China Life Insurance (2628 HK) has received notification on promulgation of regulations regarding the accounting treatment of insurance contracts, which regulates issues relating to the unbundling of mixed insurance contracts, tests for significant insurance risks and the calculation of reserves for insurance contracts. (Hong Kong Economic Times A10)
City Telecom (1137 HK) said it plans to offer free-to-air television services in Hong Kong, challenging the city’s two existing operators as the reviving economy boosts demand for advertising. The internet service provider said it has applied to the territory’s broadcasting authority for a licence.
(Hong Kong Economic Times A10)
Zhejiang-based Geely’s (175 HK) proposed acquisition of Volvo is still subject to approval from the relevant Chinese authorities. The two companies said in the statement that, if approved, they expect to sign the formal agreement in the first quarter this year. (Hong Kong Economic Times A10)
China Mobile (941 HK) spokesman denied that the company plans to acquire Tencent Holdings Ltd (0700) following a rumour that the its ceo has met Tencent chairman in Shenzhen earlier. (Hong Kong Economic Journal P6)
China National Building Material (3323 HK) announced that it has agreed to transfer a land use right to the central government for a compensation of 3 billion yuan. (Sing Tao Finance B11)
It is suspected that Sinopec (386 HK) stations have caused at least 6,000 taxis to break down, an investigation team was set up to look into the matter and findings will be presented within this week. (Hong Kong Economic Journal P. 4)
Evergrande Real Estate (3333HK) said it raised 1.1 billion yuan from contracted sales of two residential projects launched in Changsha on New Year’s Day despite the tightening of mainland policy. (Hong Kong Economic Journal P. 6)
IPO: Fujian High-Tech Enterprise awardee Sijia plans to list on the Hong Kong bourse before the lunar New Year to seek HK$500 million to 800 million. (Hong Kong Economic Times A2)
Glorious Property (845 HK) announced that it has won a land bid of two pieces in Jiangsu for 4.14 billion yuan. The land plots will be used for residential and commercial projects. (Hong Kong Economic Journal P8)
Guangzhou R&F Properties (2777 HK) said its sales volume in December amounted to 1.648 billion yuan, dropping 14 per cent from a year earlier.
The annual sales volume in 2009 totalled 24.197 billion yuan with a total sales floor area of 2.3329 million square meters, a 50 per cent and 45 per cent surge from a year ago. (Hong Kong Economic Times A15)
Huaneng Power International (902 HK) has agreed to acquire a electricity plant, a biological electricity plant and stake in ports from Shandong Power and Luneng Development for 8.625 billion yuan. The deal will be settled by the company’s internal cash surplus. (Hong Kong Economic Times A15)
Lifestyle International (1212 HK) has agreed to acquire 20 per cent stake in a Suzhou joint venture held by Suzhou Harmony for 143 million yuan. (Sing Tao Finance B11)
Maoye International’s (848 HK) unit Tai Zhou No.1 department store has recorded a sales volume of 61.24 million yuan between December 24 and December 27 last year, surging 119 per cent from a year earlier. (Hong Kong Economic Times A15)
Sinopec Yizheng Chemical Fibre (1033 HK) announced it will invest 700 million yuan of its idle fund on buying treasury bonds and short-term bank products to raise efficiency of thecompany’s fund. (Hong Kong Economic Journal P6)
SouthGobi Energy Resources Ltd (1878 HK)., a Canada-based coal producer operating in the southern deserts of Mongolia, plans to raise HK$2.3 billion financings from its IPO on January 18. (Hong Kong Economic Times A2)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
