Monday, February 8, 2010

Hong Kong Stock Market Wrap Feb. 5th, 2010

BBMG (2009 HK) plans to issue 5 billion yuan worth notes and sell as much as 70 per cent of the notes to investors while keeping the rest. The proceeds will be used for future expansion and working capital. (Sing Tao Finance B3)

BOC Hong Kong (2388 HK) announced that it had offered subordinated notes in a principal amount of US$1.6 billion. The 10-year notes are priced at 99.591 per cent of the principal amount of the notes. The notes bear a fixed interest rate of 5.55 per cent per annum during its term with interest payable semi-annually in arrears. (Hong Kong Economic Times A9)

China SCE Property (1966 HK) has offered 520 million shares on its listing at a price of HK$2.6 apiece. Shares of the company rose by 4.6 per cent on the first day, earning HK$120 per board lot. (Hong Kong Economic Times A9)

CNOOC (883 HK) Limited has agreed to buy a stake in the Ugandan oil assets of Tullow Oil PLC for US$2.5 billion, the Dow Jones Newswires reports, citing people with direct knowledge of the deal. Yet the company said it is merely a market rumour. (Sing Tao Finance B2)

Dah Sing Banking (2356 HK) announced that it had offered subordinated notes in a principal amount of US$250 million. The 10-year notes bear a fixed interest rate of 6.625 per cent per annum during its term. (Hong Kong Economic Journal P. 2)

Rumour has it that an Imagi (585 HK) subsidiary production company has closed down and 200 staff became unemployed. Imagi refused to comment on the issue. (Hong Kong Economic Times A9)

China State Construction (3313 HK), along with two other investors, announced that it has agreed to subscribe for bonds of HK$400 million issued by Skyjoy which now owns land plots in Shijiazhuang. (Hong Kong Economic Times A10)

China XLX Fertiliser’s (1866 HK) chairman Liu Xingxu expects that the company to produce 1.25 million tons of urea this year as its production facilities are fully utilized. By the end of September 31 in 2009, urea sales have reached 712,000 tons. (Hong Kong Economic Journal P4)

Orient Overseas (316 HK) has agreed to sell seven mainland property projects to Capitaland for US$2.2 billion as it plans to exit from the mainland property market. The company said the proceeds will be used for its core businesses such as transportation and logistics. (Hong Kong Economic Journal P11)

Renhe Commercial Holdings (1387 HK) Mr James Ho Hsiang-Ming has resigned as the non-executive director of the company with effect from February 6 in 2010 due to his other business commitments. (Hong Kong Economic Journal P11)

Ruinian International (2010 HK), a provider of health-related products, plans to offer 300 million shares at a price ranging between HK$2.95 and HK$3.78 a piece, to raise as much as HK$1.1 billion through its initial public offering. Entry fee is set at HK$3818.14 per board lot of 1000 shares. (Hong Kong Economic Times A10)

Swire Pacific’s (19 HK) unit Swire Resources expects its sales to grow by 20 per cent during the Chinese New Year on gradual recovery of the retail businesses in Hong Kong boosted by strong economy rebound, its managing director Laiman Tam said. (Hong Kong Economic Journal P4)

Tech Pro Technology Development (3823 HK) has posted a net profit of HK$6.16 million for the year ended December 2009, surging 93 per cent compared with a year ago. Earnings per share were 1 HK cent. No final dividend was declared. (Sing Tao Finance B13)

Wing On Travel (1189 HK) has recorded a net loss of HK$355 million for the year ended December 2009, against a net loss of HK$622 million a year ago. The company said in its annual results that it will announce the details of its proposed takeover later. (Sing Tao Finance B13)

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