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
