IPO: Rumour has it that Chongqing Rural Commercial Bank plans to list on the Hong Kong bourse with 2.3 billion shares at HK$3.5 each to raise at least HK$8 billion. (Hong Kong Economic Journal P. 6)
Bank of Communications (3328 HK), China’s fourth-largest lender by market value, plans to raise as much as 42 billion yuan by offering 1.5 shares for every 10 held in a rights offer for investors in Shanghai and Hong Kong. (Sing Tao Finance B1)
BYD (1211 HK) said it aims to export 5 per cent to 10 per cent of its total number of vehicle produced this year, compared with the 2.2 percent of its 450,000 vehicles last year. In addition, the company plans to enter the Western European market for clean technology cars next year, following its plans to export electric cars to the US this year. (Sing Tao Finance B2)
Cathay Pacific (293 HK), Hong Kong’s largest carrier, and Air China Ltd. (0753) intend to sign an agreement on forming an air-cargo venture, according to sources. Cathay Pacific and Air China both said that talks were under way and no details can be disclosed at this moment. (Sing Tao Finance B2)
China Vanadium Titano-Magnetite Mining (893 HK) has posted a net profit of 328 million yuan for the year ended December 31 in 2009, surging 32 per cent year-on-year. Earnings per share were 0.2 yuan. No dividend was declared. (Sing Tao Finance B2)
China XLX Fertiliser (1866 HK) first posted its annual results after its listing with a net profit of 99.42 million yuan, diving 71.7 per cent on excess supply. (Hong Kong Economic Times A10)
Emcom International (8220 HK) has appointed Mr. Chiau Sing Chi as executive director for an initial term of five years. Meanwhile, the company will change its name to Bingo Group Limited. (Sing Tao Finance B2)
Green Global Resources Limited (61 HK), which proposed to change the name to North Asia Resources Holdings Limited, said its Mongolian mine acquired last year will produce the first batch of iron ore in September with one million tones. (Hong Kong Economic Times A10)
HSBC Brazilian unit executive director Helio Duarte denies that the lender is considering an initial public offering of its Brazilian unit to finance expansion. (Sing Tao Finance B2)
Hutchison Whampoa (13 HK) said it plans to spend £ 1 billion (HK$11.9 billion) to further invest in UK assets in the coming two years. (Hong Kong Economic Journal P. 4)
Renhe Commercial Holdings (1387 HK) announced that it has secured approvals from the National Civil Air Defense Office to develop and operate underground commercial centres in Dadukou District and Banan District in Chongqing. (Hong Kong Economic Times A10)
Shanghai Electric Group (2727 HK) plans to sell 48 per cent stake in Shanghai Rail Traffic Equipment Development Co., Ltd. to China CNR Corporation Limited for 365 million yuan. (Sing Tao Finance B2)
TCC International Holdings (1136 HK) announced at the EGM approval of certain acquisition of clinker and cement production operations and the increase in authorized share capital of the company. (Hong Kong Economic Journal P. 7)
Town Health International (3886 HK) has agreed to place a maximum of 587 million shares at a price of HK$0.81 each for HK$464 million. (Hong Kong Economic Times A10)
Xtep International (1368 HK) aid it recorded strong sales order book growth of 23 per cent year-on-year in the third quarter sales fair. Sales orders values for apparel products rises 25 per cent year-on-year, while that of footwear grows 22 per cent. (Sing Tao Finance B2)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
