AAC Acoustic (2018 HK) announced yesterday that it is going to set up a joint venture company Xenon Technologies with an international private-equity firm. AAC Acoustic will hold 39 per cent of its share holding to further acquire the flash light business. (Hong Kong Economic Journal P6)
Sales in the Mainland property market last month plunged, as the government’s tightening measures started to bite. Agile Property (3383 HK) and Kaisa Group Holdings Ltd. (1638) announced that the contract sales amount in May went down 33 per cent and 17 per cent respectively compared to those in April. (Hong Kong Economic Journal P13)
IPO: Sources said that AgBank’s net profit in 2009 amounted to 65 billion yuan, rising 26 per cent year-on year. The bank expects that its net profit can reach 84 billion yuan this year, being equivalent to 29 per cent of growth. (Hong Kong Economic Times A10)
Ajisen (China) (538 HK) said 1H overall same store sales went up and same store sales in HK returned to the black. The company is confident to achieve full-year gross profit margin of 68-69 per cent, targeting to add 120 stores this year. (SingTao Daily B4)
Continental Holdings (513 HK) acquires from MMCL and Famous Key a total of 18.09 per cent of the issued share capital of MMS through an indirect wholly-owned subsidiary Trade Bloom for around HK$139.8 million, to be fully satisfied by issuing convertible notes.
(SingTao Daily B4)
Coolpoint Energy (8032 HK) has appointed gymnastics hero Li Ning to take over Wang Yi Nan’s position as chairman of the company. Share price of the company closed at HK$0.445 yesterday, up 1.15 per cent. (SingTao Daily B4)
(493) GOME ELECTRICAL APPLIANCES HOLDING LIMITED CHINA TO EXTEND HOME APPLIANCE TRADE-IN PROGRAM China will extend its home-appliance trade-in program to other regions throughout the country from 1 June 2010 and to end tentatively on 31 December 2011, the Ministry of Commerce said. (Hong Kong Economic Times A12)
Haier Electronics (1169 HK) announced that for the purpose of further improving the product structure, it will launch its first global Internet-of-Things washing machine and the EASY series of washing machine products, which were developed to satisfy the end-users’ differentiated demand. (Hong Kong Economic Times A12)
Announcement from CIB shows that Hang Seng Bank (11 HK) holds around 766.9 million shares or 12.8 per cent shares of CIB, up 0.02 percentage points over the figure before rights issue, keeping its place as the second largest shareholder of CIB. (SingTao Daily B4)
XINHUANET quoting comment from Industrial and Commercial Bank of China (1398 HK) chairman Jiang Jian Qing reported that the bank planned to add 5 branches in Europe. The report said the bank had 180 branches overseas at present. (SingTao Daily B4)
Mongolia Energy (276 HK) awards Leighton Asia an AUD273 million worth 6-year contract to develop and operate the Khushuut coal mine project in western Mongolia, the second contract the former has awarded to the latter in western Mongolia. The latter will be responsible for all mining activities. Initial output of coking coal sets to be 3 million tonnes per annum. (SingTao Daily B4)
Pan Asia Environmental Protection (556 HK) chairman Jiang Quan Long said the group intended to enter new environmental protection businesses and had bought in equipment for producing green wall material to be put into operation in Oct 2010. (SingTao Daily B4)
Tanrich Financial (812 HK) CEO Kwok Kam Hoi said Tanrich Securities planned to sponsor 3 HK companies to list in Hong Kong in 2H this year, including a food company planning to raise funds in the main board and an underwear and men’s suit enterprise to be listed on GEM by way of placement of shares. (SingTao Daily B4)
TPV Technology Limited (903 HK) announced that it recorded US$2.4 billion of total revenue in the first quarter ended 31 March 2010, up 72.9 per cent compared to that of the last year. Profits attributable to shareholders rose to 170.1 per cent year-on-year to HK$40.2 million. (Hong Kong Economic Journal P6)
Victory City (539 HK) announced that it plans to split its subsidiary Fuyuan Group, which is involved in the businesses of purchasing management, production and clothing products trading, to list on Main Board. (Hong Kong Economic Times A12)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
