Hong Kong Stock Market Wrap May 27th, 2010

Bank of China (3988 HK) President Li Lihui said the company expects to issue A-share convertible bonds in a total of 40 billion yuan, and complete the H-share refinance. BOC holds Euro bonds in the amount of “hundreds of millions”, but part of the bonds including those of Greece, Portugal and Spain was sold in the first quarter. (SingTao Daily B2)

BYD Company (1211 HK) will contribute 300 million yuan to establish a JV Company in Shenzhen with Daimler to research and develop a new electric car. The two companies will hold 50 per cent equity interest respectively in the JV Company. (Hong Kong Economic Times A12)

Cathay Pacific Airways (293 HK) was fined KRW 4.098 billion, HK$26 million at current exchange rates, by Korean Fair Trade Commission for air cargo pricing practice. The airline has not received any written decision from the commission yet. (Hong Kong Economic Times A12)

China Metal Recycling (773 HK) said sales amounted to 460,000 tonnes in the first 4 months this year. The number is 60 per cent of that of the last full year. Chairman said 2010 full-year target remained unchanged but he did not reveal a concrete figure. (Hong Kong Economic Journal P8)

Directel Holdings (8337 HK) will list on 2 June. It plans to place 250 million shares at a price of HK$0.2- HK$0.32 per share to raise up to HK$80 million. (Hong Kong Economic Times A10)

Dynamic Energy Holdings (578 HK) approved at the SGM yesterday to issue convertible notes and increase authorized share capital to raise up to HK$1.2 billion. Executive director Wu Jiahong expects market share of the company will increase and profit will improve. (Hong Kong Economic Journal P6)

(8220) EMCOM INTERNATIONAL LIMITED TO SHOOT 20 FILMS IN 5 YEARS The company has confirmed its business development target and it will focus on producing 10 to 20 films in five years. Cost per film will be around 5 million yuan to 20 million yuan, the major shareholder and execute director Stephen Chow Sing-chi said at the board meeting.

Emperor Capital Group Limited (717 HK) said it turned to the black in the past six months ended 31 March 2010, earning around HK$48.6 million. An interim dividend of 1 HK cent per share was declared. (SingTao Daily B2)

Hutchison Whampoa (13 HK) suffered little impact from the plunge of the European debt crisis and Euro exchange rate, billionaire Li Ka Shing said. However, the drop of Euro will affect profit of the company as it has a lot of retail and terminal operations in Europe, he added. He is confident that that its business performance will be better than that of last year. (SingTao Daily B1)

Lenovo Group (992 HK) said its full-year result ended the end of March turned to the black, with a net profit of HK$1 billion. The company recorded a net profit of around $13 million in the fourth quarter last year. Earnings per share were 1.42 US cents. A final dividend of 4.5 HK cents was declared. (SingTao Daily B3)

S E A Holdings (251 HK) said income from rental business of projects in HK and the mainland went up as compared to that of last year. This year the company will focus on its business in the mainland. It expects operating income to be lower this year. (Hong Kong Economic Journal P10)

Shui On Land Limited (272 HK) chairman Vincent H. S. Lo said housing prices in Shanghai returned to stable and the government had no need to impose controlling measures. He said contracted sales reached 700 million yuan since this year and was confident to achieve full-year target of 6 billion yuan. (Hong Kong Economic Journal P10)

Sino Biopharmaceutical Limited (1177 HK) said its net profit amounted to HK$90 million in the first quarter ended 31 March 2010. Though it only recorded 1.1 per cent net profit growth, cash and the bank balance rose to HK$2.362 billion. A quarterly dividend of 2 HK cents per share was recommended, up over 33 per cent year-on-year. (SingTao Daily B2)

Wing Hang Bank (302 HK) said the bank is only holding sovereign bonds in German, France and Britain as well as government-backed loans, according to CEO. He said it doesn't hold any other assets in the peer market in Europe. In addition, he said the bank's current dividend ratio has recovered to 50 per cent. (SingTao Daily B3)

Z-Obee Holdings Limited (948 HK) said its net profit amounted to $5 million for the full year ended 31 March 2010, up over 30 per cent compared with the same period last year. Gross margin rate was 8.35 per cent. Basic earnings per share were 1.01 US cents. No dividend was paid (SingTao Daily B2)

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

Hong Kong Stock Market Wrap May 26th, 2010

Belle International (1880 HK) said same store sales of shoes and footwear products went up over 10 per cent in the first five months this year. Same store sales went up 18 per cent in the first quarter this year. (SingTao Daily B4)

Buildmore International (108 HK) lost around HK$527 million for the year ended 31st January, 2010. Loss per share was HK$4.7. No dividend was declared. (SingTao Daily B2)

Target price of BYD Company Limited (1211 HK) was lowered almost 50 per cent to HK$44 by Credit Suisse though its shares was bought by Warren Buffett. Target prices of most of the automobile shares were also de-rated with at least 35 per cent lower. (Hong Kong Economic Times A11)

From 21 June this year, board lot size of Comba Telecom Systems (2342 HK) for trading on the Stock Exchange will be changed from 2,000 shares to 500 shares. (SingTao Daily B2)

As AGM was rescheduled to 17 June 2010, China Haisheng Juice (359 HK) announced yesterday that register of members would be closed from 27 May 2010 to 17 June 2010. The company has proposed a final dividend of 0.02 yuan per share for the year 2009.
(SingTao Daily B4)

China Solar Energy (155 HK) will subscribe for a total of 2.18 billion shares, representing approximately 30.46 per cent of the issued share capital of the company, at a price of HK$0.1376 per share to raise around HK$300 million. (SingTao Daily B2)

FU JI Food and Catering Services (1175 HK) has announced its reorganization proposal. Under the proposal, mainland investor will offer consideration of HK$658 million for the rescue. The company hopes to resume trading of shares after the completion of reorganization. (SingTao Daily B4)

GOME Electrical Appliances (493 HK) chairman Chen Xiao increased holding of shares in the company by a total of 5 million shares on 20 May and 24 May at an average price of around HK$2.079 for over HK$10 million. (SingTao Daily B2)

i-CABLE Communications Limited (1097 HK) having obtained the broadcast right of the World cup has recorded its highest sale over past four years recently. The company expects to increase 1,000 new users daily before the World Cup broadcast. (Hong Kong Economic Journal P10)

Longfor Property (960 HK) said its contract sales in May might fall 40 per cent month on month to 1.5 billion yuan. CEO said the curbing policy has seen effect in the housing market and he expected the current situation to continue for two or three months. The company will not adjust its 24.8 billion yuan sales target for whole year, he said. (Hong Kong Economic Times A11)

Media Chinese International (685 HK) recorded net profit of US$10.78 million in the first quarter. The company plans to pay a second interim dividend of 0.771 US cents per share. (SingTao Daily B2)

(0716) SINGAMAS CONTAINER HOLDINGS LIMITED UP 40% FOR CONTAINER QUOTATION The shipping industry and international trading condition for the first quarter keep recovering and there is a temporary lack of containers. According to the quotation for ordinary dried food containers submitted in August, the price was raised 40 per cent to $2,700 each compared with that in the end of last year. (Hong Kong Economic Times A11)

TCC International Holdings Limited (1136 HK) will use around $250 million to extend production capability to 44 million tons by end of June next year. Its current production capability is around 17.5 million tons and its dividend ratio maintains around 20-40 per cent. (Hong Kong Economic Journal P10)

TVB (511 HK) said it plans to establish a new production plant in its newly bought land in Tseung Kwan O. The land has a total area of 140,000 sqm, according to the CEO. He said the whole project will cost millions and the final established area will be as much as 3 times of the current land's area. In addition, CEO said the company has no plan to change stake in Pay Vision Limited. (Hong Kong Economic Times A11)

Packing paper manufacturer Youyuan International Holdings Limited (2268 HK) rose to as high as HK$2.66 in grey market yesterday, up over 3 per cent than its initial offering price. It climbed almost 2 per cent to close at HK$2.63 and transaction volume was around HK$1.05 million. (Hong Kong Economic Times A10)

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

Hong Kong Stock Market Wrap May 25th, 2010

Air China Limited (753 HK) is going to raise its airfare with the first class fare being equivalent to double of economy class fare and the business class fare being equivalent to 1.5 times of economy class fare. (Sing Tao Daily B2)

Asia Coal Limited (835 HK) announced that the net loss of the Group for its financial year ended 31 March 2010 is expected to increase significantly as compared with that in the financial year ended 31 March 2009. The loss is due to factors including increasing administrative expenses and interest expenses. (Sing Tao Daily B3)

BaWang International (1338 HK) said the company would put its focus on Southern China market first and then the next would be on Eastern and Northern China as herbal tea sales in Southern China accounted for around 40-50 per cent of the total in the mainland, among which Guandong accounted for 20 per cent. (Hong Kong Economic Times A10)

President of China Telecom (728 HK) said at the Board that the adjustment of 3G price in the industry is expected. He will not follow the suit as it has no significant impact on the company. There were 500,000 new 3G customers in average each month in the first quarter. (Sing Tao Daily B1)

City Telecom (H.K.) (1137 HK) announced interim results for the six months ended 28 february 2010. Net profit was HK$116 million, up 54 per cent year-on-year. Interim dividend of HK6.5 cents per share was declared.
(Hong Kong Economic Times A10)

CMMB Vision (471 HK), previously named Global Flex Holdings, places 184.4 million new shares at a price of HK$0.111 per share to raise HK$20.468 million. The proceeds will be used as general working capital. (Hong Kong Economic Times A10)

Datang International Power Generation Co., Ltd. (991 HK) announced that it will issue up to a maximum of 1 billion A shares to not more than 10 qualified investors at the issue price of not less than 6.81 yuan per A shares.
(Sing Tao Daily B1)

Giordano International (709 HK) has accelerated its speed of opening new stores in the mainland. The company said it opened 58 new stores in the mainland in the first 4-month this year and its target was to open 150 new stores during 2010 so that the total stores in the mainland would reach the figure 1,200. (Hong Kong Economic Times A10)

International Elite Ltd. (1328 HK) announced that the company plans to acquire the Sunward Group at a price of HK$2 billion, which is equivalent to around 20 times of its P/E ratio. (Sing Tao Daily B3)

Managing Director of Industrial and Commercial Bank of China (349 HK) said during the annual board meeting that as of end of last year the bank has held HK$28 billion of bond investment portfolios but not disclosing whether European sovereign debt is included. (Sing Tao Daily B1)

Jia Sheng Holdings (729 HK) shareholders placed shares yesterday. Existing shareholders have placed a total of 230 million existing shares at a price of HK$1.38 per share. (Hong Kong Economic Times A10)

Kingsoft Corporation (3888 HK) saw unaudited net profit drop 11 per cent to 89.74 million yuan in the first quarter. Revenue and gross profit went up 4 per cent year-on-year to 245.7 million yuan and 214.9 million yuan respectively. (Hong Kong Economic Journal P9)

Morning Star (542 HK) was benefited from the news that placing agents are willing to sell shares at high price for the major company directors. The move made the share price up over 12 percent, close at HK$0.146. Controlling shareholders are willing to sell all their shares at the target price of no less than HK$0.2. (Sing Tao Daily B3)

PetroChina Company Limited (857 HK) issued the second tranche of medium-term notes in 2010 and the third tranche of medium-term notes in 2010 respectively on 19 May 2010, and the full amount of the proceeds were received on 20 May 2010. (Sing Tao Daily B3)

The Grande Holdings (186 HK) chairman Ho Wing On Christopher was sued by Lo Yuk Yee of Maxx Capital Finance involving HK$30 million arrears. Lo was former chairman of Maxx Bioscience Holdings (0512; now named China Grand Pharmaceutical and Healthcare). (Hong Kong Economic Journal P9)

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

Hong Kong Stock Market Wrap May 24th, 2010

Trading in the shares of Angang Steel (347 HK) was suddenly suspended yesterday morning after market opened for 20 minutes. The company said in an announcement that it was pending the release of an announcement which was price sensitive in nature. (Hong Kong Economic Journal P6)

Jingkelong (814 HK) declared that as of end of March this year, the net profit of the first quarter is around 59 million yuan with a rise of 19%. It is also proceeding to have a promotion on the A-Share issuance. (Sing Tao Daily B3)

Hong Kong Dragon Airlines, subsidiary of Cathay Pacific Airways Limited (293 HK), said its yield rate has returned to the level before financial crisis in 2008, mainly helped by recovering Asian economy and strong demand during Shanghai Expo. However, the amount of carried passengers is still smaller than that in 2008. CEO said it will consider renting new airplanes to increase transport availability. (Sing Tao Daily B3)

CMCDI (133 HK) announced it had sold 560 million shares of A-Share of Industrial Bank Co., Ltd with a net income of around 153 million yuan. (Sing Tao Daily B3)

CITIC (998 HK) announced yesterday that 16.5 billion yuan of subordinated bonds will be issued, of which 5 billion yuan maximum is of 10-year term and the remaining is of 15-year term. (Sing Tao Daily B3)

China Resources (291 HK) posted net profit of HK$3.727 billion in the first quarter, up almost 8 times year-on-year. Continuing operations earned HK$716 million, up 62 per cent. Turnover was HK$21.5 billion, up 25 per cent year-on-year. (Hong Kong Economic Journal P6)

C C Land Holdings Limited (1224 HK) said transactions in May might fall 20 per cent month-on-month, as the recent curbing policies have affected market sentiment, according to CEO. He added that the company’s target contract sale amount is 3.4 billion yuan, which doubles the level of last year. (Sing Tao Daily B4)

Denway Motors (203 HK) and Guangzhou Automobile said that although chairman Zhang Fangyou said GAC was not contemplating to raise the Share Exchange Ratio then on 19 May, it should not be interpreted as an indication that GAC would increase the Share Exchange Ratio in the future. (Hong Kong Economic Times A11)

Datang International Power Generation Co., Ltd. (991 HK) said it has agreed with Datang Coal Mining Company to develop Fuxin coal gas production project. In addition, the company reentered into an agreement to develop Keqi Coal-based Gas Project. The company will spend 10.565 billion yuan in total on the two projects. (Sing Tao Daily B4)

HKEx and China Securities Index (388 HK) signed an index distribution agreement yesterday. China Securities Index can distribute certain index info via HKEx platform starting from July. (Hong Kong Economic Times A11)

Bedding distributor International Taifeng Holdings Limited (873 HK) held initial public offering presentation seminar yesterday. Rumour said it that the company will place 280 million shares, including 30 million old shares, to raise a consideration ranging from HK$577 million to HK$865 million. Entry fee is HK$6242 per lot (2000 shares). (Sing Tao Daily B3)

Lee & Man Holding (746 HK) said selling prices for chemical products recorded around 10 per cent growth year-on-year in the first quarter this year. The Group said it had no intention to sell its handbag business and the business would still be one of the core businesses. (Hong Kong Economic Times A10)

BNP Paribas maintained rating for Nine Dragons Paper (2689 HK) at “buy”, with target price at HK$19. It said wood pulp prices had limited pressure on the company and wood pulp accounted for 5 per cent of its production cost only. (Hong Kong Economic Times A11)

Sands China’s (1928 HK) wholly owned indirect subsidiary Venetian Orient Limited (VOL) has obtained certain term loan facilities and revolving loan facilities of $1.75 billion. The term of the facilities is 5 years. (Hong Kong Economic Journal P14)

Zhaojin Mining (1818 HK) declares that an agreement was reached on 18 May 2010. It was agreed that 20 billion yuan is to be used to acquire 55% rights of Baiyun Gold Mine in Fengcheng City. (Sing Tao Daily B3)

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

Hong Kong Stock Market Wrap May 20th, 2010

IPO: Agricultural Bank of China will hold its first IPO assessment meeting on May 25. If the meeting goes smoothly, the bank would then submit a plan to CSRC on May 28, mainland media reported. The paper didn’t give details on what type of plan would be submitted. (Hong Kong Economic Journal P2)

IPO: Beijing Automotive Industry Holding Co (BAIC), China's fifth-biggest automaker, is in talks with investment banks for an initial public offering of its passenger car business, the president said on Friday. The company plans to announce a grouping of its passenger vehicle businesses within two months. Afterwards the company may start floating the unit, President said. (Hong Kong Economic Times A10)

China's securities regulator will on Monday review Bank of China Ltd.'s (3988 HK) plan to sell convertible bonds, according to a statement from the regulator. The bank previously announced to sell no more than 40 billion yuan convertible bonds into its Shanghai-listed shares, and would also sell $6 billion new shares in Hong Kong. (Hong Kong Economic Journal P2)

China Eastern Airlines (670 HK) hopes to resume seeking strategic investors within this year, according to chairman Liu Shaoyong. He said financial investors are welcomed. Singapore Airlines is said to be one of the potential candidates. (Sing Tao Daily B8)

Lenovo Group Limited’s (992 HK) turnover may fell 13 per cent to $4.2 billion quarter-on-quarter in the fourth quarter in the fiscal year in 2010, while surge 50 per cent year-on-year, according to Daiwa Bank’s report. Net profit may amount to $19 million, compared with a loss of $264 million in the same period a year ago. (Hong Kong Economic Journal P4)

High-profile dealmaker and former Goldman Sachs top Asian executive Fred Hu has decided to launch a $10 billion private equity (PE) fund, called Chunhua Fund, China Daily reported, citing unnamed sources. The paper said Ping An (2318 HK) may invest $5 billion in the fund. (Sing Tao Daily B8)

During Buddha's birthday holiday, Hong Kong’s new property market has recorded over 30 deals, among which 28 deals came from Sun Hung Kai’s Yuen Long (16 HK) project Yoho Midtown. (Hong Kong Economic Times A14)

Bonjour Holdings (653 HK) said HK retail market still has room to grow. The company targets to open 40 to 50 shops in Hong Kong within 4 years. It is confident to keep gross profit margin this year at at least the 34 per cent level of last year. (Hong Kong Economic Journal P4)

China Green (904 HK) announced that it bought back zero interest convertible bonds on 20 May this year. The bonds were due 2010 and of 80 million yuan, payable by dollar. (Sing Tao Daily B11)

China Water Property (2349 HK) will acquire 60 per cent interest in a real estate project in Hangzhou from an independent third party for 87 million yuan. The company will issue 520 million new shares to pay part of the sum. (Hong Kong Economic Times A16)

Datang International Power Generation (991 HK) has entered into a capital increase agreement with a coal company under its parent. It will increase capital in a wholly owned subsidiary of the company by around 330 million yuan and jointly develop a coalmine with the company. (Sing Tao Daily B11)

Hong Kong Resources Holdings (2882 HK) acquired 3D-Gold Jewellery Holdings (0870) early this month. Its chairman said they are helping 3D-Gold to resume trading within the year and to develop further in the mainland. (Hong Kong Economic Journal P4)

UK media report said that HSBC Holdings (5 HK) Chairman Green Stephen Keith would resign from its position later this year and non-executive director John Thornton would take his place. He was a former president of Goldman Sachs. (Sing Tao Daily B11)

Standard Chartered (2888 HK) is said to plan to issue a total of around 240 million IDRs in India at a price of 100 to 115 rupees each to raise up to 27.6 billion rupees. That is around HK$4.588 billion to be raised. (Sing Tao Daily B11)

Zijin Mining (2899 HK) has signed supplemental agreement for the agreement regarding the disposal of gold development business in Shandong. Consideration has been increased from around 192 million yuan to 221.5 million yuan. (Sing Tao Daily B11)

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

Hong Kong Stock Market Wrap May 18th, 2010

China Railway Group (390 HK) plans to invest up to HK$7 billion to develop property market on mainland this year, among which HK$20 to HK$30 billion will be used for land purchase. The company said it won’t be affected much by the recent curbing policies, as it is one of the 16 government-owned developers given priority in aid. (Sing Tao Daily B2)

Chinese Estates Holdings Ltd. (127 HK) said it plans to sell some retail property assets in Hong Kong for HK$2.59 billion. The sale is subject to shareholders' approval, the firm said. If approved, Chinese Estates plans to recommend a special dividend of HK$0.40 a share, or about HK$780 million in total. (Sing Tao Daily B4)

Central China Real Estate (832 HK) announces to establish a trust with Bridge Trust with trust capital ranging 600-800 million yuan. The company will subscribe for 150-200 million units for 150-200 million yuan by its internal resources. (Hong Kong Economic Journal P.11)

China Shanshui Cement (691 HK) will acquire not less than 80% equity interest in Chifeng Yuanhang Cement for 860 million yuan in cash. The deal is expected to complete by the end of July. Net profit after taxation of Chifeng Yuanhang was 82.59 million yuan last year. (Hong Kong Economic Journal P.12)

China Petroleum & Chemical (386 HK) held its 2009 AGM yesterday, approving the issuance of convertible bonds of 23 billion yuan to support refinery renovation and pipeline construction. The company expected annual capital spending to be around 120 billion yuan in the next two years, excluding the investment needed for overseas M&A. (Hong Kong Economic Journal P.12)

Evergrande Real Estate (3333 HK) has granted 713 million share options to 7 directors and 130 employees, representing approximately 4.75 per cent of the issued share capital. Exercise price is HK$2.4 per share. Validity period of the options is 9 years and they will be exercisable in 5 tranches. (Hong Kong Economic Journal P.11)

Emperor Watch & Jewellery Limited (887 HK) said sales in May holiday this year is very good and expected full-year gross margin to maintain last year’s level of 25.8 per cent. Average watch consumption of mainland travellers during May holiday reached over HK$50,000, while jewellery consumption reached over HK$20,000. (Sing Tao Daily B3)

Franshion Properties (China) Limited (817 HK) said it has agreed with Sinochem Hong Kong to acquire 50 per cent in Shanghai Yin Hui for a total consideration of $136.1 billion. After the acquisition, Shanghai Yin Hui will be fully owned by Franshion Properties. (Sing Tao Daily B4)

Finet Group Chairman Yu Gang and Opulent Oriental International Ltd (8317 HK) he holds have been sued by Maxx Capital Finance Ltd. Maxx has claimed that a loan agreement was signed on 18 November last year, with Opulent as borrower and Yu as guarantor. Maxx is asking the 2 respondents to repay principal together with interest of 60.632 million. (Hong Kong Economic Times A11)

Geely Automobile Holdings Ltd. (175 HK) said it was invited to subscribe for 20 million new shares in Manganese Bronze Holdings PLC, taking its stake in the London-taxi builder to 51.68 percent from 19.97 percent. (Sing Tao Daily B4)

Industrial & Commercial Bank of China Ltd., (1398 HK) the world’s largest lender by market value, has won shareholder’s approval to raise as much as 25 billion yuan selling bonds to raise capital. The bank will issue convertible bonds in Shanghai, but it has not confirmed the financing plan in Hong Kong, as the market is “a mess”, according to CEO. (Sing Tao Daily B2)

Li&Fung Limited (494 HK) CEO said the company has $1 billion ready to buy other companies. The world’s biggest supplier for retailers including Wal-Mart Stores Inc., disclosed that it is in talk with several acquisition projects now and will make announcements in a few months. (Sing Tao Daily B2)

Neo-Neon (1868 HK) has issued an announcement stating that it did not aware of the reasons for the recent decrease in shares price. The company said the recently worsened European market and the weak Euro would not pose any significant negative financial impact or exchange rate risk to it as its sales and receivables were booked in US dollars according to preliminary assessment. (Hong Kong Economic Times A11)

SJM Holdings (880 HK) saw net profit climb 4.5 times to HK$760 million in the first quarter. Gaming revenue jumped 74 per cent to HK$12.683 billion. During the first quarter, it operated an average of 411 VIP gaming tables. (Hong Kong Economic Times A10)

Tradelink Electronic Commerce Limited (536 HK) said it has signed a cooperative framework arrangement with East Information Technology (Kunshan) Co., Ltd., in developing cross-border trade & logistics via technology integration. (Sing Tao Daily B4)

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

Hong Kong Stock Market Wrap May 17th, 2010

IPO: Prudential PLC said it would offer 11 shares for every two existing, at 104 pence per share, nearly 81 per cent less than the May 14 closing price. The insurer will need to issue up to 12.96 billion shares for nearly $21 billion. (Sing Tao Daily B2)

It is said that BOC Hong Kong (2388 HK) will enter into a supplementary agreement with banks participating in yuan business this week. Spokesperson of the bank has denied the saying. (Hong Kong Economic Times A13)

CNNOC (883 HK) signed a final agreement with state-run Turkish Petroleum Corporation (TPAO) to develop the Maysan oilfield complex in Iraq. The company will have 63.75 per cent stake in the oilfield. The Maysan complex is estimated to have up to 2.5 billion barrels reserve, which would require billions of dollars in investment. (Sing Tao Daily B3)

China Telecom Corporation Limited (728 HK) introduced CDMA 2000 version blackberry phone, which is targeted at commercial market. The company has started service in 16 provinces, with monthly fee ranging from 189 yuan to 589 yuan. In addition, the company plans to introduce Palm phone this summer. (Sing Tao Daily B3)

China Life Insurance (2628 HK) posted unaudited accumulated premium income of about 132.9 billion yuan for the first 4 months this year, up 5.5 per cent over the 126 billion yuan for the same period last year.
(Hong Kong Economic Journal P.10)

China Railway (3900 HK) has announced that a subsidiary has secured construction contracts worth 69.218 billion yuan in total for 15 railway, subway or highway projects. The company said the sum was equivalent to 20 per cent of its overall operating income last year according to PRC GAAP. (Hong Kong Economic Times A13)


Euro vs dollar drops. Esprit (330 HK), with many businesses exporting to Europe, went down 7.7 per cent to close at HK$45.15 yesterday. 84 per cent income of the company was from Europe for the 9 months ended March. (Hong Kong Economic Times A2)

Foxconn International (2038 HK) dropped 8.2 per cent to close at HK$6.12 yesterday as euro vs dollar drops. 22.5 per cent income of the company was from Europe last year. JP Morgan lowered target price for the company to HK$5.4 from HK$8 and rating to “underweight” from “neutral”. (Hong Kong Economic Times A2)

Kunlun Energy (135 HK) is to acquire 55% equity interest in Jiangsu LNG Company from its parent PetroChina (0857) for around 500 million yuan. Jiangsu LNG Company operates a LNG terminal, loading, storing and gasificating natural gas. (Hong Kong Economic Times A13)

Parkson Retail Group (3368 HK) said same store sales increased 10.8 per cent in the first quarter ended March 31 and the company expect to maintain a 10 per cent growth for the whole year. CEO said capital expenditure would be around 800 million to 1.2 billion yuan, mainly used to establish five new stores.
(Sing Tao Daily B2)

Southgobi Resources Ltd. (1878 HK) said first-quarter loss enlarged to around $168.3 million, compared with $9.96 million loss in the same period last year. Sales cost rose nearly three times to $12.7 million, mainly due to higher depreciation caused by realigning the open-pit and additional mobile equipment. (Sing Tao Daily B2)

Shandong Chenming Paper (1812 HK) has entered into contracts to purchase various equipment and parts for a total of 970 million yuan with Finland’s Metso Corporation’s and Germany’s Voith Group’s subsidiaries through its wholly owned subsidiary Shouguang Meilun Paper. The deal should have no substantial impact on its financial condition. (Hong Kong Economic Journal P.10)

Tingyi(Cayman Islands)Holding Corp. (322 HK) said first-quarter profit rose 10.12 per cent year-on-year to $102 million. Turnover increased 23 per cent year-on-year to $1.449 billion, but gross margin decreased 5.02 per cent to 30 per cent. Earnings per share were 1.83 US cents. No dividend is declared. (Sing Tao Daily B2)

Tcc International Holdings Limited (1136 HK) said the company plans to rasie HK$2.284 billion through a rights issue at a subscription price of HK$2.1 per rights share, on acceptance in the proportion of one rights share for every two. The price is around 27 per cent discount of the closed price before suspension. The net proceeds will be used to repay the debt in acquiring Upper Value. (Sing Tao Daily B2)

ZTE CORPORATION (763 HK) said the portion of phone business will increase to 50 per cent of the company’s total revenue, as it continues to develop high-end market in Europe and the U.S. as well as promote creative products such as mobile broadband. (Sing Tao Daily B2)

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

Hong Kong Stock Market Wrap May 14th, 2010

Alibaba.com Limited (1688 HK) said billionaire investor George Soros bought shares in the company in the third quarter last year, after he visited the company. He is now one of the top three holders of its publicly-traded shares. Alibaba rose as much as 10 per cent on Friday and closed at HK$15.82, still up 5.3 per cent. (Hong Kong Economic Times A3)

Industrial And Commercial Bank of China (1398 HK) has selected four banks to manage its fundraising in Shanghai. The four banks are Credit Suisse Founder Securities, China International Capital Corp (CICC), Citic Securities (600030.SS) and Guotai Junan Securities, foreign media reported, citing unnamed sources. (Hong Kong Economic Journal P2)

Hang Seng Bank (11 HK) has got approval to buy shares of Industrial Bank Co. Ltd and remitted around HK$2.6 billion to the mainland bank. This deal will enable to bank’s stake to maintain at 12.78 per cent after buying the placing shares. Hang Seng’s stake was downsized from 15 per cent to 12.78 per cent as the bank didn’t have right to buy shares when Industrial Bank listed in Shanghai. (Hong Kong Economic Journal P2)

China National Offshore Oil Corp (883 HK), parent company of CNOOC Limited, plans to establish a 3 billion yuan private equity fund with General Electric Co, mainland media reported, citing unnamed sources. The two parties will hold stakes of 50 per cent each in the fund, which will be used to invest sectors including domestic and global energy projects. (Hong Kong Economic Journal P4)

Sw Kingsway Capital Holdings Limited (188 HK) said its net profits attributable to the company’s shareholders amounted to HK$62 million for the 9 months ended 31 March 2010. As at 31 March 2010, the Company recorded unaudited net asset value of approximately HK$605 million. (Sing Tao Daily B12)

Li Ning Company Limited (2331 HK) said same store sales rose 5 per cent year-on-year in the first quarter. Same store sales in May holiday (from May 1 to May 3) increased 6.6 per cent. (Sing Tao Daily B12)

United Company Rusal Plc (486 HK) said it returns to the black with a profit of $247 million in the first quarter as aluminium price increased sharply. The company lost $638 million in the same period last year. CEO Oleg Mukhamedshin said the recent debt crisis in Europe won’t have negative impact on its project fund raising. (Sing Tao Daily B12)

China Gas (384 HK) has suggested to cancel its offer to acquire Zhongyu (8070) but the authority denied its request. The company will still have to acquire Zhongyu. (Hong Kong Economic Times A16)

China Public Healthcare (8116 HK) posted unaudited turnover of around HK$89 million for the 3 months ended 31 March 2010, up around 100 per cent over the same period last year. Turnover was attributable from the business of healthcare information technology acquired on 23 October 2009. Net profit attributable to equity holders was around HK$54 million. Basic earnings per share were 0.51 HK cents. No interim dividend was recommended for the period. (Hong Kong Economic Journal P.8)

China Qinfa (866 HK) has signed two shipbuilding contracts with China Shipbuilding and CSSC Guangzhou Longxue for HK$538.2 million in total to build 2 bulk carriers. The 2 bulk carriers shall be delivered on or before end of March and end of September 2012 respectively at Guangzhou. (Sing Tao Daily B13)

Honghua (196 HK) has signed sales contracts of land oil drilling rigs with two Russian clients for around $21 million and $34 million respectively. Pursuant to the contracts, the company will have to deliver the land oil drilling rigs to the Russian clients by the end of 2010. (Hong Kong Economic Journal P.8)

Parkson Retail (3368 HK) posted profit attributable to shareholders for the quarter ended 31 March 2010 increased by 4.4 per cent to 270 million yuan. Excluding the impact of around 40 million yuan employee share options expense, on a comparable basis profit attributable to shareholders grew by 19.9 per cent to 310 million yuan. Same store sales growth amounted to 10.8 per cent. Merchandise gross margin improved by 0.7 per cent year-on-year to 18.8 per cent. (Hong Kong Economic Times A16)

Tianyi Fruit (756 HK) announced issuance of convertible bonds in an aggregate principal amount of $22 million to 3 funds under Sequoia Capital China for HK$163 million. The net proceeds will be used for the increase in production capacity or general working capital. (Hong Kong Economic Times A16)

Xian Yuen Titanium Resources (353 HK) saw loss for the year ended end of December last year climb 27 per cent over a year before to HK$432 million. Loss per share was 8.2 HK cents. No dividend was declared. Trading in shares of the company resumes today. (Sing Tao Daily B13)

Xtep International (1368 HK) announced strategic partnership with Taobao.com to strengthen online sales and distribution channels. The company said it would put e-commerce as key area of development in the next 3 years.
(Sing Tao Daily B13)

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

Hong Kong Stock Market Wrap May 13th, 2010

There were major banks raising target prices for Air China (783 HK) for 2 consecutive days. Yesterday Morgan Stanley raised rating to “buy” and target price to HK$9.36 for the company. Its share price went up 6.7 per cent to close at HK$7.62. (Hong Kong Economic Times A14)

Alibaba.Com Limited (1688 HK) said first-quarter profit reached 330 million yuan, up 33.8 per cent year-on-year or 17.4 per cent year on year, beating market’s estimates. Earnings per share were 6.55 fen. No final dividend is declared. The company said it might have acquisition plan in the second quarter. The potential target will be a project, which could lift customer volume and bring technical co-ordination. (Sing Tao Daily B3)

China Everbright (165 HK) said it has got approval to list its unit China Everbright Bank in Shanghai, according to the CEO. He said as there are uncertainties in the market, it is very hard to say if the bank will conduct listing in the short term. (Sing Tao Daily B2)

China Resources Power (836 HK) posted electricity sales of 29 million mwh in the first 4 months, up 43 per cent over the same period last year. April electricity sales was 7.03 million mwh, up almost 38 per cent over the same period last year. (Hong Kong Economic Journal P.10)

China Shenhua Energy Company Limited (1088 HK) said merchantable coal production in April amounted to 17.3 million tonnes, down 1 per cent year on year, while coal sales rose over 50 per cent to 23 million tonnes. In addition, both total generating capacity and capacity sold out increased over 60 per cent to reach over 11 billion KW, compared with the same period last year. (Sing Tao Daily B2)

China Precious Metal Resources Holdings (1194 HK) announced that CEO Dai Xiaobing has acquired an aggregate of 11 million shares in the company from open market yesterday, of which 9 million shares were purchased at the price of HK$2.15 each and 2 million shares were purchased at the price of HK$2.17 each). He has promised not to dispose of the acquired shares in one year. (Sing Tao Daily B2)

Citic Pacific Ltd., (267 HK) an arm of China’s biggest state-owned investment company, had its credit outlook cut by Standard & Poor’s Ratings Services after costs for its Australian iron ore project surged. The agency downgraded the company’s outlook to negative from stable, but reaffirmed its “BBB-“ rating for its long-term corporate credit. (Sing Tao Daily B3)

Hontex International (946 HK) announced KPMG had resigned as auditors of the company with effect from 10 May 2010. KPMG said it had identified discrepancies and issues when auditing the company’s 2009 annual results. (Hong Kong Economic Times A14)

Hang Seng Index announced its quarterly review results yesterday and the changes will be effective on 7 June. JP Morgan said after the adjustment, the weighting of HSBC Holdings (5 HK) will be increased from 14.9 per cent to 15 per cent, which will attract $88.2 million or 8.5 million shares of long positions. Its share price slightly went down 1 per cent to close at HK$76.75 yesterday. (Hong Kong Economic Times A2)

Swire Pacific Limited (19 HK), which cancelled the listing plan of its property unit last Thursday due to deteriorating market sentiment, said it has not the timeline to revive the IPO. CEO said the company has no immediate plans to raise funds. (Sing Tao Daily B2)

Newbridge is selling the shares of Ping An (2318 HK) in a price range of HK$60.52-$61.28 each, which will raise up to HK$9.8 billion. The placing shares account for over a half Newbridge Asia’s total stake in the company. NewBridge will gain up to HK$7.06 billion through the placing. (Sing Tao Daily B1)

Real Gold Mining Limited (246 HK) said it has reached an agreement with Win Triumph to acquire whole stake in gold mine Great Future for $70 million via cash payment. Meantime, the company will acquire whole stake in Yuanyi Mining for $60 million. (Hong Kong Economic Journal P8)

Texhong Textile Group (2678 HK) said the turnover rose over 41 per cent year on year in the first four months and net profit in the same period went up significantly compared with half-year profit ended the end of June last year. (Sing Tao Daily B2)

Uni-Bio Science (690 HK) in response to a press release from ICAC in April said that the controlling shareholder or single largest shareholder is its chairman and executive director Tong Kit Shing and that there exists no invisible controlling shareholder. (Hong Kong Economic Times A14)

Youyuan international IPO (2268 HK) starts today. It expected net profit in the first half of 2010 to be not less than 82 million yuan. It has signed an agreement with Cathay Special Paper, pursuant to which the company will have to make compensation if 2010 net profit is less than 220 million yuan. (Hong Kong Economic Times A6)

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

Hong Kong Stock Market Wrap May 12th, 2010

Cathay Pacific Airways (293 HK) said it is discussing with potential buyers to sell its stake in Hong Kong cargo terminal operator Hactl, according to the CEO. He didn’t disclose more detail. The company plans to set up a wholly owned new cargo terminal operator. The building plan was restarted recently and may be completed in 2013, the newspaper said, citing unnamed sources. (Hong Kong Economic Times A12)

China Dongxiang (3818 HK) said overall same-store sales in the first quarter grew 4 per cent year-on-year, expecting this year to keep this level of growth. It also planned to increase the number of stores. It expected CAGR of revenue to keep at 15 to 20 per cent for the next few years. (Sing Tao Daily B5)

China Southern Airlines (1055 HK) is now Asia's largest carrier by passenger numbers after overtaking troubled Japan Airlines, according to Japanese media Nikkei. The airline said the volume rose 13.8 per cent to 66.28 million passengers, according to its annual result. The board expected the volume to grow another 13 per cent to 75 million. (Hong Kong Economic Journal P10)

Dongfeng Motor (489 HK) plans to team up with its partner French car maker Peugeot to set up a plant in China by the end of this year, foreign media reported, citing unnamed sources. The production capability will ranges from 150,000 to 200,000 units. The company didn’t respond to the news. (Hong Kong Economic Times A13)

Dah Chong Hong (1828 HK) said car business in Hong Kong for the first four months this year rose 10 per cent year on year. In addition, CEO said year-on-year growth of mainland car business will bring “surprise”. (Hong Kong Economic Journal P6)

Great Eagle Holdings (41 HK) said whole investment in the Dalian land project it bought last year is around 4 billion yuan and will be launched in one and a half year at soonest. In addition, CEO said it is looking for investment opportunities in middle cities in PRC. (Hong Kong Economic Journal P11)

Hong Kong Energy (Holdings) Limited (987HK) acquired sale shares in all the wind farms and waste-to-energy plant business from HKC Group (0190), which will make Hong Kong Energy the flagship of alternative energy business in PRC. Hong Kong Energy will issue convertible preferred shares for HK$1,018.1 million at a price of HK$0.735 per share. After the deal, HKC will hold 81.42 per cent stake in Hong Kong Energy. (Hong Kong Economic Journal P10)

HKEx (388 HK) posted earnings of HK$1.127 billion in the first quarter, up 35 per cent year-on-year. Average daily turnover on the Stock Exchange was HK$64.8 billion, up 45 per cent year-on-year. Earnings per share were HK$1.05, up 35 per cent year-on-year. (Sing Tao Daily B3)

After Francis Leung and Mico Chung have bought shares in Imagi International (585 HK), Imagi International placed over 2.86 billion shares in Idea Talent a company Leung and Chung jointly held last Tuesday. A day after becoming major shareholders, they immediately decreased holdings in the shares sharply by over 980 million shares at a price of HK$0.4 per share for HK$395 million. As they have bought shares in Imagi International at a price of 7 HK cents per share, they have earned over HK$326 million in one day. (Sing Tao Daily B2)

Mei Ah Entertainment (391 HK) has launched Red Channel jointly cooperated with HBO in Indonesia. It expected its channel business to develop to Malaysia, Korea, Philippines and Vietnam within this year. The company hopes that Red Channel can enter into 23 Asian countries or regions in 3 years time. (Sing Tao Daily B4)

PetroChina (857 HK) has announced to issue second and third tranches medium-term notes of 20 billion yuan on the inter-bank debt market pursuant to the authority granted at 2008 annual general meeting. (Sing Tao Daily B4)

Peak Sport Products Co. (1968 HK) said the company may raise selling price by 10 per cent in the winter & next spring order-placing meeting, according to the CEO. The growth of order amount will be similar to that of last three quarters, she said. The company recorded 30 per cent, 35 per cent and 34 per cent growth in order sum during last three quarters respectively. (Hong Kong Economic Times A13)

Tencent (700 HK) posted net profit of 1.783 billion yuan in the first quarter, up 72.2 per cent year-on-year, better than expectations. Earnings per share were 0.984 yuan. Revenue climbed 68.7 per cent to 4.226 billion yuan. No dividend was declared. (Sing Tao Daily B3)

The Hongkong and Shanghai Hotels (45 HK), Limited Chairman Michael Kadoorie has increased holding of shares in the company earlier to show his confidence in company’s management despite the challenges faced. Average room income of its Peninsula Hotels in HK, Asia and the US in the first quarter was better than last year. (Sing Tao Daily B4)

Zhaojin Mining (1818 HK) has entered into a framework agreement on integration of gold resources with Aletai Municipal Government of Aletai region, Xinjiang province. It expects to invest 1 billion yuan in the next five years to fully integrate and explore gold resources in the region so that mining and ore processing scale will reach 2,000 tonnes a day. (Sing Tao Daily B4)

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

Hong Kong Stock Market Wrap May 10th, 2010

AAC Acoustic (2018 HK) recorded net profit of 169 million yuan in the first quarter, up 1.25 times year-on-year. Earnings per share were RMB13.84 cents, up 1.26 times. (Sing Tao Daily B4)

Alibaba.com Limited (1688 HK) said its Taobao.com, China's largest online C2C retail sale website, will team up with Yahoo Japan to build a transactional online shopping platform in June 1, where Taobao and Yahoo Japan will sell up to 800,000 and 500,000 products respectively via translated Japanese and Chinese WebPages. They will help small business in both countries gain a faster recovery from the financial crisis, according to their joint announcement. (Hong Kong Economic Journal P9)

(0293) CATHAY PACIFIC AIRWAYS LIMITED SAID FIRST-HALF BUSINESS TO BE STRONG The company yesterday announced that it expects strong financial results for the first half this year, as cargo and premium passenger revenues continue to improve. Since March, the company’s trading position has been strong, especially on the cargo side, it said. But they also reminded that the results would be adversely affected by a significant increase in fuel prices. (Hong Kong Economic Times A12)

China State Construction International Holdings (3311 HK) said new contract amount for the first four months this year rose 64.1 per cent to HK$9.27 billion, which account for 48.8 per cent of the whole-year target, mainly helped by strong contract amount growth on mainland. New contract amount on mainland surged 389.8 per cent to HK$6.27 billion in the last four months, the company said. (Hong Kong Economic Times A12)

China Oilfield (2883 HK) may issue not more than 500 million A shares to raise not more than 7 billion yuan. A portion of new A shares will be offered to existing shareholders. Proceeds raised will mainly be used for building oilfield service vessels, 200 feet jack-up rigs and deep-water AHTS vessels.

Convenience Retail Asia (8052 HK) saw Q1 net profit climb 1.43 times over the same period last year to HK$33 million. Earnings per share were 4.63 HK cents. No dividend was declared. Revenue was HK$814 million, up 1.7 per cent year-on-year. (Sing Tao Daily B4)

CLP (2 HK) posted revenue from Hong Kong electricity business of HK$6.335 billion, up 6.1 per cent in the first quarter. Total revenue was HK$13.394 billion, up around 21 per cent. Interim dividend of HK$0.52 was declared. (Sing Tao Daily B4)

MelcoLot (8198 HK) lost approximately HK$33 million in the first quarter. Loss per share was 6.6 HK cents. No dividend was declared. (Sing Tao Daily B4)

Eva Precision Industrial Holdings Limited (838 HK) said the company has passed all tests on and reached all the required technical stardards of an office automation product for a customer. The company will gain large purchase orders for as much as HK$3.6 billion. in the next four years. (Hong Kong Economic Journal P9)

PLACES AROUND 723M SHARES Mei Ah Entertainment (391 HK) places around 723 million shares, lower than the 962 million shares originally planned, at a price of HK$0.208 per share to raise HK$150 million. The placing shares represent about 12.83 per cent of the issued share capital as enlarged.

Sandmartin International (482 HK) announced that 10 shareholders intend to transfer 80 million shares to the depository bank for the proposed issue and offer of 80 million TDR in Taiwan. Major shareholder Hung Tsung Chin has not decreased his holding but other major shareholders Wang Yao Chu and Liao Wen I have decreased holdings to 13.94 per cent and 8.57 per cent respectively. (Hong Kong Economic Journal P.9)

Sino Prosper State Gold Resources Holdings (766 HK) said the nearly HK$529 million placing shares were issued at a price of 19 HK cents, higher than expectation. He disclosed that the placees this time are five top institutional investors, including FIL Investment Management (Hong Kong) Limited (Fidelity), Och-Ziff Capital Management Hong Kong Limited, Invesco Hong Kong Limited and a number of other major international and Hong Kong funds. (Hong Kong Economic Journal P9)

Yue Yuen Industrial (Holdings) Limited (551 HK) said turnover last month rose 14 per cent to $458 million. The company said turnover for the last four months this year amounted to $1.82 billion, up 13 per cent. (Hong Kong Economic Journal P9)

Zhejiang Expressway (576 HK) posted net profit of 418.4 million yuan for the three months ended March 31, up 16 per cent. Earnings per share were 9.64 fen. No dividend was declared. (Sing Tao Daily B4)

Zijin Mining (2899 HK) and CAD Fund will acquire Platmin Congo (BVI) for 284 million dollar and form a JV company, 60 per cent owned by Zijin Mining, responsible for the acquisition. Zijin Mining will pay 170 million dollar for the transaction in proportion to the number of shares held. (Sing Tao Daily B4)

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

Hong Kong Stock Market Wrap May 7th, 2010

Bank of China (3988 HK) plans to invest a sum in foreign currencies equivalent to 7.5 billion yuan in a Shangxi rail project. Bank of China Group will participate in setting up a project company, 14.45 per cent owned by Bank of China. The investment is obtaining approval from regulary authorities. (Hong Kong Economic Journal P.4)

ChinaVision Media (1060 HK) is to place 296 million new shares, representing approximately 16.29 per cent of the share capital as enlarged, at a price of HK$0.55 per share to raise around HK$157 million for settlement of the previous acquisitions in the media related business and for general working capital. (Hong Kong Economic Times A11)

Great Eagle (41 HK) chairman Lo Ka Shui said, after the acquisition of Shanghai Xintiandi hotel project, the company needs to invest not more than 600 million yuan more and expected the hotel to start operation in July. (Hong Kong Economic Journal P.6)

HKEx (388 HK) has appointed Wong Sum Fai, Samuel as the Chief Financial Officer and Head of Finance and Administration effective 2 July 2010. He is currently finance director of Hutchison Port Holdings and before that he had been the chief financial officer of i-CABLE (1097). (Hong Kong Economic Times A11)

Li & Fung (494 HK) confirmed issuing notes with the aggregate principal amount of US$400 million. Denominated in dollars, the notes will have a maturity of 10 years due in 2020 and bear an interest rate of 5.25 per cent per annum. (Hong Kong Economic Journal P.4)

Shell Electric Mfg. (81 HK) announced to place up to 41 million new shares, 5.68 per cent of the share capital as enlarged, at a price of HK$5 per share on a best effort basis through Somerley to raise HK$202 million. (Sing Tao Daily B3)

Sands China (1928 HK) announced that on a U.S. GAAP basis, net income increased 3.21 times over the same period last year to US$113.3 million in the first quarter of 2010. Total net revenue increased 24 per cent to US$945.8 million during the period. (Sing Tao Daily B3)

Citic Pacific Ltd. (267 HK) said that it is conducting a thorough review of project costs on a mining project in Australia. The exploring cost has increased $350 million from its original plan of $3.5 billion. It is negotiating a supplement agreement. The talks are in an advanced stage and the agreement may constitute a notifiable transaction, the company said. (Hong Kong Economic Journal P6)

Ecogreen Fine Chemicals Group (2341 HK) said the company is in talk with four forest acquisition projects in Fujian, Yunan and Jiangsu provinces on mainland, which will involve millions yuan. The company said the company expects to increase the portion of self-supply raw materials to at least 50 per cent, compared with the current 30 per cent. (Hong Kong Economic Journal P8)

Frasers Property (China) Limited (535 HK) said its half-year results turns to the black with a net profit of HK$113.6 million. Earnings per share were 1.66 HK cents. No interim dividend was recommended. (Sing Tao Daily B13)

L’Occitane International S.A. (973 HK) aims at adding over 100 shops globally in this fiscal year, among which up to 60 will be launched in the BRIC countries. The company will increase at least 15 shops on mainland this year. The company will not expand too rigorously, as they hope the development could be in control and long lasting, CEO Reinold Geiger said. (Hong Kong Economic Times A11)

PCCW Limited (8 HK) said the newly launched Cloud Computing service will realize balance of payments in a year and will boost the margin to rise to 20 per cent from the current around 13 per cent on average. (Hong Kong Economic Journal P8)

Ping An Insurance (Group) Company (2318 HK) announced that it has complete the deal of buying 21.44 per cent stake in Shengzhen Development bank held by the New bridge. Ping An now becomes the biggest shareholder in Shengzhen Development Bank, owning 666 billion shares.

Real Gold Mining Limited (246 HK) said net profit amounted to 128 million yuan in the first quarter, up nearly 78 per cent year-on-year. The value added tax rate was changed from 3 per cent to 17 per cent on mainland. The company said net profit would be increased by 5.8 per cent to 135 million yuan if without the change of taxpayer status. (Hong Kong Economic Journal P8)

Shenguan Holdings (Group) Limited (839 HK), said the company will continue to focus on producing edible collagen sausage casing products and to expand production capability via increasing the production line to 3 billion meters. The company said capital expenditure this year may amount to as much as 500 million yuan, according to the CEO. She said the company has no acquiring plan now. (Sing Tao Daily B13)

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

Hong Kong Stock Market Wrap May 6th, 2010

Air China Limited (753 HK) announced that Chen Nan Lok, Philip a non-executive director of the Company will resign as director of the company due to personal reasons with effect from 1 July 2010. (Sing Tao Daily B2)

Asia Cement (China) (743 HK) entered into a legally-binding framework agreement with potential sellers including independent third party Cheng Zhi Qiang to acquire 70 per cent equity interest in Wuhan Xinlingyun Cement for 237 million yuan. The agreement is valid before early October. (Hong Kong Economic Journal P.8)

China CITIC Bank (998 HK) plans to issue 16.5 billion yuan subordinated bonds in the mainland in the short term. Lead underwriters will include CITIC Securities and China Securities. (Hong Kong Economic Journal P.4)

China Lilang Limited (1234 HK) said same-store sales grew over 15 per cent year-on-year in May holiday this year. The same-store sales for the first quarter also increased 15 per cent, according to its vice president. He added it will set up as much as 100 chain stores this year for its subsidiary brand in China. (Sing Tao Daily B3)

Country Garden Holdings Company Limited (2007 HK) said it has repurchased convertible bonds, which will be due in 2013, for 110 million yuan through over-the-counter market. RMB-denominated US dollar is settled at 2.5 per cent. (Sing Tao Daily B2)

Dah Chong Hong, (1828 HK) 56.67 per cent owned by CITIC Pacific (0267), announced yesterday that Shiseido Japan intends to purchase 50 per cent of the share capital of Shiseido DCH from DCH, i.e. DCH's entire interest in the company, for HK$500 million. The parties aim to enter into a definitive sale and purchase agreement before the end of June. As at the end of 2009, net assets and total assets of Shiseido DCH were HK$350 million and HK$620 million respectively. Turnover of the company was less than 5 per cent of Dah Chong Hong’s turnover. (Hong Kong Economic Times A14)

Golden Resources Development International Limited (677 HK) signed an agreement to sell around 24 per cent stake in GR Vietnam (0139) to Howard Wong, the Chairman and Chief Executive Officer of GR, for HK$88.4 million. The company bought GR’s shares for around HK$170 million in 2007, which means it lost nearly a half of its original investment due to the current deal. (Sing Tao Daily B3)

(8046) HENG XIN CHINA HOLDINGS LIMITED TO APPLY TO TRANSFER TO MAINBOARD IN THE 2nd HALF CEO said as its turnover surged nearly five times in the first half, the company is eligible to transfer to the main board. The company said many funds have showed interest in its share subscription and it has held several road shows for the transferring plan. In addition, the company plans to expand the wireless TV contract business to up to 10 provinces on mainland. The contract sales is estimated to reach HK$20 billion. (Sing Tao Daily B3)

Huafeng Group Holdings Limited (364 HK) said it has signed a memorandum of understanding to acquire 60 per cent stake in a target company for 720 million yuan. The potential seller has promised that the valuation of the gold mine it owned will not be less than 2 billion yuan. (Sing Tao Daily B2)

Manulife Financial (945 HK) posted income of C$1.14 billion for the first quarter. Earnings per share were 64 Canadian cents. Q1 dividend dropped 50 per cent year-on-year to C$0.13 per share. (Hong Kong Economic Journal P.8)

Cosmetic retailer Sa Sa International Holdings (178 HK) said the rising rent in Hong Kong is forming pressure to the it business. CEO said the company plans to raise the portion of overseas market to 50 per cent in the next three to five years. He said the company has no need to raise fund in the next three to five years. (Sing Tao Daily B3)

Standard Chartered (2888 HK) is said to place US$750 million worth shares before listing in India. Potential investors include Fidelity International and Templeton EMF. (Hong Kong Economic Journal P.6)

Sunevision Holdings (8008 HK) achieved net profit of HK$235 million for the nine months period ended 31 March. Revenue was HK$407 million, up approximately HK$18 million year-on-year. Gross margin was 49 per cent, up almost 2 percentage points over the same period last year. (Hong Kong Economic Journal P.8)

Sustainable Forest (723 HK) expected net operating results for the year ended 31 March 2010 to record a significant improvement, mainly attributable to contribution by Clear Cutting Project relating to the group’s hydroelectric power plant in Rondonia State, Brazil. (Hong Kong Economic Journal P.6)

Tsc Offshore Group Limited (206 HK) said Global Energy, which is owned by TSC’s chairman and CEO, will sell 30 million shares in TSC to several high-level executives in TSC as bonus. After deal, Global Energy’s shareholding of the company will be reduced to 16.24 per cent. (Sing Tao Daily B2)

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

Hong Kong Stock Market Wrap May 5th, 2010

IPO: Prudential PLC delayed a planned $20.7 billion rights issue as Britain’s Financial Services Authority worries over its capital position after the AIA deal. The unexpected move may cause the company to delay its listing in Hong Kong on May 11. (Sing Tao Daily B1)

(0753) AIR CHINA LIMITED 550M YUAN TO BE SAVED ANNUALLY IF BUSINESS TAX EXEMPTED It is said that since 1 January 2010, entities or individuals within the PRC providing international transport services shall be exempt from business tax. Air China said it learned about this from the website of the Ministry of Finance but had not received any formal notice. The company said it would benefit from a reduction of business tax and additional expenses of approximately 549 million yuan for 2009 under such policy. (Hong Kong Economic Times A10)

Asia Financial Holdings (662 HK) said its wholly-owned Picc Life Insurance Company recorded profit last year and the network of distribution has increased to 2,200 units. CEO said its market share will keep growing. The company will not sell shares even if it goes for listing. (Sing Tao Daily B2)

China Daye Non-Ferrous Metals Mining Limited (661 HK) said it has entered into an agreement with its major shareholder Daye Non-Ferrous Metals Company to launch the international non-ferrous metal trading business. The company will trade raw metal materials with Daye Non-Ferrous through a subsidiary from 2011 to 2013. (Sing Tao Daily B2)

China Eastern Airlines (670 HK) received positive news of continuous profit growth. Nomura raised the target price for the company from HK$3.8 to HK$5 and raised 2010 profit forecast by 25 per cent, with a rating at “buy”. (Hong Kong Economic Times A10)

China Strategic Holdings (235 HK) has received $700 million loan from banks for the acquisition of Taiwan-based Nan Shan Life and the capital will be immediately available once the government approves the deal, foreign media reported, citing unnamed sources. (Sing Tao Daily B2)

Hebei iron ore operator Tian Yuan Mining (1028 HK) will issue 600 million new shares to raise up to HK$3.54 billion at a price ranging HK$4.1 to HK$5.9. The company is set to list on 25 May. It had recorded losses for the past three years from 2007 to 2009. (Hong Kong Economic Journal P.2)

Dynamic Energy (578 HK) share price slumped 12.3 per cent yesterday on negative news including recent resignation of 3 non-executive directors. The directors include Ng Wing Hang Patrick, Choi Man Chau Michael and Chan Kin Sang. Trading in shares of the company was resumed yesterday. (Hong Kong Economic Journal P.8)

FIRST 4-MONTH CONTRACT SALES UP 1.2X Evergrande Real Estate Group (3333 HK) said contracted sales in the first four months rose 1.2 times to 12.13 billion yuan and the total sold area during this period amounted to 1.893 million square metres, up 60 per cent year on year. The company’s cash balance during this period is as much as 21 billion yuan. CEO said the company has no plan of issuance activities currently.

Fantasia Holdings (1777 HK) intends to issue $120 million 14% senior notes due 2015. $92.6 million of the net proceeds will be used to fund existing and new property projects. (Hong Kong Economic Times A10)

Hybrid Kinetic Group (1188 HK) said it will place up to 460 million new shares at a price of HK$0.375 per placing share, representing a 9.64 per cent discount of its closed price before suspension. The raised capital amounts to over HK$160 million, which will be used for acquiring PRC power battery company and general operating capital. (Sing Tao Daily B2)

Less than a year time, Little Sheep (968 HK)chairman Zhang Gang has decreased holdings of shares again. 21 shareholders including Zhang place 45 million shares for around HK$190 million at a price of HK$4.21 per share. Zhang’s shareholding will be dropped from 3.06 per cent to 2.42 per cent immediately after completion of the placing. (Hong Kong Economic Times A10)

PCCW’s (8 HK) HK $16 billion self-arranged senior three-tranche term loan for its subsidiary Hong Kong Telecommunications (HKT) is 1.5 times oversubscribed. 21 banks involved in and the amount of subscription reached HK$25 billion yuan. The company said it has no plan to lift the loan amount. (Sing Tao Daily B2)

Sa Sa International Holdings (178 HK) announced that sales increased over 15 per cent during May holiday. The number of deal and the average dealing price have both recorded grow year on year. (Sing Tao Daily B2)

Xtep International (1368 HK) will hold winter orders fair this Friday (7 May). Chairman Ding Shui Po said the number of orders would grow and the amount involved would grow no less than the average number in the first three quarters. Orders value from orders fairs for the first three quarters grew 22 per cent, 20 per cent and 23 per cent year-on-year respectively. (Hong Kong Economic Times A10)

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

Hong Kong Stock Market Wrap May 4th, 2010

IPO: Agriculture Bank of China may sell as much as 18 per cent of itself in an initial public offering in Hong Kong and Shanghai, which is 20 per cent lower than the maximum expectation in the market. In addition, the raised fund target is not $30 billion as the market has been expecting, reports said, citing its CEO. The bank will raise a total capital ranging from $25 billion to $26 billion, according to the report. (Sing Tao Daily B2)

China Southern Airlines (1055 HK) expects 2010 operating income to grow 20 per cent to 50 billion yuan and number of passengers to be above 70 million. (Hong Kong Economic Journal P.8)

Comba Telecom Systems Holdings (2342 HK) plans to expand business overseas in 2010, expecting to lift the overseas market to account 20 per cent of its whole business, up from the 15 per cent last year. The company said the company suffered little affect from the India’s move to ban the imports of Chinese telecom instruments and still expected Indian business to generate 5 per cent of its total income, the same level as that of last year. (Sing Tao Daily B4)

Fortune Real Estate Investment Trust (778 HK) said income available for distribution increased 28 per cent to around HK$106 million. Distribution per unit for the period was 6.38 HK cents, down 36 per cent compared with the same period last year. (Sing Tao Daily B4)

(2777) GUANGZHOU R&F PROPERTIES CO., LTD. SALES UP BUT QUANTITY DOWN IN APR R&F Properties recorded contracted sales and areas of 2.454 billion yuan and 183,000 sq.m. respectively in April, up 5 per cent and down 24 per cent respectively over the same period last year. Sales and areas were 9.799 billion yuan and 805,000 sq.m. respectively for the first four months this year, up 18 per cent and down 19 per cent respectively over the same period last year. (Hong Kong Economic Times A14)

Good Friend International (2398 HK) said the total sales orders received from customers for the first four months in 2010 amounted to 702 million yuan, up 2.01 times year-on-year. Sales orders of its CNC machine tools business went up two times to 1,230 units while contracted sales jumped 2.3 times to 608 million yuan. (Hong Kong Economic Journal P.8)

HSBC (5 HK) announced its payment of dividends for the first time this year. The bank will pay dividends of US$8 per share on 7 July. (Hong Kong Economic Journal P.8)

Industrial and Commercial Bank of China (1398 HK) said the target of capital adequacy ratio this year is 12.4 per cent and core capital adequacy ratio target is 10.2 per cent. The bank expects the capital adequacy ratio to be around 12.3 per cent and core capital adequacy ratio to reach around 10.1 per cent in 2011 and 2012. (Sing Tao Daily B3)

KWG property (1813 HK) said pre-sale in April doubled to 1.5 billion yuan year-on-year. The accumulated pre-sale income amounted to around 5.1 billion yuan, which has accounted for 50 per cent of the whole-year sales target. (Sing Tao Daily B4)

Loudong General Nice Resources (988 HK) will buy 30 per cent equity interest in Shanxi Linxian Taiye Coal Mining for 700 million yuan through a 51 per cent owned joint venture. The company also plans to buy 30 per cent equity interest in Shanxi Dan Tan Gou Mining project. (Hong Kong Economic Times A14)

Li & Fung Limited (494 HK) has hired three investment banks to arrange a road show for possible $500-million U.S. bond issue. The company may issue to bond after the road show. The company’s share price growth ranks the top three this year. It surged 5 per cent to close at HK$39.65 yesterday. (Sing Tao Daily B3)

(2318) PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD. GOT APPROVED TO BUY STAKE IN SHENZHEN DEVELOPMENT BANK Ping An Insurance (Group) Co. of China Ltd. said it has received approval from the securities regulator to buy TPG Inc’s 520 million shares in Shenzhen Development Bank, via issuing 299 million new H-shares to TPG. In addition, the mainland insurance business will grow at a pace of 50 percent increase every year, according to a high-level executive. (Sing Tao Daily B3)

Phone company PCCW (8 HK) borrowed $16 billion through 20 banks according to a media report. The sum is to refinance debts and bonds due 2011 of around $15.5 billion in total. (Hong Kong Economic Times A14)

Standard Chartered Plc (2888 HK) said revenue and profit in the first quarter this year hit record on an improved performance in consumer and corporate banking. Income from the corporate banking clients grows over 20 per cent, while consumer-banking business recorded a more than 10 per cent growth in the first quarter, compared with the same period last year. The bank didn’t provide any specific figures for earnings. (Sing Tao Daily B3)

Taifook Securities (665 HK) Deputy Chairman and Managing Director Wong Shiu Hoi said that after Haitong Hong Kong acquired 60 per cent interest of Taifook, part of the merging procedures of both parties had been completed. Together they have 230 staff in Hong Kong. They plan to increase the number to 300 by year-end and open one to two more branches. (Hong Kong Economic Times A14)

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

Hong Kong Stock Market Wrap May 3rd, 2010

IPO: Giti Tire, a Chinese tire producer, unexpectedly announced yesterday that it will postpone its plan for the Hong Kong initial public offering. The company was scheduled to list on May 20 on Hong Kong bourse to raise up to HK$3.9 billion. (Sing Tao Daily B2)

IPO: Strikeforce Mining & Resources Plc, the metals producer controlled by billionaire Oleg Deripaska, started gauging demand yesterday to raise up tp $200 million. The company will kick off road show next week. The company will be allowed to sell shares to individuals in Hong Kong during this IPO, sources said. (Sing Tao Daily B2)

IPO: Agricultural Bank of China plans to apply this week for what would be the world's largest IPO, with it looking to raise US$30 billion in Hong Kong and Shanghai. As the only "Big Four" mainland state bank yet to list, AgBank is seeking to lure cornerstone investors for an initial public offering in July or earlier, Reuters said. (Hong Kong Economic Times A2)

CIC increased its holding of BBMG (2009 HK) by 349,000 H shares for 2.71 million on 27 April. That is $7.768 per share. H shares long positions also increased from 4.97 per cent to 5 per cent. (Hong Kong Economic Journal P.7)

China COSCO (1919 HK) returned to the black in the first quarter. Securities firms including Goldman Sachs and Morgan Stanley raised profit forecast for the company, saying that shipping fee might continue to rise in dry bulk cargo shipping spot market and China COSCO would be benefited from the rise. (Hong Kong Economic Times A10)

EXAMINATION FOR ACQUIRING NAN SHAN POSTPONED TO JULY Examination and approval for China Strategic (235 HK) to acquire Nan Shan Life Insurance have postponed to July as Taiwan authorities asked the company to submit related documents last week. The deal may not be able to complete if approval fails to be granted in July as scheduled. (Hong Kong Economic Journal P.12)

DENIED CHINA AUTHORITY PROBE Ccid Consulting Company (8235 HK) denied the rumour that the company is being probed by the China Securities Regulatory Commission (CSRC) for making up fake documents for companies seeking for listing. The company said it hasn’t got any notice or information from CSRC. (Sing Tao Daily B3)

eSun Holdings Ltd. (571 HK) said the U.S. hedge fund Passport Management LLC sold its entire 28.78 per cent stake in the company for HK$410 million at an average price of HK$1.15 per share. (Sing Tao Daily B3)

Hybrid Kinetic Group Limited (1188 HK) announced yesterday that it will acquire power battery producer Zhejiang GBS Energy Co., Ltd. at a price of 180 billion yuan, via the allotment and issue of 572 billion consideration shares at an issue price of HK$0.358 per share. (Hong Kong Economic Times A12)

Lonking (3339 HK) issued convertible bonds in an aggregate principal amount of US$287 million in 2007. On 9 April, the company received early redemption notices from the holders of the bonds to require it to redeem some of them in an aggregate amount of US$99.28 million. Therefore, it redeemed them for US$111.4 million after the market close on 30 April. (Hong Kong Economic Times A12)

Metallurgical Corporation of China Ltd. (1618 HK) announced its first annual report, saying net profit increased over 40 per cent and capital expenditure will increase to 20 billion yuan this year. The margin will maintain at 10.7 per cent, slightly higher than around 9 per cent in the same period last year. 80 per cent of revenue came from its engineering and construction business last year, while the company said it is seeking to lower the portion to 70 per cent in the coming three to five years. (Sing Tao Daily B3)

NVC Lighting Holding Ltd. (2222 HK), a Chinese lighting product supplier, is seeking to raise up to around HK$2.11 billion in a Hong Kong initial public offering. The company will sell 727.5 million shares in the base deal in a HK$2.03-HK$2.90 range. Entry fee will be HK$2929 for every 1,000 shares. (Sing Tao Daily B2)

PetroChina (857 HK) is increasing investment in oil and gas exploration and development in Indonesia through its local subsidiary by 30 per cent to $639 million. The company plans to drill 21 exploration wells this year, add two more. It also lifts target to produce 106,000 barrels of oil equivalent per day (BPD). (Sing Tao Daily B2)

United Company RUSAL (486 HK) announced its plan to issue of up to RUR 30 billion worth of corporate bonds to refinance current debts, decrease debt service costs and improve financial performance indicators. The offering remains subject to approval of authorities and related parties. (Hong Kong Economic Journal P.6)

Yau Lee Construction Company Limited (406 HK), wholly owned subsidiary of Yau Lee Holdings Limited, said the joint venture formed by the company and Hsin Chong Construction Company Limited (0404) has got the Integrated Contract for Construction of Public Rental Housing Development at Kai Tak Site 1B at Kowloon by the Hong Kong Housing Authority. The contract is worth around HK$2.9 billion, according to its release. (Sing Tao Daily B2)

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

Hong Kong Stock Market Wrap April 30th, 2010

IPO: Prudential is considering selling its business assets in the UK and United States to raise over HK$118.6 billion to meet the giant capital demand of the AIA acquisition deal, The Times reported. The UK business and the US business for sale are worth around £ 4.5 billion and £ 6.5 billion respectively. The group needs up to $35.5 billion to take control of AIA. (Sing Tao Daily B13)

IPO: Russian metals producer SMR Group is said to have gained preliminary approval to go public, which allows retail investors to involve in. The company’s initial plan is to raise up to $200 million via listing. It plans to hold listing recommendation today and road show next week. (Hong Kong Economic Times A3)

Burwill Holdings (24 HK) announced its plan to delist from Singapore Exchange Securities Trading Limited. The company said the listing was not cost-effective as the trading volume of its shares on the SGX-ST had been comparably low in the past two years. (Hong Kong Economic Journal P.8)

China Public Procurement (1094 HK) recorded loss attributable to shareholders of HK$818 million for the year 2009, representing a loss of 27.95 HK cents per share. No final dividend was declared. The company lost HK$507 million in 2008. (Hong Kong Economic Journal P.8)

China Pacific Insurance (2601 HK) posted net profit of 2.813 billion yuan in the first quarter, up 1.92 times year-on-year, lifted by increased premium and investment income. Income from insurance business jumped 58.2 per cent to 42.357 billion yuan and investment income jumped 64.5 per cent to 5.322 billion yuan. (Hong Kong Economic Times A10)

Dongfeng Motor (489 HK) posted unaudited net profit of 2.85 billion yuan in the first quarter, up around 2.35 times year-on-year, helped by a year-on-year rise in motor sales of 78.2 per cent. Sales target for 2010 is 1.7 million units. (Hong Kong Economic Times A8)

Mei Ah Entertainment (391 HK) is to place up to 962 million shares for approximately HK$190 million via China Merchants Securities at a price of HK$0.208 per placing share, a discount of 12.61 per cent to the closing price before suspension of trading. The net proceeds will be used to finance future business development and general working capital. (Sing Tao Daily B16)

Shanghai Electric (2727 HK) announced yesterday it decided not to distribute the proposed final dividends of 0.0588 yuan per share for 2009 as set out in the 2009 results announcement in order to expedite its private offering plan and cater for the financial needs to further develop its core businesses. The company said it might distribute interim dividend this year of 0.0588 yuan per share or above. (Hong Kong Economic Times A10)

Wynn Macau’s (1128 HK) controlling shareholder Wynn Resorts announced net income of US$989 million in the first quarter, up 23 per cent year-on-year. Wynn Macau posted net income of US$590.6 million in the first quarter, up 32 per cent. Capital expenditure was US$90 million. (Sing Tao Daily B16)

Hengdeli Holdings Limited (3389 HK), a world-class luxurious watch retailer, said it has signed an strategic cooperation agreement with China Construction Bank Shenzhen Branch for a loan of up to 2 billion yuan in the future three years. CEO said the raised fund would be used to open more new shops in middle and small cities on mainland. He expected sales to grow more than 30 per cent this year. (Sing Tao Daily B13)

Macau Investment Holdings (2362 HK) lost HK$9.8 million last year, down significantly compared with the HK$267 million loss in 2008. Loss per share was HK$0.21. No final dividend was declared. (Sing Tao Daily B13)

Peak Sport (1968 HK), a Chinese sportswear retailer, said same-store sales in the first quarter this year grows 15.3 per cent compared with the same period last year, while the retail outlets increased to 6456, up 250 than that in the end of last year. (Sing Tao Daily B13)

Skyfame Realty (59 HK) said full-year loss in 2009 increased dramatically compared with its interim loss last year. The company lost as much as HK$1.537 billion last year or 104.55 HK cents per share. The company has announced to wind up last November. (Sing Tao Daily B13)

Shimao Property (813 HK) said contract sales in April is 2.5 billion yuan, leading the accumulated sales for the first four months this year to amount to 8 billion yuan, up 13 per cent than that of the same period in 2009. (Sing Tao Daily B13)

Varitronix International (710 HK), a local LCD producer, said it will focus on developing LCD for cars in the future, according its CEO. He expected sales to record over 10 per cent growth this year and margin as well as final dividend ratio to rebound. In addition, the group is developing 3D glasses with a mainland company, which will be presented in the middle of this year. The revenue will account for over 10 per cent of its income. (Hong Kong Economic Journal P8)

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