Air China Limited (753 HK) announced that Chen Nan Lok, Philip a non-executive director of the Company will resign as director of the company due to personal reasons with effect from 1 July 2010. (Sing Tao Daily B2)
Asia Cement (China) (743 HK) entered into a legally-binding framework agreement with potential sellers including independent third party Cheng Zhi Qiang to acquire 70 per cent equity interest in Wuhan Xinlingyun Cement for 237 million yuan. The agreement is valid before early October. (Hong Kong Economic Journal P.8)
China CITIC Bank (998 HK) plans to issue 16.5 billion yuan subordinated bonds in the mainland in the short term. Lead underwriters will include CITIC Securities and China Securities. (Hong Kong Economic Journal P.4)
China Lilang Limited (1234 HK) said same-store sales grew over 15 per cent year-on-year in May holiday this year. The same-store sales for the first quarter also increased 15 per cent, according to its vice president. He added it will set up as much as 100 chain stores this year for its subsidiary brand in China. (Sing Tao Daily B3)
Country Garden Holdings Company Limited (2007 HK) said it has repurchased convertible bonds, which will be due in 2013, for 110 million yuan through over-the-counter market. RMB-denominated US dollar is settled at 2.5 per cent. (Sing Tao Daily B2)
Dah Chong Hong, (1828 HK) 56.67 per cent owned by CITIC Pacific (0267), announced yesterday that Shiseido Japan intends to purchase 50 per cent of the share capital of Shiseido DCH from DCH, i.e. DCH's entire interest in the company, for HK$500 million. The parties aim to enter into a definitive sale and purchase agreement before the end of June. As at the end of 2009, net assets and total assets of Shiseido DCH were HK$350 million and HK$620 million respectively. Turnover of the company was less than 5 per cent of Dah Chong Hong’s turnover. (Hong Kong Economic Times A14)
Golden Resources Development International Limited (677 HK) signed an agreement to sell around 24 per cent stake in GR Vietnam (0139) to Howard Wong, the Chairman and Chief Executive Officer of GR, for HK$88.4 million. The company bought GR’s shares for around HK$170 million in 2007, which means it lost nearly a half of its original investment due to the current deal. (Sing Tao Daily B3)
(8046) HENG XIN CHINA HOLDINGS LIMITED TO APPLY TO TRANSFER TO MAINBOARD IN THE 2nd HALF CEO said as its turnover surged nearly five times in the first half, the company is eligible to transfer to the main board. The company said many funds have showed interest in its share subscription and it has held several road shows for the transferring plan. In addition, the company plans to expand the wireless TV contract business to up to 10 provinces on mainland. The contract sales is estimated to reach HK$20 billion. (Sing Tao Daily B3)
Huafeng Group Holdings Limited (364 HK) said it has signed a memorandum of understanding to acquire 60 per cent stake in a target company for 720 million yuan. The potential seller has promised that the valuation of the gold mine it owned will not be less than 2 billion yuan. (Sing Tao Daily B2)
Manulife Financial (945 HK) posted income of C$1.14 billion for the first quarter. Earnings per share were 64 Canadian cents. Q1 dividend dropped 50 per cent year-on-year to C$0.13 per share. (Hong Kong Economic Journal P.8)
Cosmetic retailer Sa Sa International Holdings (178 HK) said the rising rent in Hong Kong is forming pressure to the it business. CEO said the company plans to raise the portion of overseas market to 50 per cent in the next three to five years. He said the company has no need to raise fund in the next three to five years. (Sing Tao Daily B3)
Standard Chartered (2888 HK) is said to place US$750 million worth shares before listing in India. Potential investors include Fidelity International and Templeton EMF. (Hong Kong Economic Journal P.6)
Sunevision Holdings (8008 HK) achieved net profit of HK$235 million for the nine months period ended 31 March. Revenue was HK$407 million, up approximately HK$18 million year-on-year. Gross margin was 49 per cent, up almost 2 percentage points over the same period last year. (Hong Kong Economic Journal P.8)
Sustainable Forest (723 HK) expected net operating results for the year ended 31 March 2010 to record a significant improvement, mainly attributable to contribution by Clear Cutting Project relating to the group’s hydroelectric power plant in Rondonia State, Brazil. (Hong Kong Economic Journal P.6)
Tsc Offshore Group Limited (206 HK) said Global Energy, which is owned by TSC’s chairman and CEO, will sell 30 million shares in TSC to several high-level executives in TSC as bonus. After deal, Global Energy’s shareholding of the company will be reduced to 16.24 per cent. (Sing Tao Daily B2)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
