Bank of Communications Co Ltd (3328 HK), launched its insurance business BoCommLife Insurance Co yesterday, as part of its goal of becoming a full-service financial conglomerate. BoCom will hold a 51 per cent stake in the new joint venture and will increase its capital to 500 million yuan from the initial registered capital of 200 million yuan. (Hong Kong Economic Journal P. 5)
China Energy Development Holdings (228 HK) plans to place 725 million existing shares at a price of HK$0.45 each, a 18 per cent discount on the last trading price, to raise HK$326 million for acquisition. (Sing Tao Finance B3)
China Life Insurance (2628 HK) said its net profit is expected to grow by more than 50 per cent from 2008. It attributed the surge to a recovery in the capital market, growth in investment returns and new accounting rules for insurance contracts. (Sing Tao Finance B3)
China Shipping Container Lines (2866 HK) expects to record a net loss for the year ended December 31 last year due to decrease in freight fee and volume. (Hong Kong Economic Times A16)
CNPC (Hong Kong) (135 HK) announced that it will invest around HK$10 billion this year in developing its natural gas business. Its subsidiary China Natural Gas Corporation also plans to invest 4.1 billion yuan for a natural gas project in Wuhai city in Inner Mongolia, chairman Li Hualin said. (Sing Tao Finance B3)
Datang International (991 HK) projected a whopping 120 per cent earnings hike due to decrease in cost of fuel. (Hong Kong Economic Times A16)
Fantasia (1777 HK) said its contracted sales for 2009 amounted to 3.75 billion yuan. It aims to reach 6 billion yuan contracted sales with a total floor area of 1.4 million square meters this year. (Sing Tao Finance B3)
Gold Peak Industries (40 HK) (Holdings) announced to raise HK$153 million by a rights issue of 235 million shares at a price of HK$0.65 per rights share on the basis of 3 rights shares for every 7 existing shares. The proceeds will be used for general working capital. (Sing Tao Finance B3)
Carmaker Great Wall Motor (2333 HK) expects earnings for the year 2009 to rise by more than 50 per cent than the prior year. (Hong Kong Economic Times A16)
Hang Lung Properties (101 HK) has committed HK$38 billion on prime commercial projects in the mainland. The developer is building two shopping malls in Shenyang and Jinan. Four other projects, including two malls in Tianjin and Dalian, are in the pipeline. (Hong Kong Economic Journal P. 11)
Huaneng Power International (902 HK) said it expects to return to the black in 2009 comparing to a loss of 3.7 billion in 2008. The expected growth is attributable to the drop in fuel cost and rise in electricity price. (Sing Tao Finance B3)
Li & Fung (494 HK) has signed a non-exclusive sourcing deal with Wal-Mart that the US retailer could buy US$2 billion (HK$15.6 billion) worth of goods through the company in the deal’s first year. In addition, the company has granted a call option where Wal-Mart would have the right to transfer 100 per cent of the shares of subsidiaries running the sourcing function to Wal-Mart. (Sing Tao Finance B2)
Pico Far East Holdings (752 HK) has posted a net profit of HK$124 million for the year ended October 31, sliding 27 per cent from a year ago. Earnings per share were 10.35 HK cents. An final dividend of 3.5 HK cents per share was declared. (Sing Tao Finance B3)
SCUD Group (1399 HK) expects to record a net loss for the year ended December 31 last year on decrease in demand and drop in sales due to keen competitions in the middle-low end market. (Hong Kong Economic Times A16)
Silver Grant International Industries (171 HK) has agreed to place new shares to CGNPC International Limited at a price of HK$2.00 apiece, a 27 per cent discount on the last trading price, for HK$728 million. (Sing Tao Finance B3)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
