Asia Cement (China) (753 HK) signed an agreement in relation to a 5-year term syndicated loan of US$144 million in Taipei yesterday, with an interest rate of LIBOR plus 0.58 per cent. The real interest rate currently is below 1 per cent. (SingTao Daily B4)
Bossini International (592 HK) recorded an 80 per cent year-on-year surge in net profit to HK$90 million for the year ended June 30. Earnings per share was 5.66 HK cents. The board of directors proposed to pay a special dividend of 0.3 HK cent per share in addition to a final dividend of 2.3 HK cents apiece. (SingTao Daily B4)
Cheung Kong Infrastructure (1038 HK) plans to issue 5-yr perpetual notes at yield of 6.625 per cent to raise US$1 billion, around HK$7.8 billion, with JP Morgan as underwriter. It is said that it kicked off roadshow in HK and Singapore last Friday and this Monday respectively and the response was positive. (Hong Kong Economic Times A13)
HSBC, Deutsche Bank, JP Morgan and Morgan Stanley raise target price on China Resources Land (1109 HK) to HK$21.8, HK$18.8, HK$17 and HK$16.8 respectively. JP Morgan raises rating on it to Neutral. Deutsche Bank sets Buy rating. Shares dropped over 1.7 per cent to close at HK$16.94 yesterday. (Hong Kong Economic Times A13)
First Mobile Group (865 HK) incurred a loss of HK$2.164 billion for the year ended 31 December 2009, mainly due to the impairment of trade receivables of HK$1.85 billion for the year and included under general and administrative expenses. Revenue was around HK$3.106 billion. Loss per share was 111.23 HK cents. No dividend will be paid. (Hong Kong Economic Journal P8)
Greenfield Chemical (582 HK) acquires from China Century Worldwide the entire issued share capital of Ace Winner Holdings at HK$400 million. The consideration will be satisfied by cash or by issuing convertible bonds or a combination of both. Ace Winner Holdings has not recorded turnover or business activities since incorporation. It was set up solely for effecting reorganization. (Hong Kong Economic Journal P8)
ICBC (1398 HK) chairman Jiang Jianqing said that he has not heard about CBRC’s requirement for raising the capital adequacy ratio of banks by 15 per cent, Reuters reported. The Basel III rules have no impact on China’s banking sector in the near term, Jiang added. (SingTao Daily B4)
New Century Group (234 HK) has sold a building located at Nan Fung Industrial Building, Nos. 15-17 Chong Yip Street, Kwun Tong. The company owns three storeys of the building, which have a total gross floor area of over 48,000 square feet. The net proceeds from the disposal are estimated to be around HK$91 million and will be used for future investment purpose. (SingTao Daily B4)
RCG Holdings (802 HK) announced that substantial shareholders Tony Chan and his wife sold 5 million shares in the company to an institutional buyer on 17 September 2010, decreasing their shareholding to 18.42 per cent from 20.14 per cent. The transaction price was not disclosed, but it might involve around HK$24.5 million based on the share’s closing price of HK$4.9 last Friday. (SingTao Daily B4)
Richfield Group Holdings (8136 HK) saw profit climb 4.9 times to HK$140 million for the year ended 30 June. Basic earnings per share from continuing operations amounted to 4.77 HK cents. No dividend will be paid. Turnover rose 1.6 times to HK$310 million during the period. (Hong Kong Economic Journal P8)
Skyworth Digital (751 HK) said that total TV sales volume in August amounted to 600,000 units, declining 22 per cent year-on-year, sales amount down 2 per cent. The sales volume of CRT TV for the China TV business unit in August significantly decreased by 99 per cent to only 1,100 units. The main reason is the demand of traditional CRT TV has increasingly diminished in the mainland market. (SingTao Daily B4)
Solargiga Energy (757 HK) has confirmed to set up a joint venture company to engage in the business of manufacturing multicrystalline silicon solar ingots and wafers. The JV will be owned as to 37 per cent equity interest by Solargiga. The amount of total investments and registered capital of the JV will be 675 million yuan and 200 million yuan respectively. (SingTao Daily B4)
Goldman Sachs, JP Morgan, Credit Suisse and Royal Bank of Scotland raise target price on Sun Hung Kai Properties (16 HK) to HK$141, HK$138, HK$136 and HK$123.31 respectively. Morgan Stanley sets target price on the company at HK$155. Credit Suisse sets Outperform rating on it; Nomura and Goldman Sachs, Buy rating. Shares closed at HK$123 yesterday. (Hong Kong Economic Times A13)
Yuzhou Properties (1628 HK) has successfully bid for 3 parcels of residential land in Tianjin for a total of 360 million yuan, with a gross floor area of over 320,000 square meters. Land price per floor area is about 1,000 yuan per sqm. It is estimated that the average price will reach 8,000 yuan per sqm upon construction. (SingTao Daily B4)
At Yinyan Tin Mine, in Xinyi, Guangdong, of Zijin Mining (2899 HK) subsidiary Xinyi Zijin Mining, Yinyan Tin Mine tailing dam collapsed on 21 Sep because of the mud and rock slides caused by torrential rainfall brought by typhoon no. 11 “Fanapi” and electricity supply, communication and transportation there are currently suspended. The company says the effect of this incident on the mine cannot be assessed at present. The mine is in trial production and the tailing pool is in an initial operation stage. (Hong Kong Economic Times A13)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
