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
