IPO: O-Net Communications (Group) Ltd., subsidiary of Great Wall Technology Company Limited (0074), is planning to list on Hong Kong bourse to raise as much as HK$560 million. The initial public offering price is set at around HK$1.7 to HK$2.9. (Sing Tao Daily B4)
City Telecom (H.K.) Limited (1137 HK) said it will cut service fee of 1Gbps residential broadbank Internet access to HK$199 per month. Experts said that due to the service’s limited accessing areas, it is not a real threat to the market. (Sing Tao Daily B4)
Billionaire Li Ka-Shing bought 110,000 shares on April 8 and another 50,000 shares on April 12 in Cheung Kong Holdings (1 HK). He now owns 41.77 per cent stake in the company. (Sing Tao Daily B4)
China Merchants Bank (3968 HK), the nation's fifth-largest bank by market value, said it is expecting to see net interest margin continue to rebound this year, following the consecutive NIM growth since the third quarter last year, according to its CEO. (Sing Tao Daily B3)
China Metal Recycling Holdings (773 HK), the country's largest recycler of scrap metal, agreed to buy CECIC (Tianjin) Ivestment Group, one of the largest scrap metal processing company in northern China with a annual sales of above 600,000 tonnes. (Sing Tao Daily B4)
CLP (2 HK) was to sell 70% interest in the 600-megawatt Anshun II Power Station in Guizhou province to China Guodian Corp. for 750 million yuan through a share-transferring contract between a wholly-owned subsidiary and the company. CLP would own 4,600 MW of generating capacity in the mainland after the deal, including 900 MW in renewable-energy projects. (Hong Kong Economic Journal P.9)
Dongfeng Motor Group Company (489 HK), the Chinese partner of Nissan Motor Co., Honda Motor Co. and PSA Peugeot Citroen, said its automobile sales surged 78 per cent in the first quarter compared with the same period last year. The company has sold over 470,000 cars in total this year. (Sing Tao Daily B4)
Evergrande Real Estate Group Ltd (3333 HK) has announced that it plans to issue US$600 million in senior secured notes to Chinese Estate Holdings, according to its CEO. The company has an abundant cash amount of HK$18 billion in total, which will be used for property developments and acquisitions. (Sing Tao Daily B3)
Glorious Property Holdings Ltd. (845 HK) said today that it will begin marketing of a proposed issue of senior notes, with the pricing and principal amount estimated by the market to be around $300 to $500 million. (Sing Tao Daily B4)
HKEx (388 HK) had signed an agreement with SZSE for a market data collaboration programme, effective on 1 May. The programme was to help investors investing in both markets gather more information needed. (Hong Kong Economic Times A14)
Mainland property agency Hopefluent (733 HK) saw a profit of HK$125.6 million for the year 2009. Farnings per share were 42.4 HK cents. A final dividend of 9 HK cents per share was declared. (Hong Kong Economic Times A12)
The Saudi British Bank, with 40 per cent of its interest held by HSBC (5 HK), saw a net profit of US$166 million for the first quarter this year, down 18.3 per cent over the same period last year, if measured in dollars, on contracting average asset balances. Customer deposits and loans and advances to customers dropped 6.8 per cent and 4.5 per cent separately during the period. (Hong Kong Economic Journal P.9)
Hutchison China Meditech Limited (13 HK), a subsidary of Hutchison Whampoa Limited which mainly produces pharmaceutical products, said revenue from healthcare products reached $93 million last year, but the company may lose $40 million if it keeps on researching. (Sing Tao Daily B4)
Driven by a sharp rise in net investment income, PICC P&C (2328 HK) reported a net profit before tax of 2.167 billion yuan. Net profit as a result climbed 15.36 times to 1.783 billion yuan. No dividend would be paid. (Hong Kong Economic Times A12)
Xiamen International Port (3378 HK) posted net profit of 205 million yuan for the year 2009, down 45.5 per cent year on year, partly due to decreased revenue from container business. A final dividend of 0.05 yuan per share was declared. (Hong Kong Economic Times A14)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
