Wednesday, January 13, 2010

Hong Kong Stock Market Wrap Jan. 12th, 2010

BYD (1211 HK) said it plans to enter the US market in the second half to promote electronic vehicles. Each electronic car will be sold for no more than US$40,000 (HK$310,000), the sale would be launched by November. (Hong Kong Economic Times A12)

Cathay Pacific Airways (293 HK) is expecting increasing passenger volumes and cargo tonnage this year as there has been a V-shaped rebound since November last year. The company plans to buy five new planes this year including four Boeing 777-300 and an Airbus 330-300 to raise its capacity. (Sing Tao Finance B1)

China Green (904 HK) has posted a net profit of 280 million yuan for the first half ended October 30 last year, surging 25 per cent year-on-year. An interim dividend of 0.09 yuan per share was declared. (Sing Tao Finance B2)

China Life Insurance (2628 HK) said it has accumulated 423 million existing shares of Sino-Ocean Land Holdings Ltd (3377), it now holds 24.08 per cent stake in the latter, being the largest substantial shareholder of the company. (Sing Tao Finance B4)

China Railway Group (390 HK) announced its subsidiary has won two projects in Chengdu and Pengzhou in an auction for 243 million yuan in total. (Hong Kong Economic Journal P. 13)

China SCE Property (1966 HK) is planning to sell up to 690 million new shares to raise HK$2 billion in an initial public offering ahead of listing in Hong Kong, according to market sources. (Hong Kong Economic Journal P. 6)

China Strategic (235 HK) and its partner Primus Financial Holdings resubmitted an application of acquiring Nan Shan Life to the Taiwan regulatory yesterday, according to Taiwan media. (Sing Tao Finance B3)

China Taiping Insurance (966 HK) said the 2009 accumulated premium income of its subsidiary, Taiping Life Insurance, amounted to 22.58 million yuan. (Hong Kong Economic Times A12)

Greentown China (3900 HK) announced contracted sales for the period ended December 31 last year reached 8.4 billion yuan, surging about 300 per cent year-on-year. The total sales in 2009 amounted to 52.9 billion yuan, a 3.39 times compared with a year ago. (Sing Tao Finance B2)

Kaisa Group (1638 HK) has bought two pieces of land in Jiangyin and Shenyang in a land bid for 629 million yuan. The land plot in Jiangyin is a commercial land worth 100 million yuan with a floor area of 79,000 square meters while the Shenyang plot amountsto 529 million yuan with a floor area of 21,400 square meters. (Sing Tao Finance B2)

PICC Property and Casualty (2328 HK) said its unaudited direct premium income last year was 119.5 billion yuan, up 17.5 per cent from 2008. (Hong Kong Economic Times A12)

Ping An Insurance (2318 HK) said accumulated premium income of its subsidiaries, Ping An Life Insurance, Ping An Property Insurance, Ping An Health Insurance and Ping An Pension Insurance amounted to 172 million yuan, surging 47 per cent year-on-year. (Hong Kong Economic Times A12)

Tianjin Port Development (3382 HK) plans to place 986.5 million new shares at a price ranging from HK$2.41 to HK$2.60 to raise up to HK$2.565 billion. The proceeds will be used for settlement of the proposed acquisition of Tianjin Port A-shares. (Sing Tao Finance B1)

Vision Tech International (922 HK) plans to develop a cemetery in Shanghai in the hope that the project will contribute 80 per cent of total net profit in 18 months and help the company to return to the black. (Sing Tao Finance B4)

Xinda International (1899 HK) announced its subsidiary will sell entire 15 million stakes in a mainland tyre manufacturer for 284 million yuan. Xinda is expected to gain 186 million from the sale. (Hong Kong Economic Journal P. 13)

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