BOC Life (2388 HK) under BOC Hong Kong says that it has been selling 3 types of yuan policies since 20 July and recorded over HK$1.7 billion of sales so far, among which the 5-yr-term policies are the most popular and almost sold out. (Hong Kong Economic Times A8)
Cheung Kong Infrastructure (1038 HK) which has acquired the UK electricity networks, is reportedly planning to sell bonds denominated in US dollars for part of its financing scheme. The company will launch roadshow to meet investors on Friday. JP Morgan is appointed as the underwriter. (SingTao Daily B3)
China Merchants China Direct Investments (133 HK) disclosed that from December 2009 up to 31 August 2010, the company has disposed of a total of 32.48 million A shares of China Merchants Bank (3968) and 5.6 million A shares of Industrial Bank. Total net proceeds arising from the disposals amounted to 597 million yuan. (SingTao Daily B3)
CLP (2 HK) plans to bid for large coal-fired plants in India, involving project investment amounting to US$3.4 billion (HK$26.45 billion) in total, foreign media reported. The power producer may consider selling shares to fund the project development, Ranjan Mishra, managing director of CLP India Pvt. said. CLP share price ended up 1 per cent at HK$60.55 yesterday. (SingTao Daily B3)
After the redemption of 75 million yuan worth of bonds days ago, Country Garden (2007 HK) is seeking to redeem another 90 million yuan worth of convertible bonds, bearing an interest rate of 2.5 per cent, also yuan-denominated and to be settled in US dollar. The maturity date of these bonds is 2013. (SingTao Daily B3)
While GOME (493 HK) chairman Chen Xiao and substantial shareholder Wong Kwong Yu are competing with each other, a mysterious Chinese buyer bought a large amount of GOME shares in the past one month, taking shareholding up from 100 million shares to 350 million shares. Shares closed at HK$2.34 yesterday. (Hong Kong Economic Times A2)
Henderson Land Development (12 HK) appoints the current GM of property development department Wong Ho Ming, Augustine as executive director. Director’s fee is HK$70,000 per annum and other remunerations amount to HK$533,000 a month. (Hong Kong Economic Journal P10)
HKR International (480 HK) has appointed Benjamin Cha Yiu-chung, son of Victor Cha Mou Zing, as executive director. Benjamin, aged 36, joined the company in 2002 and now is general manager and director of development of the South East Asia Business Unit of the company. (SingTao Daily B3)
Merrill Lynch says HSBC Holdings (5 HK) may double its dividends next year, maintaining Buy rating on the bank, raising target price by 1 per cent to HK$109. Morgan Stanley maintains “In Line with Market” rating on the bank, with target price at HK$90. (Hong Kong Economic Times A8)
Lippo (226 HK) announced that its subsidiary Lippo China Resources (0156) will sell the entire issued share capital of All Around, which is involved in the operation of a Chinese restaurant, for a consideration of HK$31 million. It is expected that Lippo China Resources will gain a profit of almost HK$16 million from the transaction. (SingTao Daily B3)
Maoye International (848 HK) has signed agreement to issue via JP Morgan HK$1.165 billion worth of 5-year term convertible bonds, with an interest of 3 per cent per annum. Conversion price is HK$4.212 per share, representing 20 per cent premium to its closing price on that day. (SingTao Daily B3)
Modern Beauty Salon (919 HK) announced that Lee Soo-ghee, husband of the chairman, and Kwong Chi-ching have resigned as executive directors due to changes in management responsibilities, but Lee Soo-ghee will remain as CEO. In addition, the company has appointed chief financial officer Leung Man Kit as executive director. (SingTao Daily B3)
Deutsche Bank raises rating and target price on Shui On Land (272 HK) from Hold to Buy and from HK$4.1 to HK$5.31 respectively. HSBC Securities expects its 2H contracted sales and capital spending to be 4.5 billion yuan and 6.6 billion yuan respectively, setting Overweight rating and HK$4.3 target price on the company. Shares rose 4.2 per cent to HK$3.9 yesterday. (Hong Kong Economic Journal P8)
Sun Hung Kai Properties (16 HK) will announce full-yr results next Monday. Thomson Reuters with reference to forecasts on the company from 22 analysts expects its profit attributable to shareholders to go up 52 per cent yoy to HK$15.758 billion for the year ended the end of June. JP Morgan sets Overweight rating on the company, with target price at HK$126. (Hong Kong Economic Journal P10)
Reuters reports that Trony Solar (2468 HK) plans to issue 380 million shares at a preliminary price range between HK$4 and HK$4.8 apiece. The report says it will kick off roadshow next Monday and list in early Oct, with JP Morgan as sponsor. (Hong Kong Economic Journal P6)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
