Thursday, September 9, 2010

Hong Kong Stock Market Wrap September 8th, 2010

China Mobile (941 HK) shares tumbled 3.78 percent yesterday, after Vodafone sold its entire stake (640 million shares) in the mainland's largest mobile carrier. Vodafone disposed the shares at a price of HK$79.2 each, reaping a total of HK$50.9 billion. (SingTao Daily B2)

China Overseas Land & Investment (688 HK) recorded HK$38.06 billion of sales in the first 8 months this year, with sales area of 3.028 million sqm, up 12 per cent and down 16.2 per cent yoy respectively. (Hong Kong Economic Times A9)

China Southern Airlines Company (1055 HK) received a notice from China Securities Regulatory Commission yesterday, approving it to issue around 312.5 million H shares to Nan Lung Holding. (Hong Kong Economic Times A10)

China Grand Forestry (910 HK) intends to place 1 billion shares at a price of HK$0.21 per share. The net proceeds from the placing will amount to around HK$204.5 million, which will be used for future business investment. (SingTao Daily B4)

City Telecom’s (1137 HK) broadband subscriptions growth and the earnings before interest, tax, depreciation and amortization (EBITDA) were largely in line with its positive profit alert announcement. The telecom firm says it is aiming at getting broadband subscriptions growth from 526,000 subscriptions as of 31 August 2010 to exceed 600,000 subscriptions by 31 August 2011. (SingTao Daily B4)

Executive director of CST Mining (985 HK) Damon Barber has increased shareholding by about 50 million shares. Barber was also offered 100 million share options, making his stake in the mining group increasing to 1.69 per cent. (SingTao Daily B4)

Evergrande Real Estate Group (3333 HK) booked sales of 30.5 billion yuan for the first 8 months this year, jumping 102.9 per cent yoy. Sales area amounted to 4.902 million sqm. Average selling price reached 6221 yuan per sqm. (Hong Kong Economic Times A9)

Haitian International Holdings (1882 HK) has been informed by Sky Treasure, held by chairman Zhang Jing Zhang and a number of directors, placed 59.85 million shares, about 3.75 per cent of the total issued share capital, at HK$5.78 apiece for HK$346 million yesterday. Upon completion, the latter will hold 64.64 per cent of the total issued share capital. (Hong Kong Economic Times A10)

(0005) HSBC HOLDINGS PLC GEOGHEGAN EXPECTED TO BE NEW CHAIRMAN Group chief executive Michael Geoghegan appears to have the upper hand over long-term favorite and former Goldman Sachs president John Thornton, foreign media reports. It is said existing chairman Stephen Green is expected to stay until next spring at least. (SingTao Daily B4)

Yam Chi Kwong Joseph has been appointed by Johnson Electric (179 HK) as an independent non-executive director for a term of two years with effect from 30 Sep. Johnson Electric shares rose 3.3 per cent to close at HK$3.75. (Hong Kong Economic Times A9)

Kong Sun Holdings (295 HK) plans to issue not less than 239.65 million offer shares at HK$0.25 each on the basis of one offer share for every two shares. The company intends to utilize the net proceeds from the open offer for the general working capital and future business development. (SingTao Daily B4)

North Asia Resources Holdings (61 HK) has issued convertible bonds in the aggregate principal amount of US$33 million in two tranches. Proceeds from the issue around HK$243 million will be used for general working capital or acquisition of iron concession in Mongolia. (Hong Kong Economic Journal P6)

Shui On Land (272 HK) plans to issue 5-yr-term RMB denominated USD settled 4.5 per cent convertible bonds to raise up to US$400 million and major shareholder Lo Hong Sui Vincent and Standard Chartered will conduct an equity swap. (Hong Kong Economic Times A9)

The Wharf (4 HK) has successfully bid for two parcels of residential land situated in Pudong New District, Shanghai for 4.828 billion yuan within one week. Price per square meter of floor area amounts to 35,490 yuan, hitting a new record high in price of floor area of Shanghai residential land parcels. (SingTao Daily B2)

Veeko International (1173 HK) has placed up to 150 million shares at a price of HK$0.268 per share to Value Partners, Alliance Asia Opportunity Fund LP, Insight China Focus Fund and Ajia Partners Asset management. Share price of Veeko closed 34.37 per cent higher to HK$0.43 yesterday. (SingTao Daily B4)

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