking to raise net proceeds of HK$98 million. The placing price represents as much as about 37 per cent to its closing price before suspension of trading yesterday. (SingTao Daily B2)

Royale Furniture Holdings (1198 HK) aims to place 75 million shares at a price of HK$3.03 per placing share, seeking to raise HK$227 million, which will mainly be used to fund the expansion of production facilities. The placing price represents about 8.7 per cent to its closing price before suspension of trading yesterday. (SingTao Daily B2)

Shanghai Forte Land (2337 HK) announces that its Nov contractual sales area and sales amount were 83,468 sqm and 1.16 billion, yuan respectively, down 15.8 per cent and up 8.9 per cent yoy respectively. Sales amount for the first 11 months reached 12.548 billion yuan, involving area of around 950000 sqm. (Hong Kong Economic Journal P14)

Shimao Property (813 HK) posted contracted sales of 27.137 billion yuan for the first 11 months, with total sales area of 2.22 million sqm. Average price expanded to 12232 yuan per sqm from the 8713 yuan per sqm in the same period last year. Nov contracted sales stood at 3.479 billion yuan. 91 per cent of the full-year target was achieved. (Hong Kong Economic Journal P14)

It is said that Shui On Land (272 HK) is planning to issue 400 million yuan bonds. Deutsche Bank, Standard Chartered and UBS are arranging for the issue. It issued US$400 million 5-yr 4.5 per cent convertible bonds in Sep. (Hong Kong Economic Times A14)

Sino Resources Group (223 HK) has confirmed to place around 222 million shares at a price of HK$0.35 per placing share, aiming to raise net proceeds of HK$76 million. The placing price represents over 19 per cent to its closing price yesterday. (SingTao Daily B2)

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

Hong Kong Stock Market Wrap December 1st, 2010

Capital VC Limited (2324 HK) has planned to place 64.91 million shares at a price of HK$0.35 per placing share, seeking to raise HK$22.17 million. The net proceeds will be used for investment and for general working capital. (SingTao Daily B4)

Cash Financial Services Group (510 HK) proposes to subdivide each existing share into five subdivided shares. The shares are currently traded in board lot size of 2,000 shares. Upon the subdivision becoming effective, the board lot size will be changed from 2,000 shares to 6,000 subdivided shares. (Hong Kong Economic Journal P12)

Champion Technology (92 HK) proposes to raise around HK$271.2 million by issuing 1.808 billion rights shares on the basis of four rights shares for every nine existing shares. The subscription price of HK$0.15 per rights share represents 37.8 per cent discount to the closing price of HK$0.241 per share before the trading suspension. (Hong Kong Economic Journal P12)

Ningbo Port of China Merchants Holdings (International) (144 HK) has raised loading and unloading rates of foreign trade containers by 8 per cent, effective 1st January 2011. (SingTao Daily B4)

China Water Industry Group (1129 HK) aims to acquire interests of several target companies for a maximum aggregate consideration of HK$50 million. The target companies are principally engaged in sewage treatment business in the mainland. (Hong Kong Economic Journal P12)

Chinese Estates Holdings (127 HK) announces that Lau, Ming-wai, a non-executive director of the company, has been appointed as the vice chairman with effect from 1st December 2010. (SingTao Daily B4)

Chongqing Rural Commercial Bank (3618 HK) is set to open its retail book tomorrow. According to its sales documents, the lender will offer 2.185 billion shares, more than the previous market forecasts of 2 billion shares. The IPO size will thus be increased to as much as HK$13.113 billion in terms of an offer price of HK$4.5-HK$6 apiece. (Hong Kong Economic Journal P6)

Guangzhou R&F Properties’ (2777 HK) contracted sales amount for Nov was 4.438 billion yuan, shooting up 103 per cent year on year, and soaring 77 per cent month on month. Sales area went up 45 per cent year on year to 250,600 square meters. (Hong Kong Economic Times A12)

HSBC (5 HK) Private Equity (Asia), a subsidiary under HSBC, has completed acquisition by its management, renaming itself Headland Capital Partners Ltd. (SingTao Daily B4)

Huaneng Power International (902 HK) plans to acquire 50 per cent equity interest in Times Shipping Co., Ltd from its parent China Huaneng Group, at a consideration of 1.058 billion yuan. (SingTao Daily B4)

KH Investment Holdings (8172 HK) aims to acquire the china TV commercial business from Media China Corporation Limited (0419), at a consideration of HK$82 million. (SingTao Daily B4)

Luk Fook Holdings (International) (590 HK) aims to place 42 million shares at a price between HK$23.15 and HK$24.72 by way of top-up placing, seeking to raise up to HK$1.04 billion, according to sales documents. (Hong Kong Economic Journal P6)

Mitsumaru East Kit (2358 HK) has signed a loan agreement with China Water Affairs Group (0855). Pursuant to which the latter agrees to make available to MEK a loan up to an amount of HK$100 million. (SingTao Daily B4)

Pioneer Global Group (224 HK) fetched around HK$54.6 million after disposal of properties situated at North Point for HK$190 million. The properties sold include several units and parking spaces of the podium of blocks 1, 2 and 3, City Garden, North Point and portion of exterior wall thereof for signboard. (SingTao Daily B4)

Skyworth Digital’s (751 HK) first half net profit fell 38 percent to HK$354 million. However, the company expects its gross profit margin to improve in the second half by selling more higher margin LED televisions. (Hong Kong Economic Times A12)

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

Hong Kong Stock Market Wrap November 30th, 2010

IPO: China Datang Corporation Renewable Power reportedly will kick off roadshow on 2 Dec. It plans to offer 2.14 billion shares at an offer price ranging between HK$2.33 and 3.18 apiece. (SingTao Daily B4)

AMS Public Transport Holdings (77 HK) saw net profit go down around 35 per cent to about HK$14.8 million for the 6 months ended 30 Sep. Earnings per share was 6.5 HK cents. No dividend was declared. (SingTao Daily B3)

China Gold International Resources (2099 HK) closed at HK$44.95 in the gray market yesterday, 0.6 per cent higher than the offer price. Not taking charges into account, holding a lot generated a paper gain of HK$27. (Hong Kong Economic Times A8)
China Pharmaceutical Group (1093 HK) booked net profit of HK$595 million for the 9 months ended the end of Sep, down 21 per cent. EPS was 38.76 HK cents. No dividend was declared. (SingTao Daily B4)
Dickson Concepts (International) (113 HK) saw turnover fall 18.4 per cent to HK$1.45 billion for the 6 months ended 30 Sep. Net profit plunged 24.7 per cent to HK$61.07 million. EPS was 16.4 HK cents. It has resolved to declare an interim dividend of 13 HK cents a share, same as last year. (Hong Kong Economic Journal P7)

Intime Department Store (Group) (1833 HK) announces an acquisition of Hubei Wuluo from a company controlled by its chairman Shen Guojun. Consideration is 56.5 million yuan. (SingTao Daily B4)

MIE Holdings (1555 HK) offers 662 million shares, 441.334 million of which is new shares, 220.666 million of which is existing shares, at an offer price ranging between HK$1.7 and 2.16 a share. One thing worth noticing is that PetroChina Company (0857) was its only client in 1H10. (Hong Kong Economic Journal P4)

Trading in NetDragon Websoft (777 HK) shares has been suspended after the shares advancing 20 per cent to HK$3.94 yesterday. The company says that it is in preliminary negotiation with IDG and other possible investors in relation to the establishment of fund. (Hong Kong Economic Journal P6)

Pacific Plywood Holdings (767 HK) places 321 million new shares at a price of HK$0.105 per share to raise HK$33.7 million. (SingTao Daily B3)

ShiFang Holding (1831 HK) decided to fix the offer price at HK$3.03, the lower end of the range. It will list in HK on 3 Dec, Friday. (Hong Kong Economic Times A8)

Huaneng Power International (902 HK), Inc. announces that CSRC has approved its private placement of not more than 500 million overseas listed shares with a par value of 1 yuan apiece, all of which are ordinary shares. (SingTao Daily B3)

Skyworth Digital Holdings (751 HK) booked net profit of HK$354 million for the 6 months ended 30 Sep, down 38.22 per cent yoy. It has resolved to pay an interim dividend of 5 HK cents a share. Shareholders may choose to receive interim dividend in the form of new shares. (Hong Kong Economic Times A10)

Tack Fat Group International (928 HK) lost over HK$98 million for the six months ended 30 Sep. Loss per share was 4.5 HK cents. No dividend was declared. (SingTao Daily B3)

Truly International Holdings (732 HK) recorded net profit of around HK$263 million for the 9 months ended the end of Sep, down 7.8 per cent yoy. The company has resolved to pay a third interim dividend of 8 HK cents per share. It also proposes a one-for-ten bonus issue of shares. (SingTao Daily B3)

3 executive directors of Xiwang Sugar Holdings (2088 HK) have resigned, including 2 founders Wang Liang and Wang Cheng Qing and an executive director Liu Ji Qiang. Zhang Yan, Wang Di and Song Jie have been appointed as executive directors with effect from yesterday. (Hong Kong Economic Journal P2)

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

Hong Kong Stock Market Wrap November 29th, 2010

IPO: Zoomlion Heavy Industry Science & Technology reportedly plans to issue up to 1 billion H shares to raise around US$1.5 billion. CICC, Goldman Sachs and JP Morgan are sponsoring the IPO. (Hong Kong Economic Journal P2)

it is said that Biostime (1112 HK) will open its retail book on 3 Dec. It plans to issue 150 million new shares at between HK$10 and 12 each. Maximum offer price a lot of 500 shares is around HK$6060.48. (Hong Kong Economic Journal P2)

Bosideng International (3998 HK) recorded a net profit of 110 million yuan for the half-year period ended Sep 30, soaring 81 per cent. Earnings per share was 1.42 fen. An interim dividend of 6.5 fen per share was declared. (SingTao Daily B2)

Café De Coral (341 HK) saw first-half net profit edging up 1 per cent to HK$220 million. Earnings per share amounted 39.94 HK cents. An interim dividend of 17 HK cents per share was maintained. To celebrate its 25th anniversary of listing next year, the company will consider declaring a special dividend. (SingTao Daily B4)

China New Materials (1887 HK) is set to list in HK on 13 Dec. Offer price is between HK$2.33 and 3.33 a share. OZ and China Life Insurance (2628) reportedly have subscribed for the shares. (Hong Kong Economic Journal P2)

Chow Sang Sang (116 HK) Holdings International says the Beijing AIC’s finding that a 18-karat gold bracelet at its sales point in Beijing did not meet the standard on gold content is an isolated incident. It has already withdrawn the bracelets and other products of the same batch provided by the relevant supplier from sale and has offered an option to refund to customers that have purchased 18-karat gold bracelets from it in China. (Hong Kong Economic Times A12)

Bridas, 50%/50% owned by each of CNOOC (883 HK) and Bridas Energy, will acquire from BP 60 per cent equity interest in Pan American Energy for a total consideration of US$7.06 billion. 70 per cent of the consideration will be contributed by CNOOC and Bridas Energy. Each of them will pay US$2.47 billion. (Hong Kong Economic Journal P6)

Asia Standard International Group (129 HK) posted interim net profit of 1.397 billion, up 25 per cent. Interim dividend of 0.5 cent was declared. (Hong Kong Economic Journal P12)

Golden Meditech Holdings (801 HK) had a sharp increase of 2.44 times to HK$166 million in net profit for the six months ended Sep 30. Earnings per share amounted to 9.83 HK cents. No interim dividend was distributed. (SingTao Daily B2)

Hung Hing Printing Group (450 HK) saw interim net profit rising 28 per cent year on year to HK$129 million for the six months ended Sep 30. Earnings per share was 14.3 HK cents. An interim dividend along with a special dividend totalled 22 HK cents per share. (SingTao Daily B2)

Johnson Electric Holdings (179 HK) booked a net profit of US$92.88 million (around HK$720 million) for the six months ended Sep 30, shooting up 535 per cent. Earnings per share amounted to 2.54 US cents and an interim dividend of 3 HK cents per share was declared. (SingTao Daily B2)

L’occitane International (973 HK) posted a net profit of almost €30 million (around HK$308 million) for the half year ended Sep 30, up over 19 per cent year on year. Earnings per share was €0.021. No interim dividend was paid. The company expects to increase by 62 branch stores in the second half. (SingTao Daily B4)

Moiselle International (130 HK) posted a 1.45-time growth in net profit to HK$17 million for the half-year ended Sep 30. An interim dividend of 4 HK cents per share was distributed. (SingTao Daily B2)

Silver Base Group (886 HK) booked net profit of HK$215 million for the 6 months ended 30 Sep, up 26.1 per cent yoy. EPS was 18.08 HK cents, up 25.9 per cent yoy. It has declared an interim dividend of HK$0.169 a share. It entered into a LOI yesterday to acquire 35 per cent equity interest in Jilin Daquanyuan. (Hong Kong Economic Times A10)

The corporate business division of Bank of East Asia (23 HK) grew substantially this year, driving net profit at the end of Sep to surge 75 per cent from what it was at the year-end of 2009. The lender expects monetary tightening in China to continue boosting SAR loan deals in the first half next year. (SingTao Daily B2)

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

Hong Kong Stock Market Wrap November 26th, 2010

Chen Hsong Holdings (57 HK) saw net profit go up nearly 3.9 times yoy to HK$225 million for the 6 months ended 30 Sep. EPS was HK35.8 cents. The company has resolved to declare an interim dividend of 8 HK cents a share. (SingTao Daily B3)

China Modern Dairy (1117 HK) closed at HK$2.51 on its debut, down 13.15 per cent over the offer price of HK$2.89. Not taking charges into account, holding a lot of 1000 shares generated a paper loss of HK$380. (Hong Kong Economic Times A8)

China Water Affairs Group (855 HK) booked net profit of HK$271 million for the 6 months ended 30 Sep, up almost 20 per cent yoy. EPS was HK$0.2. It has resolved to declare an interim dividend of HK$0.02 per share. As at 30 Sep, it has total cash and bank balances of around HK$800 million. (SingTao Daily B4)

Fantasia Holdings Group (1777 HK) will cooperate and jointly develop a tourism and vacation resort in Jinmen, Taiwan with Astro Corporation, conditional upon the completion of a proposed TDR issue. It expects if proceeding with the issue, it will utilize part of the proceeds being TWD1.2 billion and invest in the resort. (Hong Kong Economic Journal P8)

Far East Hotels (497 HK) And Entertainment lost HK$7.19 million for the 6 months ended 30 Sep, as compared to the profit of HK$2.83 million in the same period last year. It has resolved not to declare any interim dividend in respect of the period. (Hong Kong Economic Journal P8)

Joyce Boutique (647 HK) posted profit attributable to shareholders of HK$40.4 million for the 6 months ended 30 Sep, surging 901.6 per cent yoy. EPS amounted to 2.5 HK cents. It has resolved not to declare any interim dividend. Turnover reached HK$524 million, up 6.5 per cent yoy. (Hong Kong Economic Times A8)

World Wide Touch Technology (1282 HK) has kicked off roadshow. It plans to issue 861 million shares at between HK$0.85 and 1.05 a share. Sources say that it is to raise funds for upgrading production equipment, enhancing R&D and setting up more production facilities, etc. (Hong Kong Economic Journal P5)

Agritrade Resources’ (1131 HK) profit attributable to equity holders for the six months ended Sep 30 was HK$65.184 million. Earnings per share amounted to 12.7 HK cents. No interim dividend was paid. (SingTao Daily B3)

Chevalier International (25 HK) saw a five-fold growth to HK$513 million in interim profit ended Sep 30. Earnings per share was HK$1.85. An interim dividend of HK$0.2 per share and a special dividend of HK$0.4 apiece were declared. Chevalier Pacific Holdings (0508) posted a profit of HK$162 million in the period, up 244 times. Earnings per share was 7 HK cents. No dividend was paid. (SingTao Daily B3)

China Railsmedia’s (745 HK) loss for the half year ended Sep 30 narrowed by 10 per cent to HK$18.3 million. Loss per share amounted to 1.18 HK cents. No dividend was declared. (SingTao Daily B3)

Far East Consortium International (35 HK) posted a net profit of HK$187 million for the six-month period ended Sep 30, rising 10 per cent. Earnings per share amounted to 9.8 HK cents and an interim dividend of 2 HK cents per share was declared. Turnover in the period totaled HK$782 million, tumbling 44 per cent year on year. (Hong Kong Economic Journal P4)

PetroAsian Energy Holdings’ (850 HK) loss for the half year ended Sep 30 narrowed by 25 per cent to HK$76.35 million. Loss per share was 2 HK cents. No dividend was distributed. (SingTao Daily B3)

Strong Petrochemical (852 HK) posted a profit of HK$123 million for the six months ended Sep 30, soaring 30 per cent. Earnings per share amounted to 8 HK cents. No interim dividend was declared. (SingTao Daily B3)

Thunder Sky Battery (729 HK) had a loss of HK$106 million in interim results ended Sep 30, diving 162 times. Loss per share amounted to 33.8 HK cents. No dividend was distributed. (SingTao Daily B3)

Walker Group (1386 HK) recorded a net profit of HK$1.3 million for the six months ended Sep 30, returning to the black. It booked a loss of HK$28 million over the same period last year. Turnover during the period lifted 15.8 per cent to HK$551 million, while same-store sales in the mainland went up 7.9 percentage points year on year to 12 per cent. (Hong Kong Economic Times A10)

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

Hong Kong Stock Market Wrap November 25th, 2010

Asia Commercial Holdings (104 HK) says that its profit before tax amounted to HK$41 million for the six months ended Sep 30, shooting up 105 per cent over the same period last year. Sales volume during the period reached HK$460 million, rising 36 per cent from last year. Basic earnings per share was 1.25 HK cents. An interim dividend of 0.2 HK cent was recommended. (SingTao Daily B4)

Bauhaus International (483 HK) saw interim net profit soaring 34.5 per cent to HK$26 million for the period ending Sep 30. Turnover in the period went up 17.8 per cent to HK$380 million. Earnings per share was 6.4 HK cents. An interim dividend of 2 HK cents per share was distributed, unchanged from a year ago. (SingTao Daily B4)

China Modern Dairy (1117 HK) shares closed at HK$2.79 in the gray market, 3.45 per cent lower than the offer price of HK$2.89 each. Shareholders lost HK$100 for a board lot. (Hong Kong Economic Times A2)

Chun Wo Development (711 HK) booked turnover of HK$1.226 billion for the 6 months ended 30 Sep, up 3 per cent yoy. Net profit fell 82 per cent yoy to HK$5.61 million. EPS was 0.61 HK cent. No interim dividend was declared. The company recorded a loss of HK$18.2 million from the disposal of worker quarters under construction in progress for property developments in Abu Dhabi, UAE. (Hong Kong Economic Journal P16)

Fairwood Holdings (52 HK) posted a net profit of HK$70.7 million for the first half ended Sep 30, leaping 43.4 per cent. Revenue in the period rose 4.4 per cent to HK$811 million. Earnings per share amounted to 56.25 HK cents. An interim dividend of 20 HK cents per share and a special one of 8 HK cents apiece were declared. (SingTao Daily B4)

Forefront Group (885 HK) proposes, after reorganization, to implement a rights issue on the basis of 8 rights shares for every adjusted share held at HK$0.125 a rights share, whereby raising HK$406 million by issuing 3.25 billion- 4.1 billion shares. (Hong Kong Economic Journal P8)

Kingworld Medicines Group (1110 HK) shares closed at HK$2.05 yesterday, 28.1 per cent higher than the offer price of HK$1.6 a share. Not taking charges into account, holding a lot generated a paper gain of HK$1800. (Hong Kong Economic Times A2)

Media Chinese International (685 HK) had a net profit of US$27.33 million, surging over 86 per cent. An interim dividend of 0.8 US cent per share was proposed, leaping over 77 per cent year on year. (SingTao Daily B4)

Mingfa Group (International) (846 HK) will issue convertible bonds in the aggregate principal amount of around HK$1.55 billion due 2015 to private equity Warburg Pincus to raise around HK$1.547 billion. The bonds are convertible into shares at HK$2.9 a share, a 16.47 per cent premium to yesterday’s closing price. (Hong Kong Economic Journal P16)

OP Financial Investments (1140 HK) suffered a loss of HK$137 million for the six months ended Sep 30, sinking into the red. No interim dividend was recommended. (SingTao Daily B4)

Pacific Textiles (1382 HK) booked a net profit of HK$453.42 million for the six-month period ended Sep 30, rising 16.7 per cent. An interim dividend of 14 HK cents was proposed. (SingTao Daily B4)

Sihuan Pharmaceutical’s (460 HK) wholly-owned subsidiary Sun Moral has conditionally agreed to purchase from JSAB Investment the entire equity interest in Dupromise Holdings. Total consideration is based on the 2011 audited net income multiplied by 12, being no more than 2.4 billion yuan. (Hong Kong Economic Journal P4)

Suga International (912 HK) recorded a net profit of HK$40.5 million for the six-month period ended Sep 30, soaring 61.2 per cent year on year. An interim dividend of 5 HK cents per share was recommended, leaping 25 per cent over the same period last year. (SingTao Daily B4)

Tai Cheung Holdings (88 HK) saw interim net surging 111 per cent to HK$389.3 million ended Sep 30. An interim dividend of 11 HK cents per share was distributed, unchanged from the previous year. (SingTao Daily B4)

TPV Technology (903 HK) recorded Q3 net profit of US$31.96 million, down 19.1 per cent yoy, down 20 per cent qoq. Revenue amounted to US$2.95 billion, up 30.4 per cent yoy, down 3.7 per cent qoq. GP margin was 5 per cent, down 0.3pps yoy, down 0.2pps qoq. (Hong Kong Economic Journal P12)

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

Hong Kong Stock Market Wrap November 24th, 2010

Air China (753 HK) completed its plan to issue new A shares and new H shares yesterday. Through the H share issue, it raised 1.04 billion; through the A share issue, it raised 5.6 billion yuan. (Hong Kong Economic Times A12)
Li Ka Shing increased stakes in Cheung Kong (Holdings) (1 HK) by 273,000 shares or 0.01 per cent at HK$116.464 each on 22 Nov, involving HK$31.79 million, taking his shareholding in the company to 42.36 per cent. (Hong Kong Economic Times A2)

Chinney Investments (216 HK) posted profit attributable to owners of HK$32.02 million for the 6 months ended 30 Sep, down 83 per cent yoy. EPS was 5.81 HK cents. It did not recommend the payment of an interim dividend. (Hong Kong Economic Journal P12)
Emperor Entertainment Hotel (296 HK) booked net profit of HK$170 million for the 6 months ended 30 Sep, surging 232 per cent. EPS amounted to HK$0.13. It recommended to pay an interim dividend of HK$0.04 a share. (Hong Kong Economic Journal P12)

Emperor International (163 HK) saw interim net profit surging 2.316 times to HK$170 million. Earnings per share amounted to 13 HK cents, soaring 160 per cent year on year. An interim dividend of 4 HK cents per share was recommended, up almost 60 per cent over the same period of the previous year. (SingTao Daily B3)

Golden Resources (677 HK) booked a net profit of HK$95.59 million for the six-month period ended Sep 30, plunging around 40 per cent year on year. An interim dividend of 1.2 HK cents per share was distributed. (SingTao Daily B4)

GR Vietnam Holdings (139 HK) booked a loss of around HK$53 million for the six months ended Sep 30. The company lost over HK$33 million in the same period a year ago. Loss per share was 1.75 HK cents. No dividend was distributed. (SingTao Daily B4)

Hon Kwok Land Investment (160 HK) saw profit attributable to owners go down 73 per cent yoy to HK$76.14 million for the 6 months ended 30 Sep. EPS was 15.85 HK cents. No dividend will be paid. (Hong Kong Economic Journal P12)

Meike International Holdings (953 HK) has agreed to place not more than 157.5 million shares at HK$1.89 a share to raise around HK$290 million. The shares will represent around 13.18 per cent of its issued share capital as enlarged. (Hong Kong Economic Times A12)

Proview International (334 HK) announces that the Shenzhen Intermediate People’s Court has issued judgments and granted enforcement orders against the company in relation to the claims made by several banks for loans of about HKD566 million. Thus, the majority of the total assets of the company are frozen for settlement of the claims, which further put the company into a more difficult position. (SingTao Daily B4)

Samson Paper Holdings (731 HK) posed a profit attributable to equity holders of HK$34.71 million for the six months ended Sep 30, leaping 15.12 per cent over the same period last year. Earnings per share was 6.9 HK cents. An interim dividend of 1 HK cent per share was recommended. (SingTao Daily B4)

Sincere Watch (444 HK) gained around HK$33 million for the six months ended Sep 30, while a loss of about HK$28 million was recorded over the same period last year. Earnings per share was 8.1 HK cents. No dividend was paid. (SingTao Daily B4)

Sparkle Roll Group (970 HK) posted a net profit of HK$32.6 million for the six-month period ended Sep 30, declining 8.6 per cent year on year. Earnings per share amounted to 1.2 HK cents. An interim dividend of 0.3 HK cent was declared. (SingTao Daily B4)

Sundart International Holdings (2288 HK) recorded profit attributable to owners of HK$72 million for the 6 months ended 30 Sep, down 40 per cent yoy. It declared an interim dividend of 6.5 HK cents a share. Remaining value of contracts to be completed was estimated to be around HK$1.32 billion. (Hong Kong Economic Journal P10)

Yangtzekiang Garment (294 HK) recorded a net profit of around HK$29 million for the six months ended Sep 30, soaring 11.96 times year on year. Earnings per share amounted to 14 HK cents. An interim dividend of 2 HK cents was declared. (SingTao Daily B4)

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

Hong Kong Stock Market Wrap November 23rd, 2010

BaWang International (Group) Holding (1338 HK) expects its turnover from Jul to Oct to go down 31 per cent yoy and 2010 results to decline substantially because of the “dioxane incident” in Jul. Shares went down almost 6 per cent to HK$3.15 yesterday. (Hong Kong Economic Times A14)

CCT Telecom (138 HK) has agreed to sell 700 million CCT Resources (8163) shares to Merdeka Commodities at HK$67.9 million. Price per share is HK$0.097. Its interest in CCT Resources will be reduced from 38.13 per cent to 24.99 per cent. (Hong Kong Economic Journal P14)

China Dongxiang’s (3818 HK) indirect wholly owned subsidiary Shanghai Gabanna, Han Bo Jia Ye, Chen Co, and other independent third parties have entered into a capital increase agreement. Han Bo Jia Ye will be further invested by a total of 129 million yuan, of which 82.66 million will be paid by China Dongxiang. (SingTao Daily B2)

China Timber Resources Group (269 HK) booked a loss of HK$200 million for the six-month period ended Sep 30, tumbling around 8.29 times over the same period a year ago. No interim dividend was recommended. (SingTao Daily B2)

Chuang’s China Investments (298 HK) recorded profit attributable to equity holders of HK$10.9 million for the 6 months ended 30 Sep, down 15.3 per cent yoy. EPS was 0.72 HK cent. No interim dividend will be paid. (Hong Kong Economic Journal P12)

CITIC 21CN (241 HK) suffered a loss of HK$15.51 million for the six months ended Sep 30, plunging 3.5 times from last year. Loss per share was 0.42 HK cents. No interim dividend was declared. (SingTao Daily B2)

Goodbaby International Holdings’ (1086 HK) gray market price went up over 18 per cent to close at HK$5.81 yesterday. Shareholders earned HK$910 for a board lot of 1000 shares. It says its IPO is 1459 times oversubscribed. (Hong Kong Economic Times A11)

Hang Ten Group Holdings (448 HK) saw profit rise 102.8 per cent to HK$85.6 million for the 6 months ended 30 Sep. Gross margin rose 2.9pps to 57.1 per cent. EPS was 8.72 HK cents. It has resolved to pay an interim dividend of 2 HK cents a share. (Hong Kong Economic Times A14)

Heng Tai Consumables Group (197 HK) terminates a proposed TDR issue. It has agreed to place up to 400 million shares at HK$1.15 a share to not fewer than 6 placees to raise HK$452 million. (Hong Kong Economic Journal P14)

Huadian Power International Corporation (1071 HK) announces that the Development and Reform Commission of Hebei province has approved its subsidiary Hebei Huarui Energy Group’s 2 wind power projects, the 49.5MW wind power generation unit of the Yuzhou Huanghualiang wind farm and the 49.5MW wind power generation unit of the Zhenjiawan wind farm in Yu County, involving 917 million yuan. (Hong Kong Economic Times A14)

ICBC (1398 HK) announced yesterday that the A share rights issue was 99.72 per cent subscribed. Holders of the existing A shares were entitled to subscribe for 0.45 A rights shares for every 10 existing A shares held at a price of 2.99 yuan per A rights share, involving 11.3 billion A shares. (SingTao Daily B2)

Kenford Group (464 HK) saw interim net profit ending Sep 30 surging over 49 per cent year on year to HK$30 million. Earnings per share amounted to 6.9 HK cents. An interim dividend of 2.1 HK cents per share was recommended. (SingTao Daily B4)

Li & Fung Limited (494 HK) seeks to acquire substantially all of the assets of Oxford Apparel, which is a men’s wear producer under the US-listed Oxford Industries, Inc., at a consideration of US$121.7 million (around HK$944 million). The company also says that LF USA will launch industry-first lifestyle brands with entertainers Jennifer Lopez and Marc Anthony that will be available in Kohl’s stores. (SingTao Daily B2)

Xinjiang Goldwind (2208 HK) plans to acquire all the interest in GCL Wind Power (Jiangsu) and 25 per cent equity interest in GCL Wind Power (Xilinhaote). The total consideration involved will be 200 million yuan. (SingTao Daily B2)
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Yip's Chemical Holdings (408 HK) posted a 25 per cent decline in net profit to HK$171 million for the six months ended Sep 30. Revenues jumped 36 per cent to HK$3.65 billion, while total sales volume rose 25 per cent to 350,000 tonnes. Earnings per share were 31.2 HK cents. The company recommended an interim dividend of 12 HK cents per share. (SingTao Daily B4)

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

Hong Kong Stock Market Wrap November 22nd, 2010

IPO: China Datang Corporation Renewable Power at first planned to kick off roadshow this Wed and list in HK on 9 Dec to raise up to US$1 billion. It is said that it will postpone the IPO and will not list in HK this year. (Hong Kong Economic Journal P3)

IPO: China Gold International Resources closed its retail book yesterday. Retail tranche was reportedly at least over 22 times oversubscribed on strong gold prices, locking in over HK$5.5 billion. (Hong Kong Economic Times A12)

The number of subscribers of China Mobile (941 HK) increased by 5.259 million to 575 million in Oct. The number of 3G subscribers increased by 1.71 million to 16.98 million. (Hong Kong Economic Times A10)

China New Materials Holdings (1887 HK) kicked off roadshow yesterday. It is to raise around 682 million- 975 million. Maximum offer price a board lot of 1000 shares is HK$3363.57. (Hong Kong Economic Journal P3)

China Shipping Development (1138 HK) has signed agreements with Jiangnan Changxing Heavy Industry and China Shipbuilding Trading Company in relation to the construction of four bulk vessels each of 180,000 dead weight tons. The total consideration is around HK$1.656 billion. The expected delivery date for the vessels is by the end of 2012. (SingTao Daily B3)

HKR International (480 HK) booked an interim profit of HK$711 million for the six-month period ended Sep 30, increasing by 8 per cent. An interim dividend of 7 HK cents per share was declared. (SingTao Daily B3)

Net profit for Man Wah Holdings (1999 HK) surged 46 per cent year on year to HK$370 million for the six months ended Sep 30. Revenue soared 49.2 per cent to HK$1.98 billion. Earnings per share rose 7.2 per cent to 38.7 HK cents. An interim dividend of 13.4 HK cents per share was declared. (SingTao Daily B4)

Minmetals Land (230 HK) and Beijing Vanke Enterprise Co., Ltd. have jointly made successful bids for two parcels of land located in Haidian District, Beijing for 5.227 billion yuan. Minmetals will make a contribution of 2.666 billion yuan, bearing 51 per cent of the total consideration. (SingTao Daily B3)

Next Media (282 HK) booked revenue of HK$1.7 billion for the 6 months ended 30 Sep, up 13.3 per cent. Net profit fell 36.4 per cent to HK$76 million. No interim dividend will be paid. (Hong Kong Economic Journal P9)

Oriental Watch Holdings (398 HK) reportedly places 50 million shares at HK$4.28-4.38 a share, 12 per cent and 14 per cent discount to yesterday’s closing price of HK$4.98, to raise 214 million –219 million. (Hong Kong Economic Journal P9)

Pearl Oriental (632 HK) Innovation has entered into an exclusivity agreement with Ross Energy for a possible investment, which involves conducting development and exploitation at certain oilfields in Russia. (SingTao Daily B3)

Sateri Holdings (1768 HK) reportedly plans to issue 505.33 million shares at between HK$6.6 and 9.2 a share to raise up to US$600 million, lower than the previously expected US$1 billion. Maximum offer price a lot of 500 shares is around HK$4600. (Hong Kong Economic Journal P3)

Shengli Oil & Gas Pipe (1080 HK) expects to record a substantial and continuing decrease in revenue and profit for the year ending 31 Dec 2010. In addition, the company plans to acquire 25 per cent equity interest in Beijing Golden Fortune Investment Co., Ltd., at a consideration totalling 300 million yuan. (SingTao Daily B3)

Tack Hsin Holdings (611 HK) expects to record a significant increase in profit for the six-month period ended Sep 30. The surge in profit is mainly due to fair-value adjustment arising from derivative financial instruments issued during the period. (SingTao Daily B3)

Texwinca Holdings (321 HK) saw net profit rising 5 per cent year on year to HK$505 million for the six months ended Sep 30. Earnings per share amounted to 37.8 HK cents and an interim dividend of 23 HK cents per share was distributed. (SingTao Daily B3)

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

Hong Kong Stock Market Wrap November 19th, 2010

IPO: Chongqing Rural Commercial Bank has reportedly passed listing hearing last Thu. It will kick off roadshow on 29 Nov, start IPO in early Dec and list in mid Dec, planning to raise US$800 million. Morgan Stanley and Nomura are sponsors of the IPO. (SingTao Daily B3)

Greatview Aseptic Packaging (468 HK) reportedly plans to kick off roadshow on 22 Nov, open its retail book on 26 Nov and list on 9 Dec. Bain Capital is one of its substantial shareholders. (SingTao Daily B3)

IRICO Group Electronics (438 HK) announces placing of 97.058 million H shares at HK$1.26 per share to raise around HK$122 million to fund the construction of its solar photovoltaic glass production line. (Hong Kong Economic Times A12)

Little Sheep Group (968 HK) has entered into an equity transfer agreement with Rixin Group to acquire a 12.556 per cent equity interest in Little Sheep Meat for 13.63 million yuan. After the transfer, it will have 100 per cent equity interest in the company. (Hong Kong Economic Times A12)

Morning Star Resources (542 HK) announces consolidation of every 10 shares of HK$0.2 apiece into 1 consolidated share of HK$2 apiece. It proposes to raise about HK$241 million by way of an open offer of around 1.207 billion shares at a subscription price of HK$0.2 each on the basis of 5 offer shares for every 1 adjusted share. (Hong Kong Economic Journal P8)

Termbray Industries International (93 HK) booked interim net profit of around HK$1.32 million, down 92 per cent yoy. EPS was 0.07 HK cent. No dividend will be paid. (SingTao Daily B3)

Zhejiang Expressway (576 HK) recorded unaudited profit of 1.34 billion yuan for the first 3Qs, up 7.4 per cent yoy. 2.67 billion yuan was attributable to the business of 2 main expressways, around 54 per cent of the total income. Its securities business generated an income of 1.067 billion yuan, 21.6 per cent of the total. (Hong Kong Economic Times A12)

Bosideng International (3998 HK) announced yesterday that the new women fashion brand BOSIDENG RICCI has formally entered the women fashion market. The first presentation of the brand was held on Nov 18, targeted at women aged between 25 and 40, being in middle and senior level management positions. (SingTao Daily B15)

China Metal Recycling (773 HK) has entered into a shareholders agreement for the establishment of a joint venture in Tianjin to engage in the recycling of scrap metals. The total investment and registered capital for the joint venture will be 900 million yuan and 600 million yuan respectively. The JV will be owned as to 33.33 per cent by the company. (SingTao Daily B15)

Dalian Port (2880 HK) announced details of A share issuance on the Shanghai Stock Exchange. It’s A shares will be priced between 3.6 yuan and 4 yuan, seeking to raise up to 6 billion yuan. (SingTao Daily B15)

Kaisa Group (1638 HK) has secured a consortium loan of US$40 million, carrying an interest rate of not exceeding 5 per cent. The company achieved sales revenue of 7.7 billion yuan for the first 10 months, expecting sales to reach 9 billion yuan this year. (Hong Kong Economic Journal P12)

Manulife Financial (945 HK) has held institutional investors day earlier, announcing that its net income will be raised to C$4 billion (around HK$30.5 billion) in 2015, and that shareholders’ return rate will be upgraded to a strategic target of 13 per cent. (SingTao Daily B15)

Maoye (848 HK) is planning to acquire 80 per cent interest in a target company at a full consideration of 406 million yuan. The target company owns four department stores and over 40 supermarket chain stores located at the heart of the central business district in Linzi District, Zibo City, Shandong Province. (SingTao Daily B15)

Sino-Ocean Land (3377 HK) and Nan Fung Group intend to jointly develop property projects in Dalian through setting up of joint ventures, involving a total amount of around US$650 million (over HK$5 billion). The JV will be owned as to 90 per cent by the company. (SingTao Daily B15)

UDL Holdings (620 HK) lost around HK$48 million for the year ended 31 Jul 2010. It also suffered a loss of over 28 million in the same period last year. Sales revenue during the period was around HK$114 million. Loss per share amounted to 0.48 HK cent. No dividend was declared. (SingTao Daily B15)

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

Hong Kong Stock Market Wrap November 18th, 2010

Air China (753 HK) is planning to purchase 10 Airbus 330-series aircraft and 10 Airbus 350-series aircraft from Airbus Company, involving US$4.49 billion (around 29.8 billion yuan). (SingTao Daily B4)

AV Concept (595 HK) saw new profit reach HK$37.063 million for the six months ended Sep 30, up 2.48 per cent over the same period last year. Earnings per share amounted to 7.3 HK cents. An interim dividend of 3 HK cents per share was distributed. Shares of the company plunged 7.2 per cent after the results announcement yesterday, ending at HK$1.55. (SingTao Daily B5)

China Resources (291 HK) posted a net profit of HK$1.058 billion in the third quarter, up 1.4 per cent year on year. Revenue surged 36.9 per cent year on year to HK$24.447 billion. Net profit for the first three quarters amounted to HK$5.301 billion, soaring 140.8 per cent year on year. First three-quarter revenue went up 33.5 per cent year on year to HK$66.017 billion. (SingTao Daily B5)

Goodbaby International Holdings (1086 HK) was over 1439 times oversubscribed. It will fix the offer price at HK$4.9, the upper end of the IPO price range. It will list on 24 Nov. (Hong Kong Economic Journal P8)

Hong Long Holdings (1383 HK) is planning to acquire a development site located at Chaohu City, Anhui Province at a consideration of around HK$280 million. The Chaohu project will be the first phase of the development project that includes a comprehensive mixed-use community comprising retail shops and residential units. (SingTao Daily B4)

Hong Kong Economic Times (423 HK) aims to purchase properties located at Workshop No. 8 on the 14th Floor of Kodak House II and Workshop Nos. 6 and 7 on the 16th Floor of Kodak House II, at a consideration of HK$48.28 million. The Properties will be used as office premises to cope with the future expansion. (SingTao Daily B4)

True Corp of Thailand plans to acquire the CDMA business in Thailand of Hutchison Whampoa ‘s Hutchison (13 HK) Telecommunications International. They are in talks about the deal. It is said that AIS is also interested in acquiring the business. The market value of the business is estimated to be between US$130 million and 220 million. (Hong Kong Economic Journal P8)

King Fook (280 HK) booked a net profit of HK$13.7 million for the half-year period ended Sep 30, plunging over 46 per cent from the same period a year ago. An interim dividend of 0.3 HK cents per share was distributed, dipping over 33 per cent from the same period last year. (SingTao Daily B4)

Goldman Sachs sets Buy rating on Longfor Properties (960 HK), with target price at HK$13.27. Goldman Sachs expects its sales to outperform its peers and its debt ratio to go down from 68 per cent to 30 per cent. Shares closed at HK$9.44 yesterday, up 2 per cent. (Hong Kong Economic Journal P11)

Deutsche Bank reiterates Buy rating on Renhe Commercial Holdings (1387 HK), with target price at HK$2.3. Deutsche Bank says it has issued US$900 million bonds so far this year and expects debt to assets ratio to stand at 23 per cent. Shares of the company lifted 2.1 per cent to HK$1.42 yesterday. (Hong Kong Economic Journal P11)

Sa Sa International (178 HK) booked a net profit of HK$176 million for the six-month period ended Sep 30, soaring over 42 per cent year on year. Earnings per share was 12.7 HK cents. An interim dividend along with a special one totaled 9 HK cents per share were declared. In addition, the company also paid one bonus share for every existing share. (SingTao Daily B4)

ShiFang Holding (1831 HK) plans to issue around 183 million shares at between HK$3.03 and 4.61 each. Maximum offer price a lot of 1000 shares is HK$4656.46. It will open its retail book on 22 Nov and list on 3 Dec. (Hong Kong Economic Journal P8)

BEA’s (23 HK) subsidiary BEA China has successfully completed the 1st ODI (overseas direct investment) settlement transaction in yuan in Xinjiang, the 1st region where the government has liberalised RMB capital accounts. (Hong Kong Economic Times A10)

Vitasoy International Holdings (345 HK) posted net profit of HK$156 million for the 6 months ended 30 Sep, up 10 per cent yoy. Gross margin remained at 50 per cent. An interim dividend of 3.2 HK cents was declared. (Hong Kong Economic Times A15)

Winfoong International (63 HK) announces that the occupation permit of The Icon at Conduit Road has been received. The Icon is a property comprising a residential tower of 68 units, of which 60 units have been pre-sold. Subject to the progress of the completion process, the revenue from the sale of units will be recorded for the year. (SingTao Daily B4)

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

Hong Kong Stock Market Wrap November 17th, 2010

Arnhold (102 HK) announces that its controlling shareholders, who hold 73.8 per cent interest in the company, are currently under negotiation for the disposal of its interest in the company. It is intended that a general offer will be extended by the potential investor following the completion of the disposal. (SingTao Daily B3)

Asia Cassava Resources (841 HK) saw interim net profit to Sep 30 climbing 42 per cent year on year to HK$48 million. Profit of cassava-related business amounted to HK$41 million, surging nearly 65 per cent from a year ago. Earnings per share amounted to 13.4 HK cents and an interim dividend of 2.2 HK cents per share was paid. (SingTao Daily B3)

Pricerite Stores, owned by Celestial Asia Securities (1049 HK), has teamed up with Beijing-based construction materials retail firm OrientHome, planning to open 200 franchise stores over the next five years in mainland cities other than in Guangdong Province. It is expected the first store to be opened in Beijing in the first quarter next year. (SingTao Daily B4)

Guangfa Energy under China Qinfa Group (866 HK) has agreed to acquire 32 per cent equity interest in Huameiao Energy from Huiyong Jinyuan Energy of Shangxi for a consideration of 1.6 billion yuan. (Hong Kong Economic Journal P8)

China State Construction International (3311 HK) and Maeda Corporation have jointly accepted an HK$3.218 billion contract awarded by MTR Corporation (0066) to provide construction services for the Express Rail Link Contract 823B - Shek Kong Stabling Sidings and Emergency Rescue Siding. (Hong Kong Economic Journal P15)

Coastal Greenland (1124 HK) expects a consolidated net loss for the 6 months ended 30 Sep as the number of property development projects completed and deliveries of completed property units to purchasers went down. (Hong Kong Economic Journal P15)

Fantasia Holdings Group (1777 HK) plans to issue TDR. It is the first mainland housing company that plans to issue TDR. Chan Sze Hon of the company says he hopes to announce further details of the issuance by the end of the month. (Hong Kong Economic Journal P15)

The construction of phase I project at Dalian Wafangdian Wind Power Plant, which is wholly owned by Huaneng Power International (902 HK), has lately been approved by Dalian Municipal Commission of Development and Reform. Estimated total investment is around 495 million yuan. (Hong Kong Economic Times A10)

Oriental Watch Holdings (398 HK) posted profit of HK$70.454 million for the 6 months ended the end of Sep, jumping 1.05 times yoy. Turnover was HK$1.679 billion, up 18.4 per cent yoy. EPS amounted to 18.09 HK cents. The board recommends an interim dividend of 3 HK cents a share. (Hong Kong Economic Times A10)

PNG Resources Holdings (221 HK) booked interim profit of around HK$11.3 million as compared to the loss of around HK$51.78 million over the same period last year. Turnover was about HK$31.35 million. EPS amounted to 0.26 HK cent. No dividend was declared. (Hong Kong Economic Journal P8)

SITC International (1308 HK) has entered into shipbuilding contracts regarding the construction of three container vessels for an aggregate consideration of around HK$447 million. The delivery of the three vessels will be by the end of 2012. (SingTao Daily B3)

United Company Rusal (486 HK) expects aluminium prices to be US$2,400 per tonne in the fourth quarter, US$300 higher than in the third quarter. The company also expects aluminium prices to lift another US$400 over the next 12 months. (SingTao Daily B3)

VC Brokerage Limited (821 HK), a wholly-owned subsidiary of the company, made advances to five entities, primarily to subscribe for shares in the IPO of Goodbaby International on Nov 16, involving securities margin financing of a total of HK$326.9 million. (SingTao Daily B3)

VTech Holdings’s (303 HK) half-year net profit to Sep 30 was up 2.3 percent to US$94 million (around HK$726 million) from a year earlier. Revenue rose 10.3 percent to US$814 million. Basic earnings per share amounted to US$37.8. An interim dividend of 16 US cents per share was declared, unchanged from last year. (SingTao Daily B4)

Zhongda International (909 HK0 has entered into an agreement with the US-based YA Global Master. Pursuant to which Zhongda has been granted the right to require YA Global to subscribe for new shares of the former for a consideration of HK$275 million. (SingTao Daily B3)

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

Hong Kong Stock Market Wrap November 16th, 2010

HKEx data shows that Bank of America sold its entitlement in the rights issue of China Construction Bank (939 HK) to Tamasek Holdings on Nov 10, involving 1.79 billion shares. The rights to buy the CCB shares was priced at HK$1.874 apiece, involving HK$3.354 billion. (SingTao Daily B2)

China Vanadium Titano-Magnetite Mining (893 HK) plans to purchase the Huili Caitong equity interest and the Aba equity interest held by substantial shareholder Chuan Wei, at a total consideration of 595.4 million yuan. (Sing Tao Daily B2)

Dah Sing Banking Group (2356 HK) proposes a rights issue of not less than 111 million rights shares at HK$9 apiece, 41 per cent discount to yesterday’s closing price of HK$15.24, on the basis of 1 rights share for every10 shares held. The bank expects to raise up to around HK$1 billion. (Hong Kong Economic Times A12)

Dah Sing Financial (440 HK) proposes a rights issue of not less than 32.533 million rights shares at HK$36.89 each, 40 per cent discount to yesterday’s closing price of HK$61.45, on the basis of 1 rights share for every 8 shares held to raise no less than HK$1.2 billion. (Hong Kong Economic Times A12)

Datang International Power Generation (991 HK) announces that the Sichuan Daduhe Changheba Hydropower Station Project, which is controlled, organized, constructed and operated by the company, has recently been approved by the National Development and Reform Commission. The total investment amount will be 21.9 billion yuan. (SingTao Daily B2)

Xiamen Bank has announced a rights issue of 198 million new shares at 2.71 yuan each. Fubon Bank (Hong Kong) (636 HK), holding a 19.99 per cent share in the bank since 2008, will fully subscribe its allocated 39.58 million shares at a total subscription price of 107 million yuan. (Hong Kong Economic Times A12)

Giordano International’s (709 HK) Q3 sales rose 16.9 per cent yoy; sales for the first 3Qs were up 10 per cent yoy. Q3 gross margin was 56.7 per cent, up 4.6 percentage points yoy, 1.2 percentage points lower than 1H10 on customary seasonend promotions. Gross margin for the first 3Qs lifted 8.1 percentage points yoy to 57.5 per cent. (Hong Kong Economic Times A10)

Lansen Pharmaceutical (503 HK) intends to acquire 20 per cent equity interest in Zhejiang Starry Pharmaceutical Co., Ltd., at a consideration of 160 million yuan. Starry is the largest iohexol manufacturer in the mainland. (SingTao Daily B2)

Leoch International Technology (842 HK) shares closed at HK$4.67 each yesterday, down 12.71 per cent over the offer price of HK$5.35 a share. Not taking charges into account, shareholders suffered a paper loss of HK$680 for a board of 1000 shares. (Hong Kong Economic Journal P4)

MTR Corporation (66 HK) announced yesterday in relation to a US$3 billion debt issuance program for the issue of notes with maturities of between one month and 30 years. The company has applied for the listing of the notes. (SingTao Daily B2)

Next Media Limited (282 HK) makes a clarification in relation to its television investment. The media company says that it does not plan to invest HK$2.55 billion in set-up-boxes of an open internet based IPTV platform project. Details of the project are still under discussion and evaluation. (SingTao Daily B2)

Shui On Construction and Materials (983 HK) has acquired 72.7 per cent equity interest of Shanghai 21st Century Real Estate Co. Ltd., situated at Pudong New Area, at a consideration of 900 million yuan. (SingTao Daily B2)

Sino Biopharmaceutical (1177 HK) saw a third-quarter profit of HK$127.8 million for the quarter ended Sep 30, leaping nearly 31 per cent year on year. A third-quarter dividend of 2 HK cents per share was declared. (SingTao Daily B2)

Skyworth Digital (751 HK) expects net profit for the 6 months ended the end of Sep to go down sharply yoy chiefly because sales volume and gross profit margin for sale of TV had gone down. It, however, expects the figure to be much higher than that for each of the 1H of the past financial years, except that for the 1H 2009/10, since it floated its shares in 2000. (Hong Kong Economic Times A10)

Mainland housing stocks generally went down yesterday as securities firms have been giving bearish comments on them. Credit Suisse expects housing prices and trading volume will continue to go down and mainland banking stocks will underperform. UBS suggests holding shares of developers such as SOHO China (410 HK) and Agile Property (3383), saying that the former has relatively better sales performance and the latter has solid financial strength. (Hong Kong Economic Journal P2)

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

Hong Kong Stock Market Wrap November 15th, 2010

Cathay Pacific Airways (293 HK) expects its full-year profit to be no less than HK$12.5 billion, up no less than 1.66 times yoy. Credit Suisse and Nomura expect its full-year profit to be HK$11.72 billion and HK$12.53 billion respectively. (Hong Kong Economic Journal P6)

It is said that China Modern Dairy’s international placing (1117 HK) is 5 times oversubscribed. BEA (0023), China Life Insurance (2628) and some UK and US funds have subscribed for its shares. (Hong Kong Economic Times A10)

Chuang’s Consortium International (367 HK) sells 5th floor, 15th to 23rd floors and penthouse, Chuang’s Enterprises Building, No. 382 Lockhart Road, Wanchai at a consideration of HK$208 million. Purchaser Brilliant Sense has already paid an initial deposit. The disposal will be completed by the end of Feb 2011. (Hong Kong Economic Journal P13)

Da Ming International’s (1090 HK) maximum offer price a board lot of 2000 shares is HK$5454.4. It offers 250 million shares at between HK$2-2.7 each. It will be listed on 1 Dec. It is said that Lee Kee Holdings (0637) is already its cornerstone investor. (Hong Kong Economic Journal P1)

Fantasia Holdings Group (1777 HK) has successfully auctioned for two pieces of residential land in Tianjin City, at a consideration of 623 million yuan. The useable area of the two sites was about 180,000 square meters each. (SingTao Daily B4)

GOME Electrical (493 HK) Appliances booked a net profit of 477 million yuan for the third quarter, meeting expectations. Net profit for the first three quarters amounted to 1.44 billion yuan, leaping 49.2 per cent year on year. Same-store sales during the period rose 21.5 per cent year on year. (SingTao Daily B4)

Hong Kong Economic Times (423 HK) saw half-year earnings surge 72 per cent to HK$69 million. Earnings per share amounted to 16 HK cents and an interim dividend of 4.1 HK cents per share was distributed. (SingTao Daily B4)

Intime Department Store (1833 HK) aims to acquire an 84.5 per cent equity interest in Hubei New Century at a consideration of around 248 million yuan. Hubei New Century is engaged in the operation of department store, chain supermarket and convenience store in Suizhou, Hubei Province. (SingTao Daily B4)

The US private equity firm TPG has placed old shares of Lenovo for the third time in 15 months. Market sources say that TPG together with Newbridge Capital, its subsidiary, and another institutional investor General Atlantic placed about 282 million Lenovo (992 HK) shares via Nomura after close of trading yesterday, involving up to HK$1.561 billion. The placing price was between HK$5.451 and HK$5.53 per share. (SingTao Daily B3)

The gray market price of Leoch International Technology (842 HK), whose IPO was 258 times oversubscribed, closed at HK$5.1 yesterday, 4.67 per cent lower than the offer price of HK$5.35. Not taking charges into account, investors suffered a paper loss of HK$250 for a board lot of shares. (Hong Kong Economic Times A10)

Mongolia Investment Group (402 HK) announces that the overall production schedule of TNE Mine has been deferred due to unforeseeable technical causes. The company expects the output of coal from the TNE Mine for the year ending 31 Dec 2010 and 31 Dec 2011 would be adjusted to about 60,000 tonnes and 1,000,000 tonnes respectively. The originally expected output for 2010 and 2011 were 300,000 tonnes and 2,000,000 tonnes respectively. (SingTao Daily B4)

Pacific Basin Shipping (2343 HK) acquired six handysize newbuilding vessels and four handymax newbuilding vessels for a consideration of around HK$1.7 billion yesterday. (SingTao Daily B4)

PICC Property and Casualty (2328 HK) recorded direct premiums income of 128.93 billion yuan for the first 10 months, up 24.9 per cent yoy. The fig for the first 9 months was 118.372 billion yuan. (Hong Kong Economic Times A10)

TCL Multimedia Technology (1070 HK) has received the first writ issued by the official liquidator of TTE Europe in the Commercial Court of Nanterre against TCL
Corporation, TCL Multimedia Technology and relevant subsidiaries, alleging a misappropriation or transfer of customers of TTE Europe and TTE Europe’s unjustified assumption of the cost of an employment preservation plan. (Hong Kong Economic Journal P6)

Tingyi (Cayman Islands) (322 HK) posted a 36.1 per cent surge in net profit for the third quarter ended Sep 30, amounting to US$200 million (around HK$1.55 billion). Basic earnings per share was 3.59 US cents, leaping 35.98 per cent year on year. Sales revenue rose 34.45 per cent to US$2.067 billion. (SingTao Daily B4)

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

Hong Kong Stock Market Wrap November 12th, 2010

Market sources say that China Rongsheng Heavy Industries (1101 HK), which will be listed on 19 Nov, plans to fix the price at HK$8 per share. The retail tranche was around 21 times oversubscribed, locking in around HK$19.5 billion. (Hong Kong Economic Journal P6)

The CSRC has approved Dalian Port (PDA) (2880 HK) to issue not more than 1.5 billion A shares to the pubic in the mainland and its parent. Part of the shares will be consideration shares to be placed to its parent as the consideration for acquiring assets from its parent. (Hong Kong Economic Times A12)

Hisense Kelon Electrical (921 HK) has sold 17.83 million A shares of Huayi Compressor, around 5.49 per cent of the A shares of Huayi Compressor, for 177.5 million yuan. Its shareholding in the company fell to 9.27 per cent. (Hong Kong Economic Times A12)

I.T’s (999 HK) indirect wholly owned subsidiary I.T GL has entered into a shareholders agreement with Galeries Lafayette’s wholly owned subsidiary 44 GL to form a JV. The JV will establish and manage subsidiaries, which will set up, operate and manage department stores under the trademark of “Galeries Lafayette” in the PRC. (Hong Kong Economic Journal P6)

Mayer Holdings (1116 HK) has agreed to acquire port and property development business in Vietnam at a consideration of HK$620 million. HK$130 million of which will be paid by issuing and allotting consideration shares. HK$90 million and HK$300 million will be paid in the form of convertible bonds and by way of promissory notes respectively.

Parkson Retail (3368 HK) booked net profit of 230 million yuan in Q3, up 13.7 per cent yoy on the growth in same store sales. Net profit for the first 9 months rose 11 per cent yoy to 730 million yuan. Q3 same store sales growth was 10.9 per cent, up 3.4 percentage points over the same period last year. (SingTao Daily B4)

United Company RUSAL (486 HK) posted net profit of US$1.42 billion for the first 9 months, returning to the black. Revenue rose 37 per cent yoy to US$8.029 billion. Net profit went down 55 per cent yoy to US$29 million in Q3, worse than expectations. (SingTao Daily B4)

China Construction Bank (939 HK) announces the results of A-share rights issue. Of the issue of 630 million A shares, 94.23 per cent or about 594 million shares have been subscribed by A-share shareholders. The rights issue program was on the basis of 0.7 share for every 10 shares. (Hong Kong Economic Journal P1)

China Overseas Land & Investment (688 HK) recorded contracted sales of nearly HK$9 billion for the first ten months. After developing in Chengdu, Chongqing and Xi’an, the company is seeking opportunities to expand into the property market in Qunming, Yunnan Province. (Hong Kong Economic Times A10)

Long Success International (8017 HK) posted a profit of HK$2.54 million yuan for the half-year period ended Sep 30. Earnings per share was 0.0564 HK cent. No dividend was paid. The company lost HK$10.23 million last year, with loss per share amounting to 1.4 HK cents. (SingTao Daily B15)

Longrun Tea Group (2898 HK) expects to record a net profit for the six-month period ended 30 Sep 2010 as compared to a net loss of about HK$33.65 million for the corresponding period in 2009. The interim results announcement will be announced before the end of Nov. (SingTao Daily B15)

Mastermind Capital (905 HK) announces that it has appointed Tang Hao as an executive director and the chief executive officer, and Alan Mung Chiu-yu as an executive director, with effect from 12 Nov 2010. In addition, Mr. Benoit Descourtieux has resigned as an executive director of the company. (SingTao Daily B15)

Nanjing Sample Technology (8287 HK) booked a profit attributable to shareholders of 83.61 million yuan for the nine-month period ended Sep 30, increasing by 17.3 per cent over the same period last year. Earnings per share amounted to 37.3 fen. No dividend was declared. (SingTao Daily B15)

The Hong Kong and China Gas (3 HK) has agreed to take a placing of the placing shares placed by Enerchina Holdings (0622), a substantial shareholder of Towngas China Company Limited (1083), through Morgan Stanley at a consideration of HK$907.5 million (equivalent to HK$3.63 per placing share). (Hong Kong Economic Journal P1)

ECS Holdings Limited, a company listed on the SGX and an 89.66 per cent owned subsidiary of VST Holdings (856 HK), has announced that it posted a profit of SGD13.72 million for the quarter ended Sep 30, surging 33 per cent. (SingTao Daily B15)

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

Hong Kong Stock Market Wrap November 11th, 2010

Alibaba.com (1688 HK) saw third- quarter net profit jump 55.1 percent yoy to 366 million yuan, benefiting from strong growth of its value-added services. Basic earnings per share soared 56.9 per cent yoy to 8.33 HK cents. Sales revenue reached 1.449 billion yuan, leaping 40.4 per cent yoy. (SingTao Daily B4)

Bluestar Adisseo Nutrition (1095 HK) kicked off roadshow yesterday. It will open its retail book on 18 Nov. According to its offer documents, it is unlikely that its profit as of the end of Dec will be less than 161 million euros. Its interim profit was 84.184 million euros, down 13.3 per cent yoy. (Hong Kong Economic Journal P14)

China Forestry (930 HK) plans to issue US$300 million senior notes due 2015, carrying an interest rate of 7.75 per cent per annum. The estimated net proceeds will amount to around US$292 million. (SingTao Daily B4)

China Gold International Resources (2099 HK) will start its IPO on 17 Nov. It plans to offer 53.66 million new shares at between HK$37.21 and HK$44.96 apiece. Maximum offer price a board lot of 100 shares is around HK$4541.3. (Hong Kong Economic Journal P14)

According to Chinese accounting standards, China Taiping Insurance (966 HK) announces that its accumulated premium income for the first ten months amounted to 28.315 billion yuan, rising around 56 per cent as compared to the corresponding period a year ago. (SingTao Daily B4)

IPO OVER 317X OVERSUBSCRIBED Market sources say that CITIC Dameng’s IPO (1091 HK) is over 317 times oversubscribed, locking in around 66.2 billion. It plans to fix the offer price at HK$2.75, the upper end of its price band. (Hong Kong Economic Journal P14)

Eagle Nice (International) (2368 HK) posted a net profit of HK$110 million for the interim period ended Sep 30, dropping 13.4 per cent over the same period of last year. The company is planning to pour a huge amount of capital into expanding production capacity and developing the ASEAN market.

Fantasia Holdings Group (1777 HK) achieved contracted sales revenue of 408 million yuan in Oct. Accumulated contracted amount for the first ten months was 2.699 billion yuan. (SingTao Daily B4)

HSBC Holdings’ (5 HK) subsidiary HSBC Trinkaus & Burkhardt saw pre-tax profit go up to €161.6 million for the first 3Qs. Net interest income dropped 10.8 per cent to €97 million. Net fee income rose 10 per cent to €289.7 million. (Hong Kong Economic Journal P14)

Kaisun Energy Group (8203 HK) has entered into an agreement with Saddleback Corporation Limited for the acquisition of the entire issued share capital of Saddleback Mining Limited, at a consideration of up to about US$39 million (around HK$300 million). Of this, HK$270 million will be satisfied by the issue and allotment of the initial shares to the vendor at a price of HK$0.75 each. (SingTao Daily B4)

Kingworld Medicines (1110 HK) offers 150 million new shares at between HK$1.33 and HK$1.6 each. Maximum offer price a board lot of 4000 shares is HK$6464.51. Offer period is 12-17 Nov. It will list on 25 Nov. (Hong Kong Economic Times A4)

KWG Property (1813 HK) and Hongkong Land China have successfully bid for a piece of land located in Chengdu for residential and commercial development purpose, at a price of 3.78 billion yuan. The land has a gross floor area of about 900,000 square meters, equivalent to HK$4,200 per square meter. (SingTao Daily B2)

Ping An Insurance (Group) (2318 HK) announces that the accumulated written premiums of its subsidiaries Ping An Life Insurance, Ping An Property & Casualty Insurance, Ping An Health Insurance and Ping An Annuity Insurance were 135.472 billion yuan, 50.192 billion yuan, 151 million yuan and 4.215 billion yuan respectively for the period from 1 Jan to 31 Oct. (Hong Kong Economic Journal P14)

Richfield Group (8136 HK) booked a profit of HK$42.56 million for the first quarter ended Sep 30, surging nearly 6 times over the same period of last year. No dividend was declared. Quarterly sales revenue jumped 3.2 times to HK$94 million. (SingTao Daily B4)

Market sources say that Shirble Department Store (312 HK), whose IPO was oversubscribed 26 times, plans to fix the issue price at HK$2.2, which is regarded by the industry as reasonable. (Hong Kong Economic Journal P14)

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