Friday, September 3, 2010

Hong Kong Stock Market Wrap September 2nd, 2010

IPO: It is said that AIA has filed an application with the local stock exchange seeking approval to list. AIA is expected to list by mid October if the process runs smoothly. The insurer plans to raise as much as US$20 billion (around HK$156 billion) through the listing, sources said. (SingTao Daily B2)

China Precious Metal Resources (1194 HK) has signed a letter of intent regarding acquisition of a mineral resource business. According to the letter of intent, the buyer shall pay an earnest money in the amount of HK$200 million, which shall be treated as part of the consideration if the agreement is confirmed between both parties, or otherwise be refunded to the buyer without interest. (SingTao Daily B4)

CIL Holdings (479 HK) recorded loss attributable to shareholders of HK$274,000. Loss per share amounted to 0.004 HK cent. No interim dividend was declared. (SingTao Daily B4)

CITIC 1616’s (1883 HK) parent injects telecommunication business into the company. CITIC 1616 will change its company name to “CITIC TELECOM INTERNATIONAL HOLDINGS LIMITED” and will acquire from CITIC Group 49 per cent equity interest in China Enterprise Communications for HK$258 million. (Hong Kong Economic Journal P6)

Esprit (330 HK) posted a 11 per cent drop in profit to shareholders to HK$4.226 billion for the year ended June 30. Turnover fell 2.2 percent from the previous fiscal year to HK$33.734 billion. Earnings per share was HK$3.35 and a final dividend of HK$0.67 cents per share was declared. Esprit shares fell 3 percent to HK$42.9 after the announcement yesterday. (SingTao Daily B3)

Far East Consortium (35 HK) announced yesterday that it is planning to spin off Cosmo Hotel listed on the main board of The Stock Exchange of Hong Kong. It is expected the company would raise HK$1.062 billion at the least. (SingTao Daily B3)

Li Ka-shing (13 HK) increased holding of shares in Hutchison Whampoa by 700,000 shares on Monday and Tuesday, involving HK$40.37 million. (Hong Kong Economic Journal P6)

Man Wah (1999 HK) has signed agreement with Bombardier Sifang (Qingdao) Transportation Ltd. The former agreed to supply furniture including sofa beds and sofas for the latter’s CRH high-speed trains, along with the related after-sale services. Total consideration involved is about 26.4 million yuan. (SingTao Daily B4)

Newbridge sold the remainder of its stake in Ping An Insurance (2318 HK) for up to HK$9.082 billion, immediately after the insurance giant resumed trading yesterday. Newbridge placed 139 million H shares at between HK$64.68 and HK$65.3 each, a discount of 1.2 to 2.2 per cent to Ping An's closing price yesterday. (SingTao Daily B2)

Sino Hotels (Holdings) (1221 HK) saw net profit climb 69.5 per cent to HK$131 million for the year ended 30th June. Earnings per share amounted to15.08 HK cents. Turnover dipped 1.6 per cent to HK$214 million. The company recommends a final dividend of 3.4 HK cents per share. (Hong Kong Economic Journal P8)

Sino Land Company (83 HK) posted net profit of HK$6.094 billion for the year ended 30th June, surging 63.3 per cent yoy. Turnover dropped 20.6 per cent to HK$7.698 billion. A final dividend of 30 HK cents per share was recommended. (Hong Kong Economic Times A11)

Taifook Securities Group (665 HK) acquires Hai Tong asset management business from Hai Tong (HK) for HK$20.11 million and acquires via Taifook Finance under it the entire issued share capital of Hai Tong Capital for HK$10.02 million. (Hong Kong Economic Times A11)

Gross profit margin of Tao Heung (573 HK) went down 0.2 to 15.4 per cent year-on-year, mainly due to a rise of 8 per cent in food cost during the period. It is expected that the gross profit margin to be improved through enhancing the production efficiency. It also expects net profit margin to grow 8 per cent in the second half. (SingTao Daily B4)

Tsim Sha Tsui Properties (247 HK) recorded net profit of HK$3.287 billion for the year ended 30th June, jumping 80.7 per cent yoy. Turnover went down 20.5 per cent to HK$7.777 billion. Earnings per share was 223.01 HK cents. A final dividend of 30 HK cents per share was recommended. (Hong Kong Economic Journal P8)

Xingda International (1899 HK) placed up to around 175.3 million shares at HK$5.5 apiece via Citigroup for around HK$760 million yesterday in order to enhance production facilities, finance its development of new products and general working capital. (Hong Kong Economic Journal P6)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard