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 Jürgen 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
