China Metal Recycling (773 HK) has recorded a net profit of HK$319 million for the first nine months, surging 31 per cent year-on-year. Earnings per share were 38.64 HK cents. (Sing Tao Finance B3)
China Strategic (235 HK) hopes to resubmit application of buying Nan Shan Life by the end of the year on Taiwan regulator’s request. Stock price of China Strategic rose by 10 per cent to HK$0.53 yesterday. (Sing Tao Finance B2)
Chu Kong Shipping Development (560 HK) has signed a letter of content with Guangzhou Nansha Assets Operation to form a joint venture for the investment and construction of a river and sea union transportation wharf in Nansha. Both sides will inject 50 million yuan to the joint venture. The company believes that the port facilities will start producing in 2011. (Sing Tao Finance B3)
CITIC Resources Holdings (1205 HK) plans to sell a coal mining project in Queensland to Macarthur Coal, in return for the latter’s shares, said sources. Citic Resources would hold 15 per cent stake in Macarthur Coal upon the deal. (Sing Tao Finance B4)
Extrawell Pharmaceutical (858 HK) announced it has gained approval from HKEx to resume its trading. Trading of its shares was suspended since September 17 in 2007 due to trading of Insulin. Trading of its shares resumes today. (Hong Kong Economic Times A10)
Gcl-Poly Energy (3800 HK) announced that it has appointed Chau Kwok Man, Cliff, managing director and head of financial department of China Investment Corporation and Bai Xiaoqing, managing director of the special investments department of China Investment Corporation, as non executive directors. (Sing Tao Finance B3)
Zhejiang Geely (175 HK) and Ford Motor have addressed most of the big issues in the pending sale of Ford’s Volvo car unit to the Chinese automaker, paving the way for the biggest acquisition of a foreign automaker by a Chinese company, a source said yesterday. Both sides expect a sale of the Swedish auto brand to close early in the new year, sources told Reuters on Tuesday. The estimated US$2 billion deal would be the largest overseas acquisition by a Chinese automaker.
A consortium comprising Guangzhou R&F Property Co Ltd (2777 HK), Country Garden Holdings Co Ltd (2007) and Agile Property Holdings Ltd (3383) yesterday won the bid for the Asian Town development in Guangzhou for a record price of 25.5 billion yuan, sources reported. The company holds 34 per cent of the project while Country Garden and Agile Property hold 33 per cent each. (Sing Tao Finance B3)
Huaneng Power International (902 HK) announced that the building proposal of two 600 MW domestic supercritical coal-fired air-cooling generating units of the Phase II Project at Pingliang Power Plant has been approved by the National Development and Reform Commission of China. The project amounts to 4.35 billion yuan, comprising of 20 per cent shareholder’s capital contribution and 80 per cent of bank lending. (Sing Tao Finance B3)
I-Cable TV (1097 HK) plans to enter the free-TV channel market. Though approval from regulatory has not been obtained at this stage, stock price of I-Cable surged 15 per cent yesterday. Sources said I-Cable would face resistance from the two existing free-TV channels. (Hong Kong Economic Times A10)
ICBC (1398 HK) announced that its Abu Dhabi branch has received from the Central Bank of the United Arab Emirates a wholesale banking license on December 16. The China Banking Regulatory Commission has already approved the application for the establishment of the branch. (Hong Kong Economic Times A10)
BUYS BATTERY MAKER Shares in Jia Sheng Holdings (729 HK) has planned to acquire a mainland lithium battery company for HK$2.75 billion.
The loss-making securities brokerage resumed trading in the afternoon and saw its shares soar to 39.5 HK cents before closing, 11.3 per cent higher at 29.5 HK cents, a one-year record. (Sing Tao Finance B4)
Mongolia Energy (276 HK) has posted a net loss of HK$128 million for the first half ended September 30, dropping 31 per cent from a net loss a year earlier. The company proposes no interim dividend. (Sing Tao Finance B3)
PICC Property and Casualty (2328 HK) said it has decided not to participate in the capital increase of PICC Life.
Following the completion of the capital increase, PICC Property and Casualty’s equity interest in PICC Life will be diluted from 14 per cent to approximately 8.6 per cent. (Hong Kong Economic Times A10)
Yueshou Environmental Holdings (1191 HK) has agreed to buy Fullteam Holdings Limited, a planting company in the Philippines, for HK$2.5 billion. The deal will be settled by the payment of preference shares and conversion shares. (Sing Tao Finance B3)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
