AgBank (1288 HK) shares rose 3.6 per cent to HK$3.74 yesterday, up almost 17 per cent over its offer price. Credit Suisse sets Outperform rating on the bank for the first time, setting target price on its H shares at HK$4.5, 20 per cent higher than the current price. (Hong Kong Economic Journal P8)
Birmingham International (2309 HK) major shareholder and executive director Yeung Ka Sing Carson is sued by Heritage International (0412) executive director Ong Peter in relation to Ong’s introducing Yeung to acquire SMI Publishing (8010) shares. Ong is seeking HK$20 million. (Hong Kong Economic Times A10)
Chevalier Pacific (508 HK) says it is planning a placing of shares but the placing may not proceed. Shares went down over 5 per cent on the news yesterday. (Hong Kong Economic Journal P4)
Chigo Holding (449 HK) proposes to launch an open offer of shares at HK$1 each to raise HK$255 million on the basis of one offer share for every two existing shares in order to enhance production facilities and distribution network and increase general working capital. (Hong Kong Economic Times A10)
China Life Insurance (2628 HK) chairman Yang Chao says one of the company targets is to build a big banking business via acquisitions. He does not mention a concrete acquisition target or timetable but says that he also plans to develop securities and fund management businesses. (Hong Kong Economic Journal P4)
It is said China High Speed Transmission Equipment (658 HK) has placed 187 million shares, which includes 130 million top-up placing shares and 57 million existing placing shares, at a price between HK$16.65 and HK$17.65 per share via Goldman Sachs. The price per placing share represents 4.59-10 per cent discount to its closing price of HK$18.5 yesterday. (SingTao Daily B3)
The total sales volume of Geely Automobile (175 HK) in August was 25,303 units of vehicles, an increase of 10.4 per cent over the same period last year and up around 16.7 per cent from July. The total sales volume in the first eight months amounted to 242,700 units, up 31 per cent from the same period a year ago, achieving 60.7 per cent of the full year sales volume target. (SingTao Daily B4)
Haier Electronics (1169 HK) aims at developing integrated channel service business, focusing on tier 3 and tier 4 cities in the mainland. The electronics group is planning to construct 91 logistics centers throughout China, of which 11 will be operated by Haier and the remainder will be franchised. (SingTao Daily B4)
AIA has signed cooperation agreement with ICBC (1398 HK) in Beijing. According to the agreement, AIA will build a strategic partnership with ICBC via branches in China to work together in areas such as investment banking and cash management. (Hong Kong Economic Journal P9)
Kaisa Group (1638 HK) recorded sales revenue of around 2.446 billion yuan for the month of August, up 6.34 per cent over the same period last year. Sales areas were around 152,900 square meters. (SingTao Daily B4)
Sunevision (8008 HK) net profit surges 97 per cent to HK$360 million for the year ended June 30, though revenue recorded a slight increase of 4 per cent. Earnings per share amounted to 17.73 HK cents. The company recommended a final dividend of 8 HK cents per share and declared one bonus share for every existing share. (SingTao Daily B4)
Sunlight Real Estate’s (435 HK) distributable income went down almost 31 per cent to HK$186.5 million for the year ended June 30, 2010. The distribution per unit for the year was 14.39 HK cents, declining over 41 per cent from last year. Final distribution per unit slid nearly 51 per cent to 7.51 HK cents. (SingTao Daily B4)
Trading in the shares of The Hong Kong Parkview (207 HK) was suspended yesterday. It is finalising the terms of a possible very substantial acquisition and very substantial disposal. They may constitute connected transactions for the company. (Hong Kong Economic Journal P9)
The Wharf (4 HK) which has just won the bid for a residential land in Pudong New District in Shanghai, has substantially raised its land bank target in the mainland by 50 per cent. The Hong Kong developer expects its mainland land bank to increase to 150 million sq. ft. from 100 million sq. ft. over next two to three years. (SingTao Daily B3)
Yue Yuan (551 HK) booked a net consolidated operating revenue of about US$528 million (around HK$4.12 billion) for August, 2010. Net consolidated accumulative operating revenue for the first eight months was around US$3.943 billion (about HK$30.76 billion).(SingTao Daily B4)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
