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
