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
