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
