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