Friday, July 30, 2010

Hong Kong Stock Market Wrap July 29th, 2010

Aluminum Corporation of China (2600 HK) and Rio Tinto will jointly develop Simandou iron ore mine project in Guinea in West Africa. Aluminum Corporation of China will invest 1.35 billion dollars over a period of 2-3 years to get 44.65 per cent interest in the iron ore mine. (Hong Kong Economic Times A12)

ASM Pacific (522 HK) unaudited interim results recorded a profit of HK$1.148 billion for the six months ended 30 June 2010, hitting record high again. Basic earnings per share were HK$2.91, surging 14.3 times year-on-year. An interim dividend of HK$1.6 per share was paid. (SingTao Daily B3)

Beiren Printing Machinery (187 HK) revenue for the first six months had a loss of nearly 15 million yuan, dropping 58 per cent over the same period a year ago. No interim dividend was declared. (SingTao Daily B3)

Brightoil (933 HK) announced to place 300 million new shares at a price between HK$3.41 and HK$3.56, raising HK$1.02 billion to 1.07 billion. The net proceeds will be used mainly for financing the existing businesses and for general working capital purposes. Brightoil suspended trading yesterday, closing at HK$3.79 before the suspension. (SingTao Daily B4)

Cheung Kong Infrastructure (1038 HK) first half net profit went down 48 per cent to HK$2.029 billion, being in line with market estimates. Earnings per share were HK$0.9. An interim dividend of HK$0.33 per share was declared, rising 3 per cent. (SingTao Daily B3)

China Huiyuan Juice Group (1886 HK) chairman Zhu Xin Li said yesterday that after Coca-Cola failed to acquire the company, he has not thought about selling the company. Share price closed at HK$5.83 yesterday, up 7.56 per cent. (Hong Kong Economic Journal P6)

It is said that China Mobile (941 HK) strategic shareholder Vodafone plans to sell HK$50.5 billion worth of interest in the company. China Mobile share price was not affected on the news, just edging down 0.63 per cent yesterday. In addition, foreign media reports that China Mobile is aiming to bid for Thailand 3G licence in September. The base price of the licence is US$397 million (around HK$3.08 billion). (SingTao Daily B2)

China XLX Fertiliser (1866 HK) had a net profit of over 98 million yuan in the first half, rising about 52 per cent year-on-year. Earnings per share were 9.8 fen. No interim dividend was declared. The company’s first half revenue increased significantly by 32 per cent year-on-year to around 1.354 billion yuan, which was mainly due to the increase in urea and methanol sales volume. (SingTao Daily B3)

Fortune Real Estate Investment (778 HK) appointed former Secretary for Home Affairs Lan Hong Tsung, David, as an independent non-executive director and a member of the Audit Committee of the Manager yesterday. Lan is an independent non-executive director of companies including Hutchison Telecommunications (0215) and Hutchison Harbour Ring (0715). (Hong Kong Economic Journal P10)

It is said that Ministry of Commerce of China has approved Geely Automobile Holdings’ (175 HK) parent Geely Holding Group to acquire Volvo Car, World’s top 27th automaker. Geely Automobile Holdings share price went up 11.32 per cent yesterday. (Hong Kong Economic Journal P6)

Great Wall Motor (2333 HK) expects its consolidated profit for the first six months to increase by more than 50 per cent. The improvement in the profit is mainly attributable to the increase in sales of automobiles. (SingTao Daily B3)

JP Morgan maintains Overweight rating on ICBC (1398 HK), with target price at HK$7.4, saying that its valuation is reasonable. UBS maintains Buy rating on ICBC, with target price at HK$8. (Hong Kong Economic Journal P2)

Jilin Qifeng (549 HK) announced that operations at the production lines located at Jilin City have been suspended from the evening on 28 July 2010. The suspension is due to flooding in certain parts of Jilin City caused by heavy rain. As a result, the opaqueness of water from Songhua River has risen to a level at which the production lines of the company in Jilin City could not function normally. Jilin Qifeng expects that the suspension will last for three days. (SingTao Daily B3)

Sun Hung Kai Properties (16 HK) share price closed at HK$114.2 yesterday, up 0.883 per cent, up 8.35 per cent from July to date. Hang Lung Properties (0101) share price has gone up 7.95 per cent since July. Henderson Land Development (0012) share price has gone up 5.87 per cent since July. (Hong Kong Economic Journal P6)

In April Yanzhou Coal Mining (1171 HK) expected 1H net profit to go up over 1 times over the 1.904 billion yuan in the same period last year. Now it lowers the estimated increase to over 35 per cent due to exchange loss for a USD denominated loan incurred by Yancoal Australia as the exchange rate of AUD to USD fluctuates.
(Hong Kong Economic Times A12)

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

Thursday, July 29, 2010

Hong Kong Stock Market Wrap July 28th, 2010

China Huiyuan Juice (1886 HK) substantial shareholder Danone will sell all the shares held by it, which represents nearly 23 per cent of the total issued share capital of the company, at a price of HK$6 per share to an equity firm SAIF Partners III. The capital involved in the transaction is HK$2.025 billion in total. (SingTao Daily B2)

It is said that 2 shareholders of China Mengniu Dairy (2319 HK) placed over 50 million shares for up to HK$1.225 billion yesterday. It is the 6th share placement from the two since the company listed. The 5 share placements involved around HK$7.3 billion in total. (Hong Kong Economic Times A13)

China Merchants (144 HK) has signed agreement with Chu Kong Shipping Development Company (0560) in which CKSD agrees to sell 20 per cent of its equity interest in Chu Kong River Trade Terminal Company Limited to the Company. The selling price is pending confirmation. (SingTao Daily B3)

China Southern Airlines (1055 HK) expects its profit for the first six months to substantially increase over 50 times. It is expected that its first half net profit will be over 1.938 billion yuan, The increase in profit is mainly due to the positive impact brought by the robust mainland economic growth and the completion of selling its equity interest in MTU Maintenance Zhuhai Co.,Ltd. (SingTao Daily B3)

China Star (764 HK) proposes to raise not less than HK$330 million at a price of HK$0.4 per rights share that is nearly 30 per cent discount off from its close yesterday. The rights issue will be based on three rights shares for every one existing share. (SingTao Daily B3)

Chu Kong Petroleum and Natural Gas Steel Pipe (1938 HK) expects that its unaudited consolidated net profit for the first half may decrease by about 50 per cent from the previous year. The expected decrease is mainly due to the decrease in export sales in the period. (SingTao Daily B3)

GCL-Poly Energy Holdings (3800 HK) announced yesterday that the board has approved to invest an additional US$300 million, around HK$2.34 billion, in the silicon wafer business in the mainland with an additional capacity of around1GW. (Hong Kong Economic Journal P7)

Golden Eagel Retail (3308 HK) announces it will bid for the total interest in Anhui Ruijing for a consideration of 267 million yuan, which will be satisfied by its internal resources. Anhui Ruijing is operating two high-end department stores in Hefei, Anhui. (SingTao Daily B3)

Hang Lung Properties (101 HK) had a paper gain of HK$6.674 billion for the six months ended June 30, soaring 179 per cent to hit record high, which is in line with market estimates. A final dividend of 54 HK cents was recommended, rising 6 per cent year-on-year. (SingTao Daily B3)

Hong Kong Electric (6 HK) posted a net profit of HK$2.754 billion for the six months ended 30 June 2010, an increase of 3.2 per cent from a year ago. Earnings per share were HK$1.29. An interim dividend of 62 HK cents was declared. The higher first half earnings were primarily due to the increased holding in the UK Northern Gas Networks and the acquisition of interest in the Seabank Power Station. Hong Kong Electric shares ended 30 HK cents higher to close at HK$46.6 yesterday. (SingTao Daily B2)

Husky Energy under Hutchison Whampoa (13 HK) says it is evaluating a plan to spin off its subsidiary Husky Asia Pacific. The assets to be spun off include a number of natural gas fields in the mainland. (Hong Kong Economic Journal P5)

Glue maker for shoes Infinity Chemical (640 HK) starts IPO today to raise around HK$73.125 million to 93.75 million. Offering price is HK$0.585 to 0.75 per share. The board lot size is 4000 shares. (Hong Kong Economic Times A12)

Natural Beauty Bio-Technology (157 HK) expects profit for the six months ended 30 June may drop significantly over the same period last year. The company, however, announces that interim dividend will be similar to that of 2009. It plans to publish interim results on 17 August. (Hong Kong Economic Times A13)

The Wharf (Holdings) (4 HK) and Nan Fung Development won the site at 103 Mount Nicholson Road for HK$10.4 billion yesterday, HK$32,014 psf, which fell within market expectations. (Hong Kong Economic Times A2)

Zijin Mining Group (2899 HK) announced yesterday that Chen Jiahong, its vice president and the former head of Zijinshan Gold and Copper Mine, was detained as suspect in relation to the major pollution incident by the police department on 27 July. Chen has worked as vice president since 2006. (Hong Kong Economic Journal P4)

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

Wednesday, July 28, 2010

Hong Kong Stock Market Wrap July 27th, 2010

IPO: According to sales documents issued by Deutsche Bank yesterday, West China Cement will kick off roadshow on 29 July and start IPO on 9 Aug. The company plans to list on 19 Aug, with Deutsche Bank and ICBC International as book runners. (Hong Kong Economic Times A10)

Aluminum Corporation (2600 HK) has applied for suspension of A shares trading starting from today as the company is going to discuss substantial matters. It will resume trading this Friday. (SingTao Daily B2)

China Grand Forestry Green Resources (910 HK) lost HK$2.48 billion for the year ended 31 March. Loss per share was 39.07 HK cents. The company lost HK$450 million last year. No dividend was declared. (Hong Kong Economic Journal P6)

China Water Affairs (855 HK) posted turnover of almost HK$1.4 billion for the year ended 31 March, up 35 per cent year-on-year. Net profit was over HK$300 million, up 1.62 times. (Hong Kong Economic Journal P6)

Global Bio-Chem Technology (809 HK) expects interim results for the six months ended 30 June to return to the black compared to the same period last year. (Hong Kong Economic Times A10)

TO LAUNCH RIGHTS ISSUE AT HK$0.112 EACH Heritage International (412 HK) plans to launch rights issue of 182 million shares at 11.2 HK cents each, representing around 1 per cent discount to its closing price yesterday. (SingTao Daily B2)

HSBC (5 HK) will announce its results soon. 4 securities firms expect profit of HSBC to go up 58 per cent to 1.5 times in 1H. Share price closed at HK$78.85 yesterday, up 1.7 per cent. Credit Suisse sets Outperform rating on the bank. (Hong Kong Economic Times A2)

IPE Group (929 HK) expects interim results to return to the black and turnover and net profit to hit a high since listed in Nov 2004 based on unaudited consolidated management accounts for the six months ended 30 June. (Hong Kong Economic Times A10)

Loudong General Nice Resources (China) (988 HK) announces that it completed the acquisition of equity interest in General Nice – Loudong Coal & Coke yesterday. The company is now interested in 90 per cent of the equity interests in Loudong PRC. (Hong Kong Economic Journal P6)

Mudan Automobile (8188 HK) recorded an interim profit of 3.32 million yuan ended 30 June 2010, tumbling 91 per cent. Earnings per share were 1.16 fen. No dividend was paid. (SingTao Daily B2)

Ngai Lik Industrial (332 HK) announced that Graham H. Y. Chan & Co. have resigned as one of the joint auditors of the company. The other joint auditor of the company Deloitte Touche Tohmatsu will continue as the sole auditor of the company following the resignation of Graham H. Y. Chan & Co. (SingTao Daily B2)

Shimao Property (813 HK) announced yesterday that it plans to issue US dollar senior notes. Market sources says that the company will issue US$300-500 million (around HK$2.325-3.875 billion) 7-year term high yield notes, with an interest rate tentatively set at 9.75 per cent per annum. (SingTao Daily B3)

Sustainable Forest (723 HK) earned over HK$273 million for the year ended 31 March 2010. Earnings per share were 0.1964 HK cents. In addition, the company has signed two memorandum of understanding regarding the acquisition of land rights of two pieces of additional freehold land located at Amazon Forest. (SingTao Daily B2)

Thunder Sky Battery (729 HK) had a loss of about HK$14 million for the year ended 31 March 2010, from a loss of over HK$72 million last year. Loss per share was 0.74 HK cents. No dividend was declared. (SingTao Daily B2)

Tonic Industries (978 HK) recorded a loss of HK$790 million for the year ended 31 March 2010. Loss per share was HK$0.747. No dividend was paid. The company posted a loss of HK$174 million over the same period a year earlier. (SingTao Daily B2)

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

Tuesday, July 27, 2010

Hong Kong Stock Market Wrap July 26th, 2010

AgBank (1288 HK) will be included in MSCI China Index on Thursday. Its share price hit record high yesterday to HK$3.5, with turnover of nearly HK$2.9 billion, ranking first on the bourse. (Hong Kong Economic Journal P6)

Anton Oilfield Services (3337 HK) expects consolidated profit to increase significantly for the six months ended 30 June as overall profit margin level increased on successful marketing of new technologies and higher proportionate revenue of products of technical service. (Hong Kong Economic Times A11)

Asia Cassava (841 HK) posted 100 per cent growth in net profit to HK$103 million for the year ended 31 March 2010. Basic earnings per share were 31.1 HK cents. A final dividend of 6 HK cents per share was paid. (SingTao Daily B3)

Asia Commercial (104 HK) recorded a net profit of over HK$51 million for the year ended 31 March 2010, growing by 29 per cent year-on-year. Basic earnings per share were 8.53 HK cents. A final dividend of 1.5 HK cents per share was recommended. (SingTao Daily B4)

Celestial Asia (1049 HK) aims to raise up to HK$49.3 million through a top-up placement of up to 20 million shares at HK$2.5 each. Its controlling shareholder also plans to exercise conversion rights of part of its convertible notes, involving HK$6.5 million. After completion of the conversion, the stake held by the controlling shareholder will be diluted to 33.07 per cent. (SingTao Daily B3)

China Eastern Airlines (670 HK) plans to jointly establish a joint venture with Yunnan SASAC, of which the registered capital will be 3.66 billion yuan. The company will contribute a total of 2.38 billion yuan to the joint venture. (SingTao Daily B3)

China Strategic (235 HK) Chief Executive Raymond Or says that it is confident in completing the acquisition of Nan Shan Life Insurance before the deadline on October 12. He does not exclude introducing strategic investors for Nan Shan after completion of the deal. China Strategic shares ended up 1 per cent to close at HK$0.5 yesterday. (SingTao Daily B4)

Morgan Stanley lowered target price for China Zhongwang Holdings (1333 HK) from HK$9.5 to HK$4.5 yesterday, saying that Aluminum Corporation Of China (2600) constitutes a threat to its leading position. Share price went down 8.9pc on the news. (Hong Kong Economic Times A11)

CITIC Coal (1205 HK) under CITIC Resources Holdings terminates a transaction regarding selling certain interest to Macarthur Coal as the waiver of the pre-emptive rights of all of the Coppabella and Moorvale JV participants, other than Macarthur Coal, has not been forthcoming. (Hong Kong Economic Journal P4)

CK Life Sciences (775 HK) Int’l earned around HK$48.63 million for the six months to 30 June 2010, down 81 per cent. Profit before fair value changes on financial instruments was HK$77 million, increasing by 7 per cent. Earnings per share were 0.51 HK cents. No dividend was declared. (SingTao Daily B3)

Comtec Solar Systems (712 HK) expects interim net profit to go up over 12 times over the same period last year based on a preliminary review of the management accounts.
(Hong Kong Economic Times A11)

G-Resources Group (1051 HK) vice chairman Owen Hegarty said yesterday that apart from the Indonesian gold and silver mine project, the company may seek new project in Southeast Asia district. As many countries increase holding of gold for reserve and the demand for gold is robust, Hegarty hence expects gold price to rise than to fall in the future. (SingTao Daily B4)

Hi Sun Technology (818 HK) expects interim results to sink into the red as operating profit of wireless business dropped and operating loss of electronic power meters and solutions segment rose. (Hong Kong Economic Times A11)

The United Laboratories International (3933 HK) expects interim net profit to be at least 3.5 times of that in the same period last year as sales of intermediate products, bulk medicine products and finished products rose satisfactorily. (Hong Kong Economic Times A11)

ZTE (763 HK) will start its investment in derivative hedging products for 6.5 billion yuan in total through financial products offered by financial institutions. ZTE share price closed at HK$24.95 yesterday, up 1 per cent. (SingTao Daily B3)

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

Monday, July 26, 2010

Hong Kong Stock Market Wrap July 23rd, 2010

China Solar Energy (155 HK) lost over HK$92 million for the year ended 31 March as compared to the loss of over HK$44 million last year. Loss per share was 1.46 HK cents. No dividend was declared. (SingTao Daily B3)

China Outdoor Media (254 HK) expects unaudited consolidated results to record consolidated gross loss for the year ended 30 June as the group, having signed advertising contracts with various enterprises in China which advertisement medium are in Beijing, has not been able to secure any order to place advertisement in the medium and the growth in the advertising sector in China was not as good as anticipated. The net loss, however, might be lower than that in 2009. (SingTao Daily B3)

Emperor Watch & Jewellery (887 HK) expects unaudited interim results to record a sharp increase in profit for the six months ended 30 June as its retail networks expanded and turnover rose during the period. (SingTao Daily B3)

Kaisa Group (1638 HK) offers to grant a total of around 180 million share options to directors and employees. Exercise price of share options granted is HK$2, representing around 17 per cent premium to yesterday closing price of HK$1.71 per share. (Hong Kong Economic Journal P5)

Shandong Molong Petroleum Machinery (568 HK) posted net profit of 121 million yuan for the six months ended 30 June, down 13.7 per cent over the same period last year. Earnings per share were 0.37 yuan. No dividend was declared. (SingTao Daily B3)

Sino-life Group (8296 HK) expects unaudited consolidated net profit for the six months ended 30 June to drop as it recognized the expense of the share-based payments arising from share options granted to employees and consultants and the value of financial assets designated as at fair value through profit or loss decreased. (SingTao Daily B3)

Wuyi International Pharmaceutical (1889 HK) expects a decline in the consolidated net profit for the six months ended 30 June as some manufacturers kept producing imitated goods, affecting its market shares; sales of traditional Chinese medicine products was affected due to a decline in demand for Chinese medicine injection; and gross profit margin dropped as depreciation charges in cost of sales rose. (Hong Kong Economic Times A10)

China Aoyuan Property plans (3883 HK) to acquire commercial offices situated at the centre of Tianhe District Guangzhou for a consideration of 161 million yuan. The company will hold the commercial offices mainly for investment purposes. (SingTao Daily B13)

Chinese People Holdings (681 HK) announced it annual results that profit attributable to shareholders was HK$300 million, jumping 7.4 times. Earnings per share were 7.36 HK cents. No dividend was declared. (SingTao Daily B13)

CITIC Resources (1205 HK) proposed in 2008 that its subsidiary CITIC Dameng Holdings would be split and seek to list on the main board but the application was unsuccessful. The company announced yesterday that CITIC Dameng submitted a further advance booking form for an application for the listing on 23 July 2010. (Hong Kong Economic Times A12)

Golden Resorts (1031 HK) is expected to record a substantial decrease in profit for the six months ended 30 June 2010 year-on-year. Despite the significant growth of the hotel and gaming businesses during the first half of 2010, the absence of fair value gain on trading securities recorded during the first half of 2009 leads to such decrease in profit. (Hong Kong Economic Journal P7)

Hong Kong Resources (2882 HK) plans to issue HK$138 million worth of 2-year term convertible bonds to Asia Debt Management at a price of HK$1.58 per share, representing a 22 per cent premium to its closing price on Friday. The interest rate will be 5 per cent per annum. (SingTao Daily B13)

Ming Hing Waterworks (402 HK) aims to acquire a coal mine located at Mongolia for HK$2 billion. The capital expenditure will be around HK$156 million. Ming Hing shares closed at HK$0.155 last Friday. (Hong Kong Economic Journal P7)

Lung Cheong (348 HK) incurred a loss of HK$175 million for the year ended 31 March 2010, decreasing by 40 per cent from a loss recorded last year. Its revenue fell around 40 per cent to HK$402 million. (Hong Kong Economic Times A12)

WLS Holdings (8021 HK) posted a loss of HK$7.72 million for the year ended 30 April 2010, sinking into the red. Loss per share was 1 HK cent. No dividend was declared. (SingTao Daily B13)

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

Friday, July 23, 2010

Hong Kong Stock Market Wrap July 22nd, 2010

IPO: It is said that CITIC Group plans to list in HK by the end of next year to raise 80 billion yuan, likely to become the biggest IPO in HK next year. HK listed companies under the group includes CITIC Pacific (0267), China CITIC Bank (0998) and Dah Chong Hong (1828). (Hong Kong Economic Times A10)

BaWang International (Group) (1338 HK) officially sued Next Media (0282) yesterday, demanding the magazine to compensate for the loss caused by its report in mid-July. (Hong Kong Economic Times A10)

It is expected that China Foods (506 HK) net profit for the first six months may decrease by about 40 per cent from the previous year. The shrinking net profit is primarily due to a substantial decrease in the profit of the wine business. (SingTao Daily B2)

China State Construction (3311 HK) plans to form a joint venture with China Construction Third Engineering Bureau Corp., Ltd. for the construction and investment in a Wuhan infrastructure project. The project is involved in the construction of the Wuchang section and the Hanyang section of the Wuhan No. 2 Circle Line. China State will hold 30 per cent equity interests in the Wuhan JV. (SingTao Daily B2)

Yesterday Country Garden Holdings (2007 HK) president Cui Jianbo resigned but remained executive director. Mo Bin took over his position and was appointed as an executive director as well. (Hong Kong Economic Times A10)

Golden Meditech Holdings (801 HK) posted net profit of HK $116 million for the year ended 31 March, surging 1.04 times year-on-year. Turnover was HK$285 million, up 3.2 per cent yoy. Gross profit margin went down 8 percentage points to around 57 per cent. (Hong Kong Economic Journal P8)

HSBC Bank Canada under HSBC (5 HK) announced that its net profit for the first half was C$236 million, up 19 per cent year-on-year. Earnings per share were C$0.47. The increase in net profit is mainly due to a growth in interest income and an improvement on the credit quality. (SingTao Daily B2)

HKR International (480 HK) acquires 18 residential units of Homat Sun in Roppongi for around HK$308 million cash. The rental rate of Homat Sun is 84 per cent. If fully leased, annualized rental income would be HK$22.19 million. (Hong Kong Economic Journal P10)

Sources said that Industrial and Commercial Bank of China (1398 HK) may seek to raise around 45 billion yuan through A+H shares, and at the same time issue 25 billion yuan worth of A shares unsecured convertible bonds. The ratio for the rights issue might be 0.3 or 0.5 share for every ten shares, according to sources close to underwriters. (SingTao Daily B2)

It is said that Lenovo (992 HK) intends to announce the launch of LePad, tablet computer, in the end of the year. The operation platform of LePad will be Android. (SingTao Daily B2)

OP Financial (1140 HK) recorded a net profit of HK$473 million for the year ended 31 March 2010, returning to the black. No dividend was paid. (SingTao Daily B2)

Shenguan Holdings (829 HK) has acquired one-year term PRC certificate treasury bonds for 110 million yuan of principal amount through Wuzhou Shenguan. The interest rate is 2.60 per cent per annum. (SingTao Daily B2)

Sino Oil and Gas (702 HK), formerly known as Genesis Energy, plans to enter the clean energy sector. The company will invest over 100 million dollars to develop a coalbed methane field in Sanjiao Block located in Shanxi and Shaanxi Provinces. A capacity of 1 billion cubic meters per year is expected after completion. (Hong Kong Economic Journal P8)

Skyworth Digital (751 HK) achieved growth of 12 per cent and 15 per cent in TV sales volume and sales amount respectively in the second quarter, of which China TV business unit recorded a 16 per cent revenue growth in June. In addition, Skyworth announces that it has stopped manufacturing CRT TV for the mainland market in this month. (SingTao Daily B2)

Zhuzhou CSR Times Electric (3898 HK) says unaudited consolidated management accounts show that for the six months ended 30 June a significant increase in profit may be recorded compared to that in the same period last year as railway vehicles industry in the PRC developed rapidly during the year. (Hong Kong Economic Times A10)

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

Thursday, July 22, 2010

Hong Kong Stock Market Wrap July 21st, 2010

IPO: It is said that AIG has appointed Goldman Sachs, Morgan Stanley and Deutsche Bank as joint global coordinators for the listing of AIA in HK. AIA plans to list in HK in October at the earliest to raise around 15 to 20 billion dollar. (Hong Kong Economic Journal P7)

Amax Holdings (959 HK) expects to record a significant loss for the year ended 31 March 2010. The loss was mainly because of the loss due to the implementation of commission cap on junket commissions by the Macau Government, and the loss on receivables from AMA as a result of the financial difficulties of AMA and its failure to recover the credit granted to the collaborators. (SingTao Daily B3)

Amber Energy (90 HK) received an official notice from Zhejiang Provincial Price Bureau on Monday regarding an upward adjustment of the company’s on-grid tariff. The tariff will increase by 0.06 yuan to 0.80 yuan per KWH from 0.74 yuan per KWH (inclusive of VAT). (SingTao Daily B3)

China Qinfa Group (866 HK) expects net profit to jump not less than 1,000 per cent for the six months ended 30 June over the same period last year as coal handling and trading volume surged on the revival in the demand for coal-fired electricity and the recovery of global economy. (Hong Kong Economic Times A12)

DeTeam (65 HK) has signed a memorandum of understanding with China Guangcai Group for the acquisition of Mongolian Shine Shivee Llc, which owns combined resources of around 2144 million tonnes of coal. (SingTao Daily B3)

Digital China (861 HK) recorded a 28 per cent growth in net profit to HK$824 million for the year ended 31 March 2010. A final dividend of 28.26 HK cents per share was paid. (SingTao Daily B3)

Terry Sze Yuen Ng resigned as an executive director of Hang Lung Group (10 HK) and Hang Lung Properties (0101) with effect from 21 July. Ng worked for Hang Lung for over eight years. Chairman Chan Chi Chung Ronnie says his resignation will not affect the company. (Hong Kong Economic Times A12)

Lonking Holdings (3339 HK) expects profit attributable to equity holders for six months ended 30 June may record a significant increase as sales volume and overall gross margin rose sharply over the same period last year. The company will issue interim results by the end of August. (Hong Kong Economic Times A12)

Luk Fook Holdings (590 HK) had a net profit of HK$530 million and its earnings per share were 107.9 HK cents, both up 93 per cent year-on year. A final dividend of 28 HK cents per share was declared, up 130 per cent year-on-year. Shares of Luk Fook reached a record high to close at HK$11.12 yesterday, soaring 7.3 per cent. (SingTao Daily B3)

Ngai Hing Hong (1047 HK) expects its final results for the year ended 30th June 2010 to record a profit from a loss a year earlier. The expected profit is mainly due to the stable cost of plastic materials and the increase in demand for colorants, etc. (SingTao Daily B3)

Citigroup sets Buy rating for Nine Dragons Paper (2689 HK). The company raised the prices of its products this month as demand grows. Share price went up almost 4 per cent to HK$11.64 yesterday. (Hong Kong Economic Times A12)

Media report says Powerlong Real Estate (1238 HK) plans to invest 3 billion yuan to build a plaza in Fuzhou. Executive director Hoi Kin Hong says the company is developing rapidly in tier 2 and tier 3 cities and eyeing the market in tier 1 cities, with a target to complete over 100 commercial real estate projects within 5 years. (Hong Kong Economic Journal P12)

Roadshow’s (888 HK) financial results for the first six months are expected to record a loss of around HK$110 million. The loss was mainly caused by the AdSociety Daye deal which materially and adversely affects the financial performance of the company in the first half. (SingTao Daily B3)

HSBC, CLSA and Morgan Stanley set ratings on Ruinian International (2010 HK) at Neutral, Buy and Overweight respectively, with target prices at HK$5, HK$5.83 and HK$7.9 respectively. (Hong Kong Economic Times A12)

Stelux Holdings (84 HK) earned HK$24.63 million for the year ended 31 March 2010, down nearly 26 per cent year-on-year. Earnings per share were 2.59 HK cents. A final dividend of 1 HK cents per share was declared. (SingTao Daily B3)

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

Wednesday, July 21, 2010

Hong Kong Stock Market Wrap July 20th, 2010

China Mobile (941 HK) announced its business statistics yesterday. There were 5.06 million new subscribers in June. Aggregate number of subscribers increased to 554 million, of which over 1.14 million was its new 3G service subscribers in June. The number of China Mobile’s new 3G service subscribers in June is more than that of China Unicom (0762). (SingTao Daily B1)

China SCE Property (1966 HK) says net profit for the six months ended 30 June may rise not less than 100 per cent over the same period last year on increase in sales of properties. Share price closed at HK$2.4 yesterday, up 1.7 per cent. (Hong Kong Economic Times A11)

China Strategic (235 HK) said that a loss for the six-month period ended 30 June 2010 is expected to increase compared to the loss recorded for the year ended 31 December 2009. The increase in loss is mainly due to a decrease in the gain on fair value changes on investments for the first six months this year and the substantial increase in administrative expenses. (SingTao Daily B2)

According to Dalian Port (PDA) (2880 HK), terminals at Xingang area and Dayaowan area were required to cease operations for government authorities to clean the oil spill after the oil pipeline explosion accident last week and the terminals have resumed operations now. The group says part of its handling and storage operations for crude oil has been temporarily affected. (Hong Kong Economic Times A11)

Digital China’s (861 HK) net profit grew by 28.6 per cent year-on-year to around HK$824 million for the year ended 31 March 2010. Earnings per share were 83.12 HK cents. A final dividend of 28.26 HK cents was declared. (SingTao Daily B2)

Easyknit International (1218 HK) recorded a net profit of HK$183 million for the year ended 31 March 2010 versus the loss of around HK$101 million last year. Earnings per share were HK$2.36. No dividend was declared. (SingTao Daily B2)

Genesis Energy (702 HK) plans to acquire the entire issued share capital of Power Great Limited for a consideration of HK$2.34 billion. Executive director Dai Xiaobing believes that the acquisition may help the company to enter the clean energy market. The consideration of HK$2.34 billion will be satisfied by cash, 1.56 billion new shares, and convertible bonds. (SingTao Daily B2)

Golden Resources (677 HK) posted a net profit around HK$174 million for the year ended 31 March 2010, returning to the black this year. Earnings per share were 11.9 HK cents. A final dividend of 1.2 HK cents per share was paid. (SingTao Daily B2)

Hong Kong (388 HK) enterprises can raise renminbi funds through listing and issuing bonds provided that renminbi has achieved circulation and backflow mechanism in Hong Kong, HKEx chief executive Li Xiaojia Charles said during an interview in Shanghai. (SingTao Daily B3)

Hycomm (499 HK) Wireless has proposed to acquire the interests in the coalmines and the coal washing plants in Shanxi Province that are held by the target company. The consideration for the acquisition will be not more than HK$105 million, which will be satisfied by cash, new shares and convertible bonds. (SingTao Daily B2)

Mei Ah Entertainment (391 HK) posted earnings of around HK$52 million for the year ended 31 March as compared to the loss of around HK$71 million last year. Earnings per share were 1.06 HK cents. No dividend was declared. (Hong Kong Economic Journal P4)

PetroChina Company (857 HK) plans to increase Karamay oilfield's natural gas output to 10 billion cubic meters by 2015 and annual crude oil output to 16 million tonnes. (Hong Kong Economic Journal P8)

Shenzhen Expressway (548 HK) Company announces that average daily toll revenue of Meiguan Expressway rose 14.3 per cent yoy to 939,000 yuan in June. Average daily mixed traffic volume amounted to 114,000. Average daily toll revenue of Jihe East rose 18.7 per cent yoy to 1.385 million yuan. Average daily mixed traffic volume amounted to 109,000. (Hong Kong Economic Times A11)

Sijia Group Company (1863 HK) expects significant increase in profit for the six months ended 30 June over the same period last year as sale of reinforced materials and end products rose. (Hong Kong Economic Times A11)

It is said that cement producer West China Cement (2233 HK) will start its IPO on 9 August and list on 19 August to raise HK$2.3 billion. (Hong Kong Economic Times A11)

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

Tuesday, July 20, 2010

Hong Kong Stock Market Wrap July 19th, 2010

Trading in the shares of CASH (501 HK) and CFSG (1049) was suspended before opening yesterday. An independent third party intends to acquire the existing shares in CFSG from CASH or the financial services business of CFSG. CFSG signed a letter of intent with such independent third party yesterday. (Hong Kong Economic Journal P6)

Chanco International Group (264 HK) posted net profit of HK$22 million for the year ended 31 March 2010, down 40 per cent year-on-year. Turnover dropped 19.6 per cent to HK$250 million. A final dividend of 1.4 HK cents per share was recommended. (Hong Kong Economic Journal P8)

China Energine International (1185 HK) expects 1H net profit to grow over 100 per cent as compared to the profit of HK$51 million over the same period last year, mainly because the share of profit in a jointly controlled entity Delphi Wan Yuan has increased and Delphi Wan Yuan, classified as high technology enterprise since November last year, has enjoyed a reduction of income tax rate to 15 per cent from 20 per cent. (Hong Kong Economic Journal P8)

HSBC, Goldman Sachs, JP Morgan and Deutsche Bank set ratings for China Mengniu Dairy (2319 HK) at Overweight, Buy, Overweight and Buy respectively, with target prices at HK$30.5, HK$30.2, HK$30 and HK$27.8 respectively. (Hong Kong Economic Times A9)

China Unicom (762 HK) announced its operational statistics in June yesterday. There were 1.032 million new 3G service subscribers, hitting a record high, which is slightly up nearly 1 per cent from May. As for the 2G service subscribers, there were only 640,000 additions in June, falling 16 per cent from May. Aggregate number of its mobile service subscribers is 156.96 million. (SingTao Daily B2)

Hong Kong Resources (2882 HK) announced its annual results for the year ended March 31 yesterday. Profit attributable to shareholders is HK$120 million, down 55 per cent. Earnings per share were HK$0.13. A final dividend of 0.35 HK cents per share was paid. (SingTao Daily B4)

Karrie International (1050 HK) recorded a net profit of HK$12 million for the year ended 31 March 2010, falling 43 per cent year-on-year. Earnings per share were 2.17 HK cent and a final dividend of 1 HK cent per share was declared. (SingTao Daily B2)

Media China Corporation (419 HK) expects to return to the black in 1H compared to the consolidated loss over the same period in 2009, mainly because media and advertising market in the PRC has recovered and Travel Channel’s advertising sales rose over 30 per cent during the period over the same period in 2009. (Hong Kong Economic Journal P8)

Moiselle International (130 HK) reported a nearly 170 per cent growth in net profit to HK$54 million for the year ended 31 March 2010. Earnings per share were 19 HK cents. A final dividend of 10 HK cents per share was declared. Moiselle’s share price rose to HK$1.67 after the announcement of its annual results, closing at HK$1.57 with an increase by over 25 per cent. (SingTao Daily B4)

Nam Hing (986 HK) intends to acquire 9.9 per cent equity interest in a target company involved in developing exclusively approved electric vehicle battery technology. The consideration for the acquisition is HK$170 million. (SingTao Daily B2)

Ocean Grand Holdings (1220 HK) announced yesterday its results for the 15 months ended 31 March 2006 and the financial years ended 31 March 2007 and 2008. The loss recorded for the 15 months ended 31 March 2006 was more than HK$2.9 billion, while the losses for the financial years of 2007 and 2008 were around HK$170 million and 117 million respectively. (SingTao Daily B2)

Pacific Online (543 HK) expects significant increase in profit in 1H as compared to the profit of 44 million yuan for the same period last year, mainly due to the growth in its Internet advertising services. (Hong Kong Economic Journal P8)

SMI Corporation (198 HK) plans to acquire the leasing of 25 sites in the mainland intended for the operation of 25 cinemas from its substantial shareholder Qin Hui. The consideration involved will be HK$55 million. (SingTao Daily B2)

SPG Land (337 HK) signed an agreement with its business partner yesterday as stipulated that it agrees to buy the remaining 29% interest from its partner in the company holding Kunming Lake Dian Project. The consideration involved is 425 million yuan. (SingTao Daily B2)

Wah Ha Realty (278 HK) posted net profit of HK$131 million for the year ended 31st March 2010, up 14.9 times year-on-year. A final dividend of 5 HK cents per share and a special dividend of 2 HK cents per share were proposed. (Hong Kong Economic Journal P8)

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

Monday, July 19, 2010

Hong Kong Stock Market Wrap July 16th, 2010

China COSCO (1919 HK) expects to return to the black in 1H. As international shipping market regained growth momentum during the period, revenue generated from shipping operation rose sharply over the same period last year. (Hong Kong Economic Times A8)

China Energy Development (228 HK) expects to record a loss in its interim results. The reason is that its financial assets held for trading recorded substantial loss. (SingTao Daily B12)

China Oil And Gas Group (603 HK) signs cooperation agreement with Jiangsu Pingxiang City People’s Government to set up a JV company to develop in Pingxiang City natural gas integrated utilization business and the related natural gas stations business. (SingTao Daily B12)

China Star Film (8172 HK) expects substantial loss in its interim results for the 6-month ended 30 June, mainly due to recognizing losses on early redemption of convertible bonds and
SANK INTO THE RED Modern Beauty Salon (919 HK) lost HK$41.2 million for the year ended 31 March 2010. A special dividend of 2.8 HK cents per share was proposed. (SingTao Daily B12)

RCG Holdings (802 HK) said The Offshore Group controlled by Tony Chan sold 5 million shares to an institutional investor on 14 July, taking its shareholding in the company to 20.49 per cent. (Hong Kong Economic Journal P6)

Sewco International (209 HK) acquires 82.3 per cent equity interest in Tycoon Beverage Group. The consideration of HK$390 million will be settled by way of HK$300 million cash and the issue of HK$90 million 2-year promissory note. (SingTao Daily B12)

First Pacific (142 HK) plans to issue guaranteed secured bonds in an aggregate amount of US$300 million. The Bonds will bear an interest rate of 7.375 per cent per annum and be due in July 2017. (SingTao Daily B15)

Kwong Hing International (1131 HK) revenue went down 32.6 per cent to HK$159 million. It recorded a loss of HK$4.57 million for the year ended March 31, substantially less than the loss of HK$42.61 million last year. Loss per share was 1.2 HK cents. No final divided was paid. (Hong Kong Economic Times A12)

NET PROFIT HK$192M; RETURNS TO BLACK New Century Group (234 HK) recorded a net profit of HK$192 million for the year ended March 31, returning to the black this year. The increase in profit was mainly due to the surge of fair value gains in securities trading and property investment. Earnings per share were 3.32 HK cents and a final dividend of 0.4 HK cents was paid. (SingTao Daily B15)

New World China Land (917 HK) plans to use around 19 billion yuan expanding Wuhan and Shenyang markets in the next few years. The exhibition centre located in Shenyang, which is the first of its kind in the mainland, will be completed after three years. (Hong Kong Economic Journal P8)

NET PROFIT HK$202M; DOWN 38.88% Strong Petrochemica (852 HK) net profit for the year ended 31 March 2010 dropped 38.88 per cent from the last year to HK$202 million. Its trading in derivative financial instruments recorded a loss of HK$115 million while a gain of HK$208 million was posted a year ago. Earnings per share were HK$0.13, jumping 3.2 times from 2009. (Hong Kong Economic Times A12)

The major developer of Larvotto Sun Hung Kai Properties (16 HK) sold 94 apartments in two days, reaping around HK$4 billion. It launched another 100 units thereafter. (Hong Kong Economic Journal P10)

Yangtzekiang Garment (294 HK) announced its turnover for the year ended March 31 was down 19 per cent to HK$1.31 billion. Net profit went up 44 per cent to HK$103 million, which was mainly due to a substantial gain from the sale of property in Macau. Earnings per share were HK$0.49. A final dividend of 6 HK cents per share was proposed. (Hong Kong Economic Times A12)

YGM (375 HK) had a net profit of HK$197 million, surging 145 per cent. A dividend of HK$0.4 was declared. (SingTao Daily B15)

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

Friday, July 16, 2010

Hong Kong Stock Market Wrap July 15th, 2010

Amber Energy (90 HK) said that it has received an official notice from Zhejiang Provincial Price Bureau regarding the adjustment of natural gas price. It is specified that effective on 15 July 2010, natural gas price offered by Zhejiang Province Natural Gas Development Company, the sole natural gas supplier of the company, to its gas-fired power plants will be adjusted to 2.41 yuan per m3 from 2.08 yuan per m3, price raising by nearly 10 per cent. (SingTao Daily B4)

AMS Public Transport (77 HK) posted net profit of HK$48 million for the year ended 31 March 2010, up 22 per cent year-on-year. Turnover went up 3.4 per cent to HK$439 million. A final dividend of 11 HK cents per share is recommended. (Hong Kong Economic Journal P7)

Bank of Communications (3328 HK) announced its results of the H share rights issue yesterday. As of 9 July 2010, there have been a total of around 36,900 valid acceptances in respect of nearly 3.435 billion H rights shares provisionally allotted received, representing around 99.28 per cent of the total number of the H rights shares available. (SingTao Daily B4)

Bauhaus (483 HK) announced its annual results for the year ended 31 March 2010. Its net profit increased by about 36 per cent to around HK$83 million. A final dividend and a special one of 13.5 HK cents per share were declared. Bauhaus shares closed at HK$2.23 yesterday, rising over 20 per cent. (SingTao Daily B3)

BaWang International (1338 HK) share price went down 8 per cent yesterday. BofA Merrill Lynch lowers target price for the company by 38 per cent to HK$4.4 while Morgan Stanley and HSBC are bullish on its outlook, maintaining Overweight rating. (Hong Kong Economic Times A10)

China Coal Energy (1898 HK) announced the change of the investment projects by using the net proceeds raised from the A-share issue yesterday. The proposed Heilongjiang coal mine project will be suspended, in which the company has planned to invest around 17 billion yuan, due to economic conditions significantly deteriorated by the global financial crisis. (SingTao Daily B4)

China Eastern Airlines (670 HK) estimates that the net profit for the first half of the year will have over 50 per cent growth, rising to HK$1.76 billion yuan at least. The profit increase is mainly due to the rapidly recovering air transportation market, a substantial growth in the passenger traffic brought by Shanghai World Expo and steady growth of operational efficiency brought by the company’s efforts in continual improvement and enhancement of operations and management standard. (SingTao Daily B3)

CITIC 21CN (241 HK) recorded a turnover of HK$280 million for the year ended 31 March 2010, slightly rising 4.7 per cent over the same period of last year. Net loss attributable to shareholders for the year ended 31st March 2010 amounted to around HK$51 million, representing a decrease of 65 per cent from last year. The basic loss per share was 1.39 HK cents. No final dividend was recommended. (SingTao Daily B4)

HSBC Holdings (5 HK) will announce its interim results in early August. CLSA sets Underperform rating for the bank, with target price at HK$69, 7.9 per cent lower than current price. Although HSBC’s business in the US returned to the black in 1H, CLSA estimates ROA in 2011 will be 0.66 per cent. Share price closed at HK$74.9 yesterday, down 0.86 per cent. (Hong Kong Economic Times A10)

Linmark Group (915 HK) earned HK$46 million for the year ended 30 April 2010, successfully returning to the black. A final dividend and a special dividend of totally 6.75 HK cents per share were paid. The company recorded a loss of HK$96 million last year. (SingTao Daily B4)

Only listed for 7-month so far, MOBI Development (947 HK) expects 1H net profit to go down sharply over the same period last year. The company says domestic 3G network operators deferring their central procurement to after June affected revenue. (Hong Kong Economic Times A10)

O-Net Communications (877 HK) expects profit attributable to equity holders in the first six-month to exceed prospectus forecast according to preliminary review of the management accounts as products in core business rose in sales volume and their gross profit margins improved. (Hong Kong Economic Times A10)

Standard Chartered (2888 HK) will announce its interim results in early August. CLSA sets Buy rating for the bank, with target price at HK$271. CLSA estimates ROA in 2011 will reach 1.18 per cent. Share price closed at HK$207.4 yesterday, down 0.2 per cent. (Hong Kong Economic Times A10)

Stella International (1836 HK) had revenue of around $540 million (HK$4.2 billion) for the six months ended 30 June 2010, representing a growth of 18 per cent over the same period of last year. The company also announced it earned around $319 million in the second quarter, up 23 per cent over the same period of last year. (SingTao Daily B4)

Nike plans to launch low priced products in tier 2 and 3 cities in the PRC. Xtep International (1368 HK) executive director Ho Yui Pok Eleutherius observes Nike new strategy will not have material impact over Xtep International’s development, saying that its major competitors are brands such as Li Ning and Anta. (Hong Kong Economic Times A10)

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

Thursday, July 15, 2010

Hong Kong Stock Market Wrap July 14th, 2010

BaWang International (1338 HK) share price closed at HK$5.05 yesterday. The company issued an announcement in the afternoon, saying that its products meet all relevant safety standards of mainland China and HK and also comply with European and US standards. Trading in its shares resumes today. (Hong Kong Economic Journal P7)

Brilliance China Automotive (1114 HK) expects interim results to return to the black. It lost 386 million yuan in 1H last year. The company says it sold Zhonghua sedan business to parent in November last year and its 50% indirectly owned jointly controlled entity BMW Brilliance contributed increase in profits. (Hong Kong Economic Times A12)

Cheung Kong Infrastructure (1038 HK) has bid for the UK electricity distribution networks under Electricite de France SA earlier. Other bidders include a consortium established by Scottish and Southern Energy and Borealis Infrastructure, which have unexpectedly announced to withdraw from the competition. That means Cheung Kong Infrastructure will have more chances to successfully acquire the UK electricity business. (SingTao Daily B4)

China Everbright (257 HK) has set up a new energy investment company in Beijing mainly engaged in handling and developing new energy projects. The company has currently confirmed 14 new energy projects for a total investment amount of around 1.28 billion yuan. (SingTao Daily B6)

China South City (1668 HK) posted a full-year net profit of HK$1.33 billion, surging 76 per cent year-on-year. Earnings per share were 25.32 HK cents. A final dividend of 2 HK cents per share was declared. (SingTao Daily B6)

Chung’s Consortium (367 HK) earned a net profit of HK$799 million for the year ended 31 March 2010, returning to the black from the loss recorded last year. Earnings per share were 52.8 HK cents. A final dividend of 2 HK cents was paid.

EPI (689 HK) chairman and chief executive officer Wong Chi Wing Joseph acquired 400 million shares in the company from the substantial shareholder Wu Shaozhang at 8.7 HK cents per share after the trading hours on 14 July 2010, involving HK$34.80 million. (SingTao Daily B6)

Huaneng Power (902 HK) saw domestic power generation rise 38.01 per cent over the same period last year to118.836 billion kWh in 1H according to preliminary statistics. Accumulated on-grid electricity sold reached 112.014 billion kWh. Share price closed at HK$4.64 yesterday. (Hong Kong Economic Times A12)

Hung Hing Printing (450 HK) announced its annual results for the year ended 31 March 2010 yesterday. Its net profit jumped 93 times to around HK$166 million. Earnings per share were 18.2 HK cents. A final dividend of 10 HK cents per share and a special one of 9 HK cents each were recommended. (SingTao Daily B6)

Joyce Boutique (647 HK) posted profit of HK$35.239 million for the year ended 31 March 2010, up 11 times yoy. Earnings per share were 2.2 HK cents. A final dividend of 1 HK cent per share was proposed. (Hong Kong Economic Times A12)

Public Financial (626 HK) posted profit after tax of HK$218 million for the six months ended 30 June, surging 85.5 percent over the same period last year. Earnings per share were HK$0.20.An interim dividend of HK$0.05 per share was recommended. (Hong Kong Economic Times A12)

Shandong Chenming Paper (1812 HK) estimates that its net profit for the first half of the year is around 600 million yuan, up around 250-300 per cent year-on-year. The estimated increase in profit would be due to improvements in the paper making industry. (SingTao Daily B6)

TCL (2618 HK) expects to record a significant profit for the six months ended 30 June 2010
compared to the loss recorded over the same period last year. Such increases in profit would be mainly due to the enhanced product competitiveness and the expanded customer base. (SingTao Daily B6)

Wai Chun Mining Industry Group (660 HK) signs MOU with chairman Lam Ching Kui and China Railway Resources and China Railway (Hong Kong) Engineering under China Railway Group (0390). Lam plans to sell and transfer certain amount of shares to China Railway (Hong Kong) Engineering. China Railway Resources and China Railway (Hong Kong) Engineering intend to utilize the company as flagship developing projects in the resources industry. (Hong Kong Economic Times A12)

Xiamen International Port (3378 HK) expects net profit to go up around 50% for the six months ended 30 June. It earned 82.354 million yuan in 1H last year. The company says throughput of port cargos has risen as general business conditions improve. (Hong Kong Economic Times A12)

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

Wednesday, July 14, 2010

Hong Kong Stock Market Wrap July 13th, 2010

A media report says Agile Property (3383 HK) recorded 2 billion yuan contracted sales in June, higher than the 1 billion yuan sales in May, mostly from Hainan, Chengdu and Guangdong provinces projects. As of the end of June, the company recorded sales of 10.5 billion yuan. (Hong Kong Economic Journal P12)

Chevalier Pacific Holdings (508 HK) announces that it will pay shareholders a special dividend of HK13.6 cents per share after capital reduction becoming effective. The company announced earlier disposal of 80 per cent of issued share capital of Pacific Coffee. (Hong Kong Economic Times A10)

China Merchants Bank (3968 HK) plans to offer syndicated loan business for mainland enterprises in the US. The first lending arrangement is expected to initiate in the third quarter at the earliest, which is to offer financing service for a manufacturing company with nearly $5 billion of market value. (SingTao Daily B4)

Two subsidiaries of China Pacific Insurance A shares, China Pacific Life Insurance Co. (2601 HK), Ltd. and China Pacific Property Insurance Co., Ltd., posted an accumulated gross premium income of 49 billion yuan and 27 billion yuan respectively for the first six months of this year. (SingTao Daily B4)

China Trends Holdings (8171 HK) intends to make a voluntary securities exchange general offer for all the issued shares of C Y Foundation Group (1182), a company listed on the main board. The latter’s share price closed at 10.2 HK cents yesterday, up 22.9 per cent on the news.
(Hong Kong Economic Journal P8)

Continental Holdings (513 HK) aims to acquire 18.09 per cent interest in MMS, an Australian resource company. The iron ore project covers an area over 1,100 square kilometres, having over 1 billion tonnes of magnet storage. (SingTao Daily B4)

Fantasia (1777 HK) announced that its contracted sales in June were nearly 460 million yuan, surging 110 per cent year-on-year. Its contracted sales for the six months ended June 30 amounted to 1.393 billion yuan in total, growing by 29 per cent year-on-year. (SingTao Daily B4)

Hisense Kelon (921 HK) expects its net profit for the first six months of this year to record a 112 per cent growth year-on-year, amounting to 330 million yuan. Earnings per share rise over 55 per cent. (SingTao Daily B4)

Jingwei Textile Machinery (350 HK) estimates that 1H results will return to the black and record net profit of around 25 million to 32 million yuan as compared to a net loss of 98.89 million yuan in 1H last year. (Hong Kong Economic Times A10)

Lijun International Pharmaceutical (2005 HK) substantial shareholder Victory Rainbow Investment placed 165 million shares yesterday via Morgan Stanley, around 7.01 per cent of issued share capital of the company, at HK$2.28 per share, involving HK$376 million. (Hong Kong Economic Times A10)

Lung Cheong International (348 HK) plans to acquire the aircraft leasing business from HNA Group Co., Ltd, the fourth largest airliners in the mainland, for a consideration of HK$6 billion. The total consideration shall be satisfied by a combination of 1.212 billion new shares at a price of HK$0.2 each and convertible notes in the amount of HK$5.7576 billion, which can be converted into new shares at a conversion price of HK$0.2 per share. (SingTao Daily B4)

Samson Paper (731 HK) had a profit of HK$63 million for the fiscal year of 2010, climbing over 200 per cent over the same period last year. Earnings per share were 12.8 HK cents. A final dividend of 2 HK cents per share was proposed. (SingTao Daily B4)

Sino-Ocean Land (3377 HK) issues convertible securities to raise up to US$900 million. Major shareholder China Life Insurance (2628)’s shareholding in the company will be diluted from 24.07 per cent to 20.38 per cent after conversion of convertible securities in full. (Hong Kong Economic Journal P12)

SmarTone Telecommunications (315 HK) expects sharp increase in consolidated profit attributable to equity holders for the year ended 30 June as general business conditions have improved. (Hong Kong Economic Times A10)

Tech Pro (3823 HK) plans to issue 150 million placing shares at a price of HK$0.837 each. The placing shares represent around 16.7 per cent of the issued share capital of the company as enlarged by the allotment and issue of the placing shares. (SingTao Daily B4)

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

Tuesday, July 13, 2010

Hong Kong Stock Market Wrap July 12th, 2010

China Overseas (688 HK) announced that the sales volume for the first months amounted to HK$28.1 billion, increasing by 7 per cent year-on-year, which accounts for 56 per cent of its full-year sales volume target of HK$50 billion. However, the sales areas in the first half dropped 21 per cent year-on-year to only 2.2 million square metres, which was less than half of its full-year target. (SingTao Daily B4)

China Shipping (1138 HK) expects to record an increase of over 50 per cent in its net profits for the first half year ended 30 June 2010, when compared with a net profit of 614 million yuan in the same period last year. The increase in profits was mainly due to the increase in the transportation demand in both the international and domestic shipping markets, which resulted in the increase in the freight rates. (SingTao Daily B4)

China Star Investment (764 HK) plans to place 45.92 million shares at a price of HK$0.55 each through Kingston Securities Limited. The proceeds from the placing will be around HK$25.26 million, which are intended to be used for general working capital of the company. (SingTao Daily B3)

Computime Group (320 HK) posted a net profit of over HK$34.8 million, surging 70 per cent year-on-year. Earnings per share were 4.2 HK cents. A final dividend of 1.8 HK cents was declared. (SingTao Daily B3)

Convoy Financial Services (1019 HK) opened at HK$1.29 in the gray market, 7.5 per cent higher than the offering price of HK$1.2. The price closed at HK$1.25, up 4.2 per cent. (Hong Kong Economic Journal P7)

Emperor International (163 HK) will release sales brochures for The Java in North Point on 15 July. The project is expected to be launched next week at the earliest, with reference prices of HK$14,000 to HK$15,000 psf. The group expects housing prices in the HK Island may rise up to 15 per cent by the end of this year. (Hong Kong Economic Journal P11)

Haitian International (1882 HK) expects its net profit for the six months ended 30 June 2010 will increase by over 300 per cent. The revenue is expected to surge over 120 per cent.

Longrun Tea Group (2898 HK) announced that it recorded a loss of over HK$30 million for the year ended 31 March 2010. Loss per share was 3.07 HK cents. No final dividend was paid. The company posted a loss of HK$5.5 million a year ago. (SingTao Daily B3)

Neo-China Land Group (563 HK) has appointed Cai Yu Tian, CEO of Shanghai Industrial (0363), as chairman, Ni Jian Da, Qian Shi Zheng, Zhou Jun, Yang Biao and Chen An Min as executive directors, Doo Wai-Hoi, William, J.P., Wong Ying Ho, Kennedy, BBS, J.P., Fan Ren Da, Anthony and Li Ka Fai, David as independent non-executive directors, with effect from 5 July. (Hong Kong Economic Journal P11)

New Island Printing (377 HK) is at the preliminary stage of communication with an independent third party to explore the possibility of a business co-operation opportunity. The share price of the company closed at HK$1.45 yesterday, down 14.7 per cent. (SingTao Daily B3)

Polyard Petroleum International (8011 HK) will soon complete its preparation work for the first well Mawar-1 in Brunei project via a subsidiary. The JV project will start assessment work for a second well in August this year. (Hong Kong Economic Journal P7)

Sino-Ocean Land (3377 HK) plans to issue convertible securities to raise up to US$900 million to finance new and existing projects. The securities are expected to bear distribution at 8 per cent per annum, payable semi-annually, with initial conversion price of HK$6.85 per share. (Hong Kong Economic Times A14)

StanChart (2888 HK) has signed an agreement to acquire GE Commercial Financing (Singapore) Ltd, a specialist in hire purchase financing in Singapore. The acquisition will enhance the range of product and service solutions to be offered to both new and existing customers in Singapore. (SingTao Daily B3)

BEA (23 HK) chairman Li Kwok Po David increased holding of shares in the company by a total of 210,000 shares for HK$5.835 million in total on 7 July and 8 July, taking his shareholding in the company from 2.78 per cent to 2.79 per cent. (Hong Kong Economic Journal P7)

Yuzhou Properties (1628 HK) has sold around 200 units at "Yuzhou Castle Above City" project in Xiamen since its launch on 10 July. Average selling price amounted to over 17,000 yuan per square meter. Sales reached 400 million yuan. (Hong Kong Economic Journal P11)

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

Monday, July 12, 2010

Hong Kong Stock Market Wrap July 9th, 2010

Garron International (1226 HK) placed up to 14.13 million shares yesterday at a price of HK$0.368 per share, representing a discount of approximately 18 per cent to the closing price yesterday, to raise net proceeds of HK$5.12 million. (SingTao Daily B4)

Man Sang International (938 HK) saw net profit of HK$13.4 million for the year ended 31 March 2010 as loss on impairment of properties dropped. No dividend was declared. (SingTao Daily B4)

Sa Sa International (178 HK) saw turnover rise 20 per cent year-on-year in retail and wholesale business for the three months ended 30 June 2010. Retail and wholesale turnover from markets other than Hong Kong and Macau rose 27.2 per cent year-on-year during the period. (Hong Kong Economic Times B4)

Sundart International Holdings (2288 HK) posted profit of HK$175 million for the year ended 31 March 2010, up 21.5 per cent. Earnings per share were 40 HK cents. A final dividend of 9.5 HK cents per share was proposed. Total dividend declared for the year amounted to 18 HK cents. (Hong Kong Economic Journal P4)

Sun Hing Vision Group (125 HK) saw net profit drop 27 per cent year-on-year to HK$84 million for the year ended 31 March 2010. Earnings per share were 32 HK cents. A final dividend of 10 HK cents and a special dividend of 1.5 HK cents per share were proposed. (SingTao Daily B4)

Van Shung Chong (1001 HK) posted net profit of around HK$75 million for the year ended 31 March 2010. Earnings per share were 18.71 HK cents. A final dividend of 2.4 HK cents per share was recommended. (SingTao Daily B4)

Walker Group Holdings (1386 HK) posted turnover of around HK$11.4 million for the year ended 31 March 2010, up 9 per cent year-on-year. Net profit was almost HK$3 million as compared to the loss of HK$89.4 last year. Earnings per share were 0.47 HK cents. No dividend was declared. (Hong Kong Economic Journal P4)

China BlueChemical’s (3983 HK) wholly owned subsidiary CNOOC Fudao has signed an agreement to purchase a 21 per cent equity interest in Guangxi Fudao AMP for a consideration of 7 million yuan. CNOOC Fudao’s stake in Guangxi Fudao AMP will increase to 51 per cent. (SingTao Daily B15)

China Railsmedia (745 HK) said it had a loss of HK$87.31 million for the year ended 31 March 2010. Loss per share was 5.65 HK cents. No dividend was paid. (SingTao Daily B15)

Eva Precision (838 HK) plans to place 80 million shares at a price of HK$3.6 each under top-up placing to raise HK$276 million. The net proceeds of the subscription will be used for the continuing expansion of the existing business and potential acquisition opportunities. (Hong Kong Economic Times 11)

Fook Woo Group (923 HK), waste paper management services provider and integrated paper recycler, recorded a net profit of HK$280 million for the year ended 31 March, 2010, surging nearly 70 per cent. Earnings per share were 19 HK cents. No dividend was paid. (Hong Kong Economic Journal P4)

U.S. prosecutors are expanding their investigation of HSBC (5 HK) and the offshore tax services it offers to wealthy clients, according to US newspaper. At least two American clients are providing account details to the law enforcement officials, the New York Times said, citing sources. (Hong Kong Economic Journal P4)

New Environmental Energy (3989 HK) announced that it will inject a registered capital of 78.9 million yuan into the project company which is engaged in a waste treatment and waste-to-energy project in Shanghai. Its equity interest will increase to around 63 per cent following the capital injection. (SingTao Daily B15)

Jinheng (872 HK) aims to sell its manufacturing and sales business of safety airbags system to its major shareholder Wonder Auto Technolgy for HK$1.13 billion. The company said that the net cash income of HK$1.12 will be distributed to the shareholders by way of special dividend on the basis of HK$1 per share, involving HK$477 million. (Hong Kong Economic Times 11)

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

Friday, July 9, 2010

Hong Kong Stock Market Wrap July 8th, 2010

Bosideng International (3998 HK) chairman Gao De Kang expects profit from non-down apparel business to account for 30 per cent of the total profit by 2013. He intends to increase the number of retail outlets for “Bosideng Menswear” to 1100 in the PRC within the year and to open more than 300 “Rocawear” freestanding stores and shop-in-shop concepts by 2013. (Hong Kong Economic Times A13)

China Motion Telecom (989 HK) recorded a net profit of HK$36.87 million for the year ended 31 March 2010, decreasing by 76 per cent. No dividend was declared. (SingTao Daily B3)

Country Garden Holdings (2007 HK) major shareholder Yang Huiyan increased holding of shares in the group by around 230m shares at HK$2.18 each in average on 2 July, involving over HK$500m. (Hong Kong Economic Journal P12)

Fairwood (52 HK) announced its annual results for the year ended March 31 yesterday. Its turnover increased by 6.6 per cent to HK$1.56 billion and net profit grew by 16.6 per cent to HK$93 million year-on-year. A final dividend of 28 HK cents per share was proposed. Basic earnings per share were 74.21 HK cents. (SingTao Daily B4)

Geely Automobile’s ( 175 HK) parent signs strategic cooperation agreement with Faurecia of France and plans to enhance the capacity of 11 plants to 2 million units by 2015. The group says EU has agreed its acquisition of Volvo and the deal will be completed in Q3. (Hong Kong Economic Times A13)

Guangzhou Automobile (2238 HK) is required to disclose Q1 results as it has issued corporate bonds of 6.7 billion yuan according to the rules of the mainland regulatory authority. In according with PRC GAAP, the company recorded earnings of around 1.349 billion yuan from Jan to Mar. (Hong Kong Economic Times A13)

Hon Kwok Land (160 HK) posted a net profit of around HK$3.74 billion for the year ended March 31, surging 3.86 times from last year. A final dividend of 12.5 HK cents per share was proposed. (SingTao Daily B3)

HSBC (5 HK) has appointed Lazard as its financial consultant for the preliminary assessment of the South African Nedbank acquisition, foreign media reports. HSBC is able to strengthen its business in Africa via Nedbank, one of the four giant banks in South Africa. (SingTao Daily B3)

IDT International (167 HK) had a loss of HK$138 million for the year ended 31 March 2010. No dividend was paid. In addition, with effect from July 12, 2010, Mr. Barry John Buttifant will be appointed as executive director and chief executive officer while Raymond Chan will cease to be the CEO and will remain as the chairman of the board. (SingTao Daily B3)

Li & Fung (494 HK) has signed 7 projects over the past few months. Projects involve health care, cosmetics and apparel businesses, etc. The company acquired Jackel Group in May and HTP Group and most of assets in Cipriani Accessories and The Max Leather Group in June. (Hong Kong Economic Times A13)

Maoye (848 HK) has successfully bid for a parcel of land located in Huaian Supply and Marketing Cooperative in the core commercial circle in Jiangsu Province for a consideration of 275 million yuan. It plans to construct a department store and apartment complex on the land and will operate the department store in the complex under the “Maoye” brand. (SingTao Daily B3)

China New Town Development Company Limited, the Singapore listing company in which SRE Group (1207 HK) holds over 61 per cent interest, submitted an application for dual primary listing on the local bourse by way of introduction yesterday, according to HKEx data. (SingTao Daily B3)

Chairman of BEA (23 HK) Li Kwok-po has increased holding of 2 million shares at a price of HK$28.49 per share, involving HK$57 million. Li’s stake in BEA increased to 2.78 per cent. (SingTao Daily B3)

Vladimir Potanin says he will not stand United Company RUSAL (486 HK) letting Alexander Voloshin return to his position as chairman of Norilsk Nickel, saying that this will harm core value of Norilsk Nickel. Vladimir Potanin and United Company RUSAL hold 25 per cent interest in Norilsk Nickel separately. (Hong Kong Economic Journal P6)

Yuzhou Properties (1628 HK) issues HK$1b bonds to companies under China Life Insurance (2628), with 10 per cent annual interest rate and 3-yr term. The company says it has no urgent need for financing but intends to increase land reserves during market adjustment. (Hong Kong Economic Times A13)

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

Thursday, July 8, 2010

Hong Kong Stock Market Wrap July 7th, 2010

Bosideng International (3998 HK) reported a net profit of 1.07855 billion yuan for the year ended 31 March 2010, up over 46 per cent year-on-year. A final dividend of 8.8 HK cents per share was recommended, rising 10 per cent over the same period of last year. (SingTao Daily B2)

FIL has decreased holding of shares in BYD Company (1211 HK) by 580,500 shares at US$7.224 each in average, taking its shareholding in the company to around 4.93 per cent. Credit Suisse sets rating for the company at “underweight”, with target price at HK$44. (Hong Kong Economic Times A10)

C C Land (1224 HK) said that the subscription sales for the first half amounted to 2.188 billion yuan in total, surging 2.32 times year-on-year. Its June contracted sales amount jumped over 5 times to 385 million yuan year-on-year. (SingTao Daily B2)

China Gas Holdings (384 HK) posted net profit of HK$876 million for the year ended 31 March 2010, surging 745 per cent year on year. A final dividend of 1.7 HK cents per share is declared. (Hong Kong Economic Journal P4)

China Lotsynergy (8161 HK) announced that its subsidiary Beijing Huacai Yingtong Technology Company Limited has been authorized and approved by Beijing Welfare Lottery Issuance Centre to develop service points in Beijing. These service points will offer sales of welfare lotteries services to users via mobile phone and telephone. (SingTao Daily B2)

China Merchants Bank (3968 HK) estimates that its net profit for the first six months ended 30 June 2010 has increased more than 50 per cent mainly due to the good performance of its development of businesses, increase in interest spread as well as growth in interest income and non-interest income. China Merchants Bank share price fell 1 per cent to close at HK$18.36 yesterday. (SingTao Daily B1)

China National Materials (1893 HK) announced that its A shares subsidiary Sinoma International Engineering Co., Ltd. may record a net profit of 316.8 million yuan for the first half, growing by over 50 per cent compared to the corresponding period of 2009. Basic earnings per share were 0.79 RMB cents. China National Materials share price closed up 1.05 per cent to HK$4.81 yesterday. (SingTao Daily B1)

China State Construction (3311 HK) International announced yesterday that contracted sales value jump 84 per cent year on year to HK$13.87 billion, achieving the 2010 full-year target of 73 per cent. Shares closed higher at HK$2.5, up 5 per cent on the news. (Hong Kong Economic Times A10)

China Sunshine Paper (2002 HK) expects 1H results may jump up by not less than 500 per cent over the same period last year according to the management accounts of the group. (Hong Kong Economic Times A10)

FU JI Food (1175 HK) and Catering Services sells part of its assets and liabilities for HK$401.27 million. The name of buyer and the date for resumption of trading in its shares are not disclosed. (Hong Kong Economic Journal P6)

Renminbi bonds issued by Hopewell Highway Infrastructure (737 HK) are oversubscribed by 1.19 times. The company decides to increase the issue amount from the original 1 billion yuan to 1.38 billion yuan, with coupon rate of 2.98 per cent. (Hong Kong Economic Journal P6)

Mascotte (136 HK) said that its net profit for the year ended March 31 was over 108 million, returning to the black. The company does not recommend any cash dividend but it proposes to issue two bonus shares for every three shares. (SingTao Daily B2)

Pak Tak International (2668 HK) posted a profit of around HK$4.98 million for the year ended March 31, increasing 11.2 per cent year-on-year. Earnings per share were 2.1 HK cents. No dividend was declared. (SingTao Daily B2)

Semiconductor Manufacturing (981 HK) plans to offer a placing of new Shares to raise up to HK$810 million. Its strategic shareholder DaTang Telecom has informed the company that it would be interested in exercising its pre-emptive right to subscribe the new shares. Apart from the portion representing its pre-emptive right, Datang also wishes to subscribe for further shares, amounting up to around US$100 million of new shares in total. (SingTao Daily B1)

Sino-Ocean Land (3377 HK) plans to acquire Kee Shing (0174) at HK$1.542 per share for HK$680 million. After the acquisition, Kee Shing will continue as a public listed company and may change its name to “Gemini Property Investments Limited”. (Hong Kong Economic Times A10)

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

Wednesday, July 7, 2010

Hong Kong Stock Market Wrap July 6th, 2010

Ajisen (538 HK) has granted 90,000 share options at an exercise price of HK$8.71 per share, equivalent to its closing price yesterday. The validity period of the share options are between 6 July 2011 to 5 July 2020. (Hong Kong Economic Times A11)

BBMG (2009 HK) plans to issue 410 million A shares to acquire Heibei Taixing Cement Co., Ltd. aiming to list in Hong Kong and mainland for setting up an “A+H” capital platform in both districts. (SingTao Daily B3)

China Boon (922 HK) aims to acquire 51 per cent stake in a Hangzhou company engaged in cemetery business for a consideration of 185 billion yuan. (SingTao Daily B2)

Competitor of China Strategic (235 HK) in the Nan Shan Life deal, Taiwan ChinaTrust Financial Holding Co., Ltd., expects to review its acquiring conditions in order to buy Nan Shan Life from AIG, Wall Street Journal reports. (SingTao Daily B2)

Coastal Greenland (1124 HK) posted net profit of HK$209m for the year ended end of March, down 3 per cent yoy. Earnings per share were 7.51 HK cents. No dividend is declared. (Hong Kong Economic Journal P9)

Chung Cho Yee Mico, major shareholder of CSI Properties (497 HK), has been transferred to be executive director from the post of non-executive director. He remains to be the chairman of the board. (SingTao Daily B2)

Grand T G Gold (8299 HK) announced that it will record a profit for the three months ended 30 June 2010 as compared to a loss for the corresponding period last year. (SingTao Daily B2)

Hans Energy Company (554 HK) shareholder Pony HK World takes it to the court and demands controlling shareholder of the company Vand petro-Chemicals and chairman An David to act according to the terms of an agreement in 2007 to buy a put option from Pony or pay compensation of HK$510 million. (Hong Kong Economic Journal P5)

Hopewell Highway (737 HK) plans to issue 1 billion yuan 2-year notes with an annual interest rate between 2.9-3 per cent. Today is the deadline for subscription. (SingTao Daily B2)

Kaisa Group (1638 HK) major shareholder Kwok Chun Wai increased holding of shares in the group by 3m shares on 30 June, involing HK$4.56m, taking his shareholding in the group to 59.03 per cent. (Hong Kong Economic Journal P9)

Longfor Properties (960 HK) achieved contracted sales volume for HK$10.4 billion in the first half, increasing 30.6 per cent year-on-year, being the first time its turnover for six months exceeding HK$10 billion. (SingTao Daily B4)

Shanghai Forte Land (2337 HK) announced that its contracted sales areas and sales volume in June were around 60,500 square metres and HK$751 million respectively, down 19.4 per cent and 27.5 per cent respectively over the same period of last year. (SingTao Daily B4)

Shui On Land (272 HK) chairman Lo Hong Sui Vincent and his wife increased holding of shares in the company by 95.24m shares at HK$3.168 each in average on 30 June, involving around HK$302m. (Hong Kong Economic Journal P9)

Solargiga Energy (757 HK) acquires 51 per cent interest in Qinghai Chenguang for 45.9m yuan in cash. The company is to develop monocrystalline silicon solar ingots business. (Hong Kong Economic Journal P5)

Tack Hsin (611 HK) said that its results for the year ended 31 March 2010 are expected to record a substantial loss from the net profit of around HK$5.82 million last year. The expected loss is mainly due to the recognition of derivative financial liability relating to the warrants, the convertible bonds of 2009 and 2010. (Hong Kong Economic Times A11)

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

Tuesday, July 6, 2010

Hong Kong Stock Market Wrap July 5th, 2010

Bank of China (3988 HK) proposed to offer rights issue of both A shares and H shares at the same time to raise 60 billion yuan at most, the management said, adding that the rights issue scheme will be completed before the year-end and there is no equity financing needed for the next few years. (SingTao Daily B1)

Central China Real Estate (832 HK) has signed an agreement with 15 property companies in Henan Province to establish a joint venture situating at Zhengdong New District, Zhengzhou City, Henan Province. The joint venture, with a registered capital of 1.2 billion yuan, will be engaged in property development and investment. Central China will hold 16.67 per cent stake in the company, which is worth 200 million yuan. (SingTao Daily B2)

China CITIC Bank’s (998 HK) subsidiary CITIC Bank International intends to issue Renminbi bonds to raise 500 million yuan to 1 billion yuan, In addition, the lender has made preparation for equity-related Renminbi products and insurance products calculated in Renminbi. (SingTao Daily B2)

Comba Telecom Systems (2342 HK) has signed a 3-year loan agreement amounting to $130 million with 12 banks. The loan will be mainly used for the new developments, office building capital expenditure and loan repayment. (SingTao Daily B4)

First Mobile Group (865 HK) signs exclusivity agreement with investment advisory firm Asia Debt Management Hong Kong for a restructuring plan. The latter may choose within 30 days to restructure the company via debt acquisition or a scheme of arrangement. (Hong Kong Economic Times A10)

Glorious Property (845 HK) June contracted sales amounted to around 892 million yuan, up 72.5 per cent year on year, up 40 per cent over the 220 million yuan in May. (Hong Kong Economic Journal P7)

Greentown China (3900 HK) sold around 300,000 square metres in June, achieving contracted sales amounted to 3.1 billion yuan, growing 59 per cent month-on-month, with accumulated turnover around 21.9 billion yuan for the first six months of this year. (SingTao Daily B4)

Leroi (221 HK) said it had a net profit of around HK$37 million for the year ended March 31, returning to the black from a year ago. The revenue is mainly come from the foresting and lumbering business in Papua New Guinea. (SingTao Daily B2)

North Asia Resources (61 HK) announces that China Railway Mongolia has assisted Golden Pogada entering into an acquisition agreement for the entire shareholding of the Mongolian Company on 1 July. The Mongolian Company has obtained a land use rights licence for an 18 hectares parcel of land close to Choir Train Station, allowing it to carry out construction of the dock and the extension line. (Hong Kong Economic Journal P6)

PCCW (8 HK) enters into a partnership with Man Utd, making it the official integrated telecommunications and broadcast partner of Man Utd in HK. now TV will become official broadcaster of MUTV in HK in the next 3 yrs, to broadcast exclusively MUTV, MUTV Online and MU Mobile contents. (Hong Kong Economic Journal P3)

Pioneer Global Group (224 HK) posted profit of HK$253 million for the year ended 31 March 2010, surging 1.99 times year on year. Earnings per share were 32.92 HK cents. Proposed final dividend is 1.8 HK cents per share. (Hong Kong Economic Journal P5)

Smartone Telecommunications (315 HK) launched 3G services in Macau yesterday. The company will partner with Nokia Siemens Networks to build a 21Mbps 3G HSPA+ network to cover all areas in Macau. (Hong Kong Economic Journal P3)

BEA Life (23 HK) under BEA launches yuan savings insurance products. Policy currency is yuan but the plan will be settled in HK dollars. The plan will be on sale till 16 July. (Hong Kong Economic Journal P4)

Yuzhou Properties (1628 HK) has obtained an urban complex project located at Haixi of Quanzhou City, with a gross floor area of around 2.3 million square metres and an average price below 300 yuan per square metre. It is expected that the total investment is around 3 billion yuan and 90 per cent of the floor area will be used for constructing deluxe residences. (SingTao Daily B2)

Zhejiang Expressway (576 HK) announced that its major shareholder, Huajian Transportation Economic Development Center, has transferred 11 per cent stake in the company free of charge to the controlling shareholder Zhejiang Communications Investment Group. (SingTao Daily B2)

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

Monday, July 5, 2010

Hong Kong Stock Market Wrap July 2nd, 2010

It is said BP is in talks with CNOOC (883 HK) for selling its Argentina assets, around 6 billion pounds market expects. BP holds 60 per cent equity interest in Pan American Energy and reportedly plans to sell most of it. (Hong Kong Economic Times A10)

Transfer of listing from GEM to the main board is approved. EVOC Intelligent Technology (8285 HK) expects trading in the H shares on the main board will commence on 12 July under the stock code 2308. (SingTao Daily B3)

HSBC (5 HK) will acquire RBS's retail and commercial banking businesses in India for at least to US$95 million. The bank says gross asset value of the portfolios amounted to US$1.8 billion as at 31 March and expects to complete the acquisition in 1H next year. (Hong Kong Economic Times A10)

Maoye International (848 HK) has successfully bid for a land located at Jinzhou, Liaoning with area of 6,947sqm in an auction for 159 million yuan. The company plans to build on the land a department store and apartment complex. (Hong Kong Economic Journal P6)

Nam Hing (986 HK) plans to issue HK$200 million 2-yr zero coupon convertible bonds to raise around HK$193 million. Conversion price must be higher than the closing price for the last 5 trading days immediately before the date of conversion. (SingTao Daily B3)

Vinda International (3331 HK)signs new product supply agreement with major shareholder SCA Hong Kong, with term from 29 June this year to 31 December 2012. SCA Hong Kong will pay around US$2.8 processing fee for each box of products. (Hong Kong Economic Times A10)

Xpress Group (185 HK) announces that SingXpress and ACT establish a JV company to develop a residential housing project in Singapore. The company holds over 33 per cent interest of SingXpress and SingXpress holds 80 per cent interest of the JV company. (SingTao Daily B3)

(0182) CHINA WINDPOWER GROUP LIMITED TO SECURE LOAN AND PLACE SHARES TO RAISE HK$1.26B Genesis Energy’s wholly owned subsidiary has secured a loan from International Finance Corporation under the World Bank amounting to as much as HK$1.186 billion for financing the Guazhou wind power project and the step-up station. In addition, the company plans to place 101 million shares to IFC at a price of HK$0.77 per share worth HK$77.5 million for the general operating capital of its wind and energy power business. (Hong Kong Economic Times A10)

CITIC Resources (1205 HK) and its partner United Asia Investments Limited agreed to capitalize their shareholder loans in CITIC Dameng Holdings for an aggregate amount of HK$235 million. (SingTao Daily B10)

Coolpoint Energy (8032 HK) has sold 268 million options at a strike price of HK$0.78 each, equal to its closing price last Friday. Among the 268 million options, 90 million was sold to directors of the company. (Hong Kong Economic Times A12)

Country Garden (2007 HK) has signed contracted sales amounting to 13.2 billion yuan and contracted sales areas 2.42 million square meters for the first half of the year, up 50 per cent and 26 per cent over the same period last year respectively. (SingTao Daily B12)

Genesis Energy (702 HK) plans to place a maximum of 4.415 billion new shares at a price not less than HK$0.53 per share to raise around HK$2.222 billion. The fund will be used to acquire a company involved in the business of exploration, development and production of the methane coal bed in the mainland. (Hong Kong Economic Times A10)

Madex International (231 HK) plans to set up a joint venture with Worldpro to engage in property investment in the PRC, such as property development and provision of management services. The company will hold 49 per cent of interests in the joint venture. (SingTao Daily B10)

Neway Group (55 HK) recorded a net profit of HK$60.2 million for the year ended 31 March 2010, returning to the black from a loss of HK$17.9 million at the same period last year. A final dividend of 0.08 HK cents per share was recommended. (SingTao Daily B10)

Richfield Group (8136 HK) benefits from the government's lowering of the threshold for compulsory auction of real-estate properties. The contracts signed in the first half by the company amounted to worth HK$10 billion in total, which is far more than the full-year gross contract value last year. (Hong Kong Economic Journal P9)

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

Friday, July 2, 2010

Hong Kong Stock Market Wrap June 30th, 2010

Dah Chong Hong (1828 HK) will sell to Shiseido Japan its entire 50 per cent interest in Shiseido DCH for HK$500 million. The company expects to gain HK$330 million. (SingTao Daily B2)

Esprit Holdings (330 HK) executive chairman and executive director Heinz J├╝rgen Krogner –Kornalik is re-designated as non-executive chairman and non-executive director starting today. He will receive a pay of HK$2.67 million per annum. (SingTao Daily B2)

Far East Consortium (35 HK) subsidiary Kosmopolito Hotels International Ltd submitted listing application form to the Stock Exchange on 30 June 2010, seeking to list on the main board. Far East Consortium says if a spin-off is to proceed, it proposes to proceed by way of a preferential offering. (Hong Kong Economic Times A9)

HSBC (5 HK) issues US$400 million of 8 per cent perpetual subordinated capital securities, innovative tier 1 securities that will help enhance the bank's tier 1 capital. The bank issues similar securities of US$3.4 billion last week. (Hong Kong Economic Journal P4)

i-CABLE (1097 HK) expects to post a loss for the interim results ended 30 June because of a mismatch of timing of recognition of operating expenses and revenue. The company also expects to recognize a non-recurring loss from an investment in a film fund. (Hong Kong Economic Times A9)

Skyworth Digital (751 HK) posted net profit of HK$1.251 billion for the year ended 31 March 2010, surging 1.72 times year on year. A final dividend of HK8.0 cents per share was proposed, up 7 times over last year. (SingTao Daily B2)

Tungtex (518 HK) posted profit of around HK$22 million for the year ended March 31, 2010, down 48 per cent. Earnings per share were 6.2 HK cents. A final dividend of 2.5 HK cents per share and a special dividend of 5 HK cents per share were proposed. (SingTao Daily B2)

Aluminum Corporation (2600 HK) has lowered alumina price for the second straight month. Spot alumina price has been cut 7 per cent to 2,650 yuan per tonne. It is the second time for the company to reduce its alumina price since a 5 per cent price cut carried out on June 1. (Hong Kong Economic Times A10)

AIG agreed to extend the deadline for completing the sale of Nan Shan Life to October. CITIC International Financial Holdings Limited, that has planned to acquire 30 per cent of equity interests in Nan Shan earlier, said that although the agreement signed with China Strategic expired on June 25, it will not discuss the deal with China Strategic (235 HK) before the Nan Shan transaction is approved. (Hong Kong Economic Times A10)

China Unicom (762 HK) will soon introduce Apple's iPhone in China, Yu Yingtao, general manager in sales department said on Tuesday. It is rumoured that users can choose the minimum HK$126 package for the service but China Unicom denied that. (SingTao Daily B3)

CLP Power (2 HK) has reached a cooperation commitment with Natural Energy Development (a Thailand company engaged in developing natural energy), Mitsubishi Corporation and Electricity Generating Public company to invest $250 million to establish a solar energy project in Thailand. It is expected the newly constructed plant will start production next year. (SingTao Daily B3)

Evergrande (3333 HK) ranked first in selling mainland properties in the first half after reducing its home prices to boost sales. It sells 6,300 yuan per square meter, the cheapest based on the average selling price. (Hong Kong Economic Journal P8)

GOME (493 HK) signed a cooperation agreement with Haier Electronics Group yesterday to achieve a HK$50 billion sales volume scale in three-year period.

Industrial and Commercial Bank of China (1398 HK) has submitted application to the People’s Bank of China for issuing 22 billion yuan subordinated bonds in order to strengthen its capital foundation, according to foreign media report. (SingTao Daily B2)

The Nasdaq-listed company Brightpoint Inc said that its subsidiary Brightpoint North America LP has signed a distribution agreement with Lenovo (992 HK). According to the agreement, Brightpoint will purchase and sell Lenovo products, including the Idea and ThinkPad family of products, to channel partners in the U.S. (Hong Kong Economic Journal P6)

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