Friday, June 25, 2010

Hong Kong Stock Market Wrap June 23rd, 2010

IPO: China ITS sets to kick off roadshow on 30 June to raise up to HK$900 million. It is to list on 15 July this year. (Hong Kong Economic Times A12)

AgBank (1288 HK) is to launch its initial public offering next week and set its price at HK$2.88-3.48, just over 1.53-1.76 times its book value. (SingTao Daily B1)

Asia Cement (743 HK) plans to acquire 70 per cent of the equity interest in Wuhan Xinlingyun at a consideration of 236 million yuan. Wuhan Xinlingyun operates a cement plant located in Wuhan City, which comprises a new dry process clinker production line with total annual cement production capacity of 1.5 million tons. (SingTao Daily B2)
A report citing sources says that BEA (23 HK) plans to issue 10-yr subordinated bonds in a bid to boost tier-two capital and that the bank has appointed Citi-JP Morgan for arrangement. (Hong Kong Economic Journal P6)

Chiho-Tiande (976 HK) will start IPO on 28 June to raise over HK$780 million. The company is to list on 9 July this year. (Hong Kong Economic Times A12)

Computech Holdings (8081 HK) wholly-owned subsidiary Computech Online acquires 86 per cent issued share capital and shareholders’ loan of Wiseking Mining Investment for around HK$ 2.395 billion. Consideration will be satisfied by cash, allotting and issuing convertible preference shares and promissory notes. (Hong Kong Economic Journal P6)

Dickson Concepts (113 HK) announced its results for the year ended March 31 yesterday, posting a 4.92 times growth year-on-year in net profit to HK$304 million. Earnings per share were 81.7 HK cents. A final dividend together with a special one of 36 HK cents in total were declared. (SingTao Daily B2)

Far East Consortium International (35 HK) plans to spin off its hotel business and will announce the plan in the short term. The Group currently operates 14 hotels. (Hong Kong Economic Journal P6)

Freeman Corporation (279 HK) announces that the result of the company for the year ended 31 March 2010 is expected to post a profit as compared to a loss last year, mainly due to unrealised gains on investment in listed securities and properties, and increase in revenue from the trading of securities segment, etc. (SingTao Daily B2)

HKR International (480 HK) has returned to the black, posting a net profit of around HK$1.841 billion for the year ended Feb 28, 2010, comparing to a loss of HK$224 million over the same period in the previous year. Earnings per share were HK$1.36. A final dividend of 12 HK cents was paid. (SingTao Daily B2)

Interchina (202 HK) recorded a profit of around HK$63 million for the year ended 31 March 2010, returning to the black. No dividend was declared. (SingTao Daily B2)

Morning Star Resources (542 HK) major shareholder and chairman Khoo Kay Peng plans to sell around 1.53 billion shares. The company says a company plans to buy 750 million shares of it and that may represent more than 30 per cent of the existing issued shares. (Hong Kong Economic Journal P6)

Pacific Andes (1174 HK) recorded a profit of HK$335 million in the first half of the year ended 31 March 2010, rising 2.6 per cent year-on-year. Earnings per share were 11.2 HK cents in the period. No dividend was paid. (SingTao Daily B2)

Headhunter Executive Search Group International Limited takes it to court, asking Prudential Holdings Limited (2378 HK) under Prudential plc to pay over US$380,000, around HK$3 million, of service fee and other expenses. (Hong Kong Economic Journal P6)

Yu Man Fung, Alice increases its shareholding in Ruyan Group (329 HK) through additional subscription. She is now holding nearly 502 million shares, up to 15.47 per cent stake in the company. (SingTao Daily B2)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard