Monday, May 17, 2010

Hong Kong Stock Market Wrap May 14th, 2010 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 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