China Natural Investment (8250 HK) expects the financial year ended 30 June to record a loss mostly due to the absence of one-off gain on early redemption of convertible bonds during the period. (SingTao Daily B14)
JP Morgan lowers both rating and target price on Esprit Holdings (330 HK) to Neutral from Overweight and to HK$47 from HK$66 respectively. HSBC lowers target price on the company to HK$52 from HK$58. Shares dipped 5.36 per cent to HK$40.6 last Friday. (Hong Kong Economic Times A9)
Luoyang Glass (1108 HK) announces that it has received a notice from controlling shareholder China Luoyang Float Glass (Group), stating that it has agreed with China National Building Material Group to discharge the pledge of 20 million shares, around 4 per cent of the total issued share capital, from the 179 million domestic shares pledged in 2008. (SingTao Daily B14)
Pru (2378 HK) announces that its compliance adviser Evolution Watterson Securities has informed it that it is no longer qualified under the listing rules of the Stock Exchange to act as its compliance adviser and it has accepted its resignation with effect from 3 Sep. (SingTao Daily B14)
Renhe Commercial Holdings (1387 HK) issues US$300 million 13 per cent senior notes due 2016 for around US$290 million in order to finance existing projects, to acquire and develop new projects and for working capital requirements. The notes have been rated “BB (Stable)” by S&P’s and “Ba2 (Negative)” by Moody’s. (Hong Kong Economic Journal P6)
Wing Hing International (621 HK) announces that with effect from 1 Sep Leung Pui Kwan resigned as executive director, chairman and authorised representative, executive director and CEO Li Hok Yin was appointed as chairman and executive director Cheung Pak Sum as authorized representative. (SingTao Daily B14)
Z-Obee Holdings (948 HK) issues an announcement in relation to the issue of Taiwan depository receipts on the Taiwan Stock Exchange, stating that SGX-ST has given in-principle approval for the issue of 40 million new shares. (SingTao Daily B14)
New Zealand suffered a powerful 7.1-magnitude earthquake on September 4. Cheung Kong Infrastructure (1038 HK) responded when asked about the incident that its business in New Zealand was not affected by the earthquake and the operation is normal as usual. (Hong Kong Economic Times A10)
China BlueChemical (3983 HK) says that the development strategy of chemical fertilizer in the future is to acquire upstream resources. It also expects the prices of chemical fertilizer to have a slight increase in the second half. (Hong Kong Economic Times A10)
Huaneng Power International (902 HK) is reported it is intending to acquire the US-based overseas power firm InterGen. Once successful, it will be Huaneng’s biggest overseas acquisition deal. InterGen is currently worth US$2.5 billion, but the buyer is required to repay a debt of US$4.4 billion at the same time. (Hong Kong Economic Journal P8)
Info Communication (8082 HK) has acquired 45 per cent stake in Suzhou Celebrities Cemetery Industrial Co., Ltd. at a consideration of HK$107.65 million. Suzhou Celebrities owns a cemetery in Xishan Town, Wuyuan City, Jiangsu Province, occupying a total area of 99.2 Mu, equivalent to approximately 66,140 square meters. The consideration will be satisfied in cash and convertible bonds. (SingTao Daily B15)
New Times Energy (166 HK) is managed by Stewart, Cheng Kam-chiu, nephew of local billionaire Cheng Yu-tung. The energy firm is worth HK$1.7 billion currently. HKEx data show that Chow Tai Fook, owned by Cheng Yu-tung, is the single controlling shareholder that holds 990 million shares or around 12.3 per cent interest in New Times Energy, worth around HK$200 million currently. (Hong Kong Economic Times A11)
Although the revenue and profit of Peak Sport Products (1968 HK) in its interim results this year could not surpass several leading firms in the sector, the profit margin was maintained at a nearly 30 per cent growth. The firm expects to have a stable increase of 15 per cent in the next four to five years. (SingTao Daily B15)
Shougang Concord (521 HK) is seeking to reorganize its digital television business in Guangdong Province. The company will consult Southern Yinshi about the sale of its stake in Southern Yinshi and in more than 16 existing project companies. (Hong Kong Economic Times A11)
Zhojin Mining (1818 HK) plans to construct a gold production plant with a processing capacity of 2,000 tonnes per day for about 500 million yuan within next three years. The gold mining firm has partnered with the Government of Qinghe County, Xingjiang to construct the plant located in Qinghe County. (SingTao Daily B15)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
