IPO: Ruinian International, a mainland health-food maker, plans to launch its IPO on the Hong Kong bourse next Monday to raise 1 billion yuan. HSBC Finance is the sponsor of its listing. Rumour has it that Ck Life Sciences Int'l., (Holdings) Inc (0775) is one of its shareholders. The company plans to go public on February 29. (Sing Tao Finance B11)
361 Degrees International Limited’s (1361 HK) subsidiary 361 Investment Company Limited will establish a joint venture company in Jinjiang, Fujian Province with First Union to engage primarily in the production of soles for footwear. (Hong Kong Economic Journal P. 3)
Angang Steel (347 HK) announced that it will establish a wholly-owned subsidiary in Fujian Province for the construction and operation of new steel production facilities. The investment amounts to 3.8 billion yuan. (Hong Kong Economic Times A12)
China Pacific Insurance (2601 HK) projected its profit for last year to increase more than four times to at least 6.7 billion yuan. (Sing Tao Finance B3)
Shenhua Group (1088 HK), China’s biggest coal producer, said it will invest 2.35 billion yuan in joint venture Zhuhai New Century Shipping Co this year. (Hong Kong Economic Journal P. 3)
Hong Long Holdings (1383 HK) says that it has entered into a cooperative framework agreement with the management committee of Shenyang Economic and Technological Development Zone of Liaoning Province in order to further facilitate the expansion of its geographical coverage and replenish its land bank for real estate business. The investment involves 5 billion yuan (Sing Tao Finance B3)
MEC (276 HK) announced that its application of the mining license is progressing and further time is required. Its adviser has advised for an extension and the company accordingly granted such an extension for the transaction. (Hong Kong Economic Journal P. 3)
Ping An Insurance (2318 HK) expects its profit for last year to surge more than 15 times to 10.6 billion yuan, compared with a profit of 662 million yuan in 2008.
(Sing Tao Finance B3)
China Everbright International (257 HK) has signed a framework agreement with Huaining County to develop PV station with a total capacity of 20MWp. The company will invest 500 million yuan in this project. (Hong Kong Economic Times A12)
China Railway Group (390 HK) said it has granted approval to issue corporate bonds in the mainland. The company will issue 1 billion yuan worth of 5-year bonds and 5 billion yuan worth of 10-year corporate bonds. (Sing Tao Finance B11)
Comtec Solar Systems Group (712 HK) plans to produce solar battery through acquisition or set up its own firms in order to expand downstream businesses, its chairman John Zhang said. The company initially plans to set up several 30 MW production lines of solar battery for testing purpose. (Sing Tao Finance B11)
Get Nice Holdings (64 HK), which holds 50 per cent stake in Grand Waldo Casino in Macau, says its renovation will be finished soon. The renovation amounted to HK$40 million. The company expects operation cost to be reduced by 30 per cent to 40 per cent upon the renovation. (Hong Kong Economic Journal P9)
Sales of New World Development’s (17 HK) new residential project Belcher’s Hill in Sai Wan started last weekend. The average price is around HK$10,000 per square foot and 120 units have been sold with. (Hong Kong Economic Journal P9)
Poly Development Holdings (1141 HK) announced that it has acquired Beijing Yu Sheng Tang Holdings Limited for 10 million yuan. (Hong Kong Economic Times A12)
Sino Dragon New Energy (395 HK) plans to acquire a new energy project in Jiangsu for 120 million yuan to 150 million yuan, chairman Yang Xinmin said. He adds that if the acquisition is realized, it will be the main sources of income to the company, expecting to return to the black in 2010. (Sing Tao Finance B11)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
