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
