Monday, February 22, 2010

Hong Kong Stock Market Wrap Feb. 19th, 2010

IPO: Epure International, which originally plans to list in Hong Kong in March, said it will delay its listing by a month to the end of April or early May. The target amount of financing to be raised also increases from US$300 million (HK$2.34 billion) to US$400 million (HK$3.12 billion). (Hong Kong Economic Journal P4)

IPO: Zhongsheng Group Holdings, one of China’s biggest car dealerships, is set to begin its pre-marketing today. The company plans to raise HK$7.8 billion. It will start its road show on March 3. (Hong Kong Economic Journal P4)

Bright Prosperous Holdings Limited (723 HK) announced that it has agreed to buy the entire stake in a company incorporated in Brazil holding, among others, certain forest area in Brazil, forest concession rights, a wood processing plant, investment interests in a flooring company and exclusive production rights for HK$295 million. (Hong Kong Economic Times A10)

China Oriental (581 HK) said its consolidated profit for 2009 is expected to increase significantly as compared with that for the prior year. The profit was attributable to an increase in sales and the decrease in production cost of steel products. (Hong Kong Economic Times A10)

Air France-KLM boss Pierre-Henri Gourgeon said KLM will form a joint venture with China Southern Airlines (1055 HK) to operate routes between Guangzhou and Paris, said foreign sources. Rumour also has it that China Southern Airlines is forming cargo JV with China Eastern Airlines (0670). (Hong Kong Economic Times A10)

HSBC U.S Inc., has sold its interest in Wells Fargo HSBC Trade Bank, N.A., consisting of 20 per cent of the Trade Bank common stock and 100 per cent of its non-voting preferred stock, to Wells Fargo Holdings Corporation for US$171 million (HK$1.33 billion) in cash. (Hong Kong Economic Journal P. 3)

Hutchison Telecommunications (Australia), controlled by Hutchison Whampoa (13 HK), said its net profit for 2009 was A$467.7 million, compared to a net loss of A$163.1 million the previous year, thanks to the merger of operating subsidiary and Vodafone Australia. (Hong Kong Economic Journal P. 3)

New Times Energy (166 HK) has agreed to acquire three gold mines, namely Banbishan Gold Mine, Sanjia Gold Mine and Qingheyan Gold Mine, for HK$600 million. The gold mines have a total mining area of approximately 6.3549 sq km. and contain gold ore resources estimates of approximately 3.9 million tones. (Hong Kong Economic Journal P. 4)

Wing On Travel (1189 HK) announces that on February 3, it entered into an agreement with a third party regarding the proposed disposal of 90 per cent interest in a wholly-owned subsidiary. (Hong Kong Economic Journal P. 3)

Country Garden Holdings (2007 HK) said its sales during the lunar New Year holiday (February 13 to 19) amounted to 1.08 billion yuan, surging 97 per cent year-on-year. (Hong Kong Economic Times A12)

Green Global Resources (61 HK) has agreed to acquire 9.99 per cent stake in Golden Pogada, which holds a mining rights licence of an iron ore mine in Mongolia, for HK$192 million. The deal will be settled by a share placement of 50.60 million shares at a price of HK$3.80. (Sing Tao Finance B12)

ICBC (1398 HK) plans to spend 16.5 billion yuan on investments in fixed assets for this year. In addition, the lender has appointed Wang Lili as its executive director. (Sing Tao Finance B13)

Rumour has it that Legend Holdings, parent of Lenovo Group (992 HK), has agreed to acquire 12 per cent stake in BOC International (China) Limited, which is originally held by the State Development & Investment Corporation, for 900 million yuan, according to the mainland media. (Hong Kong Economic Journal P4)

Top Form International (333 HK) has posted a net profit of HK$30.82 million for the six months ended December 31 in 2009. Earnings per share were 2.9 HK cents. An interim dividend of 1.5 HK cents per share was declared. (Sing Tao Finance B13)

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