Bank of China (3988 HK) plans to invest a sum in foreign currencies equivalent to 7.5 billion yuan in a Shangxi rail project. Bank of China Group will participate in setting up a project company, 14.45 per cent owned by Bank of China. The investment is obtaining approval from regulary authorities. (Hong Kong Economic Journal P.4)
ChinaVision Media (1060 HK) is to place 296 million new shares, representing approximately 16.29 per cent of the share capital as enlarged, at a price of HK$0.55 per share to raise around HK$157 million for settlement of the previous acquisitions in the media related business and for general working capital. (Hong Kong Economic Times A11)
Great Eagle (41 HK) chairman Lo Ka Shui said, after the acquisition of Shanghai Xintiandi hotel project, the company needs to invest not more than 600 million yuan more and expected the hotel to start operation in July. (Hong Kong Economic Journal P.6)
HKEx (388 HK) has appointed Wong Sum Fai, Samuel as the Chief Financial Officer and Head of Finance and Administration effective 2 July 2010. He is currently finance director of Hutchison Port Holdings and before that he had been the chief financial officer of i-CABLE (1097). (Hong Kong Economic Times A11)
Li & Fung (494 HK) confirmed issuing notes with the aggregate principal amount of US$400 million. Denominated in dollars, the notes will have a maturity of 10 years due in 2020 and bear an interest rate of 5.25 per cent per annum. (Hong Kong Economic Journal P.4)
Shell Electric Mfg. (81 HK) announced to place up to 41 million new shares, 5.68 per cent of the share capital as enlarged, at a price of HK$5 per share on a best effort basis through Somerley to raise HK$202 million. (Sing Tao Daily B3)
Sands China (1928 HK) announced that on a U.S. GAAP basis, net income increased 3.21 times over the same period last year to US$113.3 million in the first quarter of 2010. Total net revenue increased 24 per cent to US$945.8 million during the period. (Sing Tao Daily B3)
Citic Pacific Ltd. (267 HK) said that it is conducting a thorough review of project costs on a mining project in Australia. The exploring cost has increased $350 million from its original plan of $3.5 billion. It is negotiating a supplement agreement. The talks are in an advanced stage and the agreement may constitute a notifiable transaction, the company said. (Hong Kong Economic Journal P6)
Ecogreen Fine Chemicals Group (2341 HK) said the company is in talk with four forest acquisition projects in Fujian, Yunan and Jiangsu provinces on mainland, which will involve millions yuan. The company said the company expects to increase the portion of self-supply raw materials to at least 50 per cent, compared with the current 30 per cent. (Hong Kong Economic Journal P8)
Frasers Property (China) Limited (535 HK) said its half-year results turns to the black with a net profit of HK$113.6 million. Earnings per share were 1.66 HK cents. No interim dividend was recommended. (Sing Tao Daily B13)
L’Occitane International S.A. (973 HK) aims at adding over 100 shops globally in this fiscal year, among which up to 60 will be launched in the BRIC countries. The company will increase at least 15 shops on mainland this year. The company will not expand too rigorously, as they hope the development could be in control and long lasting, CEO Reinold Geiger said. (Hong Kong Economic Times A11)
PCCW Limited (8 HK) said the newly launched Cloud Computing service will realize balance of payments in a year and will boost the margin to rise to 20 per cent from the current around 13 per cent on average. (Hong Kong Economic Journal P8)
Ping An Insurance (Group) Company (2318 HK) announced that it has complete the deal of buying 21.44 per cent stake in Shengzhen Development bank held by the New bridge. Ping An now becomes the biggest shareholder in Shengzhen Development Bank, owning 666 billion shares.
Real Gold Mining Limited (246 HK) said net profit amounted to 128 million yuan in the first quarter, up nearly 78 per cent year-on-year. The value added tax rate was changed from 3 per cent to 17 per cent on mainland. The company said net profit would be increased by 5.8 per cent to 135 million yuan if without the change of taxpayer status. (Hong Kong Economic Journal P8)
Shenguan Holdings (Group) Limited (839 HK), said the company will continue to focus on producing edible collagen sausage casing products and to expand production capability via increasing the production line to 3 billion meters. The company said capital expenditure this year may amount to as much as 500 million yuan, according to the CEO. She said the company has no acquiring plan now. (Sing Tao Daily B13)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
