Monday, March 1, 2010

Hong Kong Stock Market Wrap Feb. 26th, 2010

IPO: Rumour has it that Prudential, the UK’s largest insurer, is in negotiations to buy AIA for more than US$30 billion (HK$234 billion), according to Financial Times. The market thinks that the AIA’s plan of IPO in Hong Kong may change. (Hong Kong Economic Journal P1). Huiyin Household Appliances, a mainland’s retail chain operator and distributor of home appliances, plans to list on the Hong Kong bourse by the end of March to raise between US$60 million and US$80 million (HK$468 million and HK$624 million). (Hong Kong Economic Journal P4)

Asia Coal Ltd (835 HK) said it has terminated the acquisition of 90 per cent share of Shouyang Maijie due to policy change in Shanxi Government that the vendor may encounter difficulties in completing the reorganization. (Hong Kong Economic Journal P. 4)

Kunming Ultra Big, an indirect wholly owned subsidiary of China Forestry (930 HK), has agreed to acquire forestry rights of the Ninglang Land for a period of 30 years for 464 million yuan from Fuxin Environment. Kunming Ultra Big is principally engaged in the business of forestry plantation and forest operation. (Hong Kong Economic Times A10)

China Mengniu (2319 HK) announces that Mr. Yao Tongshan has tendered his resignations to the board, resigning from his positions as an executive director and the chief financial officer of the company. (Hong Kong Economic Times A10)

China Zenith Chemical (362 HK) said it has agreed to place up to 440 million top-up shares at HK$0.2 apiece, a discount of 15.61 per cent to the latest stock price of HK$0.237 per share to raise HK$87 million for working capital. (Hong Kong Economic Journal P. 4)

Dalian Port (2880 HK) announced that its profit in 2009 would have increased by 10.4 per cent as compared with that in 2008. The company proposed a final dividend of 25 cents per share yuan. (Hong Kong Economic Times A10)

Global Sweeteners Holdings Ltd (3889 HK) has gained approval from Taiwan to seek a secondary listing on the local bourse by issuing up to 100 million units of Taiwan Depository Receipts (TDRs) to raise NT$1.5 billion. (Hong Kong Economic Journal P. 4)

Vitar international (195 HK) has agreed to place 480 million new shares at HK$0.65 apiece to raise HK$310 million as working capital. The price is a 14.47 per cent discount to the closing price yesterday. (Hong Kong Economic Times A10)

Apollo Solar Energy Technology (566 HK) announced that its wholly owned subsidiary Apollo Precision (Fuijian) Limited has signed a sales and service contract with a joint venture company controlled by the Zhengzhou government for 579.7 million yuan. (Hong Kong Economic Times A12)

Beijing Jingkelong (814 HK) plans to issue 120 million A-shares in the Shanghai Stock Exchange for its development of chained shops. (Hong Kong Economic Times A12)China Railway Construction (1186 HK) announced that its A-share trading is suspended today as the company is planning for a non-public offering of shares. (Hong Kong Economic Journal P4)

GCL-Poly Energy (3800 HK) announced that its expected impairment loss for the year ended December 31 in 2009 arising from the acquisition will be substantially reduced following a reassessment of the accounting treatment for the acquisition. The issue on the financial statements and the meeting of the board has been adjourned to March 17. (Hong Kong Economic Times A12)

Ping An Insurance (2318 HK) said it has gained approval from regulatory for the proposed acquisition of Shenzhen Development Bank, executive vice president Sun Jianyi said. (Sing Tao Finance B11)

Winfoong International (63 HK) has recorded a net profit of HK$85.67 million for 2009, surging 115 per cent year-on-year. No final dividend was declared. (Sing Tao Finance B11)

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