Friday, February 19, 2010

Hong Kong Stock Market Wrap Feb. 18th, 2010

IPO: The Russian iron ore and steel producing company Metalloinvest Holdings (Metalloinvest) is considering an initial public offering of 10 to 20 per cent of its shares in a year to 18 months in Hong Kong and UK, Reuters has reported, citing Metalloinvest's co-owner Alisher Usmanov. (Hong Kong Economic Journal P. 2)

Asia Energy Logistics Group (351 HK) has agreed to acquire 900 million or 2.48 per cent stake in Tack Hsin in the open market at a price of HK$2.31 each for HK$20.80 million. (Sing Tao Finance B3)

China Unicom (Hong Kong) Ltd (762 HK), the country’s second-biggest mobile-phone carrier, slid 1.3 per cent to HK$8.87 after denying a Nigerian government statement that it is involved in bidding for Nigerian Telecommunications Ltd. (Hong Kong Economic Journal P. 6)

Comtec Solar Systems (712 HK) has signed an agreement with China Sunergy to further provide 40MW of large solar wafers. The company also plans to expand its production to 504MW by the end of June and 600MW in the third quarter. (Sing Tao Finance B2)

Greenfield Chemical Holdings’ (582 HK) non wholly-owned subsidiary has agreed to acquire property assets in Zengcheng City in Guangdong with a total floor area of 66,600 square meters for 18 million yuan. (Sing Tao Finance B2)

Green Energy Group (979 HK) has agreed to grant a loan of HK$30 million to the third parties with an interest rate of 5 per cent per annum as they are in negotiation for proposed acquisition. (Sing Tao Finance B2)

HSBC Bank Canada said net income for 2009 was C$448 million, a decrease of 21.8 per cent compared with C$573 million for the prior year. The net interest income fell 10 per cent to C$1.479 billion while non-interest income grew 13.6 per cent to C$951 million. The provision for credit losses was C$515 million, up 35.88 per cent compared with 2008. (Hong Kong Economic Times A9)

Hutchison Telecommunications International (2332 HK) said it will postpone its board meeting for 2009 results because it is still in discussions with the US Securities and Exchange Commission on certain accounting treatments adopted by the company. The company had previously planned to hold the board meeting today. (Hong Kong Economic Journal P. 2)
Success Pioneer Limited (332 HK), substantial shareholder of Ngai Lik Industrial Holdings, has placed 1.468 billion existing shares at a price of HK$0.04 per share for HK$58.73 million. (Sing Tao Finance B3)

NWS Holdings (659 HK) said that its unaudited interim results for the six months ended December 31 in 2009 may record a significant increase in profit as compared with the corresponding period in 2008 on the disposal of Taifook Securities Group Limited (0665). (Sing Tao Finance B2)

Pacific Andes International (1174 HK) announced it has gained approval for the proposed secondary listing on the Oslo Bors of the securities of its 42 per cent-owned subsidiary listed in Singapore, China Fishery Group Limited. The first day of listing of the shares on the Oslo Bors will be a date not later than 31 March 2010. (Hong Kong Economic Journal P. 6)

Chinese food supplement maker Ruinian International (2010 HK) is set to begin trading today. Prices of the health food maker in grey market closed at HK$3.13 yesterday, surging 4.33 per cent from the HK$3 offer price. Earnings per board lot of 1000 shares were HK$130. (Hong Kong Economic Times A8)

Shares of Sands China (1928 HK), a Macao casino operator, fell 2.49 per cent at the opening and dived 5.7 per cent to HK$10.60 yesterday after trading resumed. (Hong Kong Economic Times A8)

The company announced that it is exploring the feasibility of a separate listing of a business unit. Share price of Sing Tao News Corporation (1105 HK) grew by 29 per cent yesterday, hitting one-year high. (Sing Tao Finance B2)

Wing Hing International (621 HK), a construction group in Hong Kong, has agreed to acquire two gold mines in Hebei for HK$288 million. The deal is settled in cash of HK$45 million, 225 million new shares at a price of HK$0.20 apiece and a HK$198 million worth of promissory note. (Sing Tao Finance B2)

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