Sri Lanka government has issued to a consortium formed by China Merchants Holdings (International) (144 HK) a non-binding letter of intent. The consortium shall fulfill various conditions to the satisfaction of the authority within 180 days. After that, it may develop the South Container Terminal at the Port of Colombo under the Colombo Port Expansion Project. (Hong Kong Economic Times A10)
Hi Sun Technology (China) (818 HK) has submitted application to spin off and list Pax Global Technology, engaging in EFT-POS terminal solutions business, on the main board of the HK Stock Exchange. (SingTao Daily B12)
Oriental Ginza (996 HK) will sell a flat in The Mayfair, No. 1 May Road, The Peak and properties in the PRC Oriental Kenzo Plaza and Jing Gang City for HK$1.2 billion. It is estimated that there will be a gain of about HK$19 million. (SingTao Daily B12)
Pine Technology (8013 HK) booked net profit of around US$4.05 million for the year ended the end of June this year, up 2.64 times over the previous year. Dividend of HK$0.01 per share was
Wah Nam International (159 HK) has entered into agreements with placing agents to place up to 178 million existing shares at HK$1.15 each, around 4.77 per cent of existing issued share capital, around 4.56 per cent of issued share capital as enlarged, to raise up to around HK$200 million, HK$180 million of which will be used to fund its mining business. (Hong Kong Economic Journal P5)
Wing Tai Properties (369 HK) sells 40 per cent interest in a joint venture company for US$79.48 million, around HK$620 million. The JV company is interested in land with site area of 1.275 million square meters in the Shenbei District and the Hunnan District in Shenyang for developing high quality residences. The group expects to realize a gain of HK$37.44 million from the disposal. (Hong Kong Economic Journal P6)
ZTE Corporation (763 HK) announces that The European Commission opened on 16 Sep an anti-subsidy investigation in respect of data card products imported from the PRC. As operating revenue generated from the sales of data card products in EU nations accounted for a relatively small percentage of the total operating revenue of the company, according to data in 2009 audited financial statements, the investigations have little impact over the overall operations of the company. Shares rose 2.8 per cent to HK$31.2 on 17 Sep. (Hong Kong Economic Times A10)
Asia Energy Logistics (351 HK) announced that the cargo vessel named “Haibao” launched its maiden voyage on September 18. “Haibao”, which is owned by the joint venture company under Asia Energy, transports coal for Asia Energy’s business partners. (SingTao Daily B15)
Bosideng International’s (3998 HK) menswesar Spring/Summer 2011 trade fair will end tomorrow. The garment firm is optimistic on the prospect of the menswear market, targeting order amount to grow by 25-30 per cent year-on-year. Goldman Sachs has raised its target price for Bosideng from HK$2.7 to HK$3.1, but downgrading the rating from Buy to Neutral. (Hong Kong Economic Times A16)
Celestial Asia Securities (1049 HK) has signed MOU with vendors for acquiring 51 per cent equity interest in a company engaged in mobile digital entertainment business in China. The consideration of 81.6 million yuan will be settled as to 50 per cent in cash and 50 per cent by issue of consideration shares. (SingTao Daily B17)
Chun Wo Development (711 HK) chairman Dominic Pang Yat-ting said that the costs of mainland development projects are relatively lower whereas Hong Kong land prices are surprisingly high. For the targeted acquisition projects, he frankly expressed “he has no regrets even no acquisition deal can be achieved”. (Hong Kong Economic Journal P10)
According to China’s real estate brand value study, Evergrande Real Estate’s (3333 HK) brand value amounted to 8.016 billion yuan, ranking first. The developer’s sales amount hit 30.5 billion yuan for the first eight months amid a downward trend. Its sales areas also ranked first in the mainland. (SingTao Daily B15)
Modern Media (72 HK) plans to place 10 million new shares to HM Fund. In addition, it also aims to place 7 million new shares for Value Partners Funds at a price of HK$1.30 per share. The net proceeds of around HK$21 million will be used as general working capital. (SingTao Daily B15)
Shui On Construction (983 HK) plans to sell property assets in Chengdu to Ping An Insurance for a consideration of 718 million yuan. Shui On will gain 161 million yuan from the transaction. (SingTao Daily B15)
Sundart International (2288 HK), mainly engaged in renovation project business, does not exclude collaborating with other shareholders of Kailong REI Holdings Limited in acquiring mainland projects, aiming to strive for higher returns. Sundart announced previously that it has formed a strategic alliance with Kailong REI. (Hong Kong Economic Journal P10)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
