China CITIC Bank (998 HK) second largest shareholder BBVA is developing in the Greater China. China CITIC Bank has signed agreements with BBVA to set up an independent private banking business cooperation unit in China CITIC Bank. (Hong Kong Economic Times A12)
Convoy (1019 HK) kicks off IPO today at HK$1-1.2 per share to raise up to HK$120 million. The listing only includes the company’s insurance products and MPF businesses. Chairman Quincy Wong says the company has no plan to float its investment products intermediary business at the moment. (Hong Kong Economic Times A12)
Eagle Nice (International) (2368 HK) posted net profit of around HK$150 million for the year ended 31 March 2010, down 8.7 per cent. Earnings per share were 29.9 HK cents. A final dividend of 7 HK cents per share was recommended. (Hong Kong Economic Journal P4)
Emperor International (163 HK) has returned to the black, posting profits attributable to shareholders of HK$2.8 billion for the year ended 31 March 2010, in which revenue arising from property revaluation is over HK$2.48 billion. A final dividend of 4 HK cents was declared. (SingTao Daily B4)
First Tractor (38 HK) plans to issue not exceeding 150 million A shares for investment in three projects amounting to around 1.9 billion yuan in total, but the raising amount has not fixed. (SingTao Daily B4)
Genesis Energy (702 HK) aims to acquire Orion Energy International Inc., a company engaged in exploration, development and production of the coal bed methane in Sanjiao Block in Shanxi Province. The remuneration is expected not to exceed $350 million which will be satisfied in a combination of cash and new shares. (SingTao Daily B4)
GOME Electrical Appliances (493 HK) has approved and accepted Chen Xiao to resign as president. Executive vice president Wang Jun Zhou has been appointed to take the position. The former will remain as chairman. (Hong Kong Economic Times A10)
Hopewell Highway Infrastructure (737 HK) is the first enterprise to issue yuan bonds in HK. The proceeds will go to the mainland and support infrastructure projects by way of foreign direct investment. The plan has already been approved by the Ministry of Commerce. (Hong Kong Economic Times A10)
Media Chinese (685 HK) recorded profits attributable to shareholders over $41million for the year ended 31 March 2010, gaining a 1.45 times growth. Earnings per share were 2.44 cents. A second interim dividend of 0.771 cents was paid. (SingTao Daily B4)
Ping An Bank Huizhou Branch under Ping An Insurance (2318 HK) has already started operation. Huizhou Branch has become the ninth branch set up by Ping An Bank to strengthen its layout in the Pearl River delta region. (SingTao Daily B4)
RCG (802 HK) delivered an announcement yesterday night after its share price had plunged 14 per cent. It clarified that the company has no intention to change auditor and said that its CEO Lee Boon Han has increased 41,000 shares at an average HK$4.53 per share. (SingTao Daily B4)
Finance director Richard Meddings of Standard Chartered (2888 HK) said that although in recent weeks, economic uncertainties have been increasing and market sentiment has become weaker, the bank is comfortable with analysts’ forecast of a HK$45.9 billion profit before tax this year. (SingTao Daily B2)
Swire Pacific (19 HK) offers to acquire all of the issued shares in the capital of Hong Kong Aircraft Engineering Company Limited from the latter’s shareholders at a price of HK$105 per share. Independent financial adviser Rothschild considers the terms to be fair and reasonable and advises HAECO independent shareholders to accept it. (Hong Kong Economic Times A12)
Texwinca (321 HK) said its profits attributable to shareholders rose 17 per cent to HK$1 billion. Earnings per share were 75.8 HK cents. A final dividend of 26 HK cents was declared. (SingTao Daily B4)
Xingye Copper International (505 HK) says processed products sales from Jan to May jumped 60 per cent over the same period last year and expects full-year overall sales to reach 80,000 tonnes. It expects net profit to record double-digit growth this year. (Hong Kong Economic Journal P6)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
