IPO: Schramm’s (955 HK) initial public offering has been oversubscribed for 205 times. The offering price is set at between HK$29and HK$45 per share. The company plans to raise HK$157 million. According to market sources, institutional investors such as Henderson Global and Look’s Capital have subscribed its shares. (Hong Kong Economic Journal P.5) Russian aluminum company UC Rusal has finally gained approval from regulatory to list on the Hong Kong bourse at the end of next month. Sources said New York-based asset management firm BlackRock and China Investment Corp intend to buy its shares. (Hong Kong Economic Journal P. 5)
BBMG Corp (2009 HK) plans to raise its stake in its subsidiary, a cement and building materials manufacturer, to a 98.46 per cent level. The deal amounts to 106 million yuan. (Sing Tao Finance B10)
China Travel (308 HK), a subsidiary of the state-owned China National Travel Service, has established a joint venture Songshan Shaolin Culture Tourism Co Ltd with the Dengfeng city government in Henan. The firm owns 51 per cent of the new joint venture, which has a registered capital of 100 million yuan. (Hong Kong Economic Times A8)
Rumour has it that parent of Hunan Nonferrous Metals Holding Group (2626 HK) is to be taken over by China Minmetals Corporation as the latter plans to increase its holdings to 51 per cent from 40 per cent. (Sing Tao Finance B10)
Standard Chartered Private Equity Limited (2888 HK) announced on Friday that it has finished its first investment in China’s renewable energy field of US$23.3 million (HK$174 billion). The investment went to solar water heater maker Sangle Solar Energy Co., Ltd., who was working to float its initial public offering on Shanghai Stock Exchange. (Hong Kong Economic Times A8)
Ping An Insurance (2318 HK) said it has extended the deadline to complete its proposed US$1.7 billion purchase of TPG Inc.’s stake in Shenzhen Development Bank by an initial four months, as the deal is still pending Chinese regulatory approval. (Hong Kong Economic Times A8)
The Mexican banking arm of HSBC Holdings PLC (5 HK) said Wednesday that it has received US$487.5 million (HK$3.8 billion) through a capital increase by its parent company. (Sing Tao Finance B5)
Carpenter Tan (837 HK) was 339 times oversubscribed in its initial public offering. The offering price is set at between HK$2.15 and HK$2.93 per share. The company plans to raise HK$139.5 million. (Hong Kong Economic Journal P.5)
Chaoda Modern Agriculture (682 HK) plans to acquire shares of an organism technology company VaxGene to develop edible vaccines. The deal will be settled by the issue of consideration shares at an issue price of HK$7.65 per share. (Hong Kong Economic Times A11)
Cheung Kong Infrastructure (1038 HK) plans to bid for the electricity network in the UK, which is controlled by a French-state controlled EDF. It is believed that the company has hired Royal Bank of Scotland to advise on the deal, according to Sunday Telegraph. (Sing Tao Finance B9)
China Mobile (941 HK) has confirmed that its vice chairman and executive director Zhang Chunjiang is currently under investigation by the Chinese authorities on alleged serious personal violations. (Hong Kong Economic Journal P.2)
China Molybdenum (3993 HK) announced that it has agreed to offer a 1-year loan of 1.15 billion yuan to a state owned enterprise, Luoyang Construction Investment and Mining Co., Ltd. The interest rate will be 10 per cent below the benchmark. (Hong Kong Economic Times A11)
China Resources Gas Group (1193 HK) has agreed to acquire 25 per cent stake in Chongqing Gas Group for 1.163 billion yuan.
The deal will be settled in cash. (Hong Kong Economic Journal P.5)
Sino-Ocean Land (3377 HK) has agreed to subscribe 934 million shares of China Life Insurance Company (2628) at a price of HK$6.23, a 19.86 per cent of the latter’s issued shares. The company will become the second substantial shareholder of China Life Insurance Company upon the deal. (Hong Kong Economic Times A11)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
