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
