Monday, September 27, 2010

Hong Kong Stock Market Wrap September 24th, 2010

AEON Credit Service (Asia) (900 HK) booked interim profit of HK$116 million for the six months ended 20th August, down 6 per cent. EPS amounted to 27 HK cents per share. An interim dividend of 16 HK cents per share was declared. (SingTao Daily B12)

Buildmore International (108 HK) incurred a loss of around HK$199 million for the six months ended 31 July, as compared to the loss of around HK$20.53 million over the same period last year. Revenue was about HK$11.25 million. Loss per share reached HK$1.51. No dividend was declared. (Hong Kong Economic Journal P4)

China Resources Enterprise (291 HK) plans to sell the entire issued share capital of CR Vogue to its parent China Resources (Holdings) Company for HK$53.98 million. CR Vogue is mainly engaged in apparel retail distribution for the brand “ck Calvin Klein” in the PRC. (Hong Kong Economic Times A8)

China Water Industry (1129 HK) announces that minority investors will restructure existing convertible bonds issued in 2007. Both parties have agreed to certain key terms, including redemptions by instalments: the bonds held by the latter will be redeemed for around HK$128 million in cash (excluding interest costs and discounts for early repayment), payable in instalments starting from next month and ending in July 2012. (Hong Kong Economic Journal P4)

Solargiga Energy’s (757 HK) subsidiary Rising Sun has entered into a subscription agreement and a JV agreement with 3 individual shareholders of a JV, Qinghai Chenguang New Energy. Rising Sun will acquire 51 per cent interest in the JV, engaging in manufacturing monocrystalline silicon solar ingots, through cash injection of 45.9 million yuan. Solargiga Energy expects the JV to construct a production plant with a planned annual production capacity of 2,000 tonnes of monocrystalline silicon solar ingots commencing in Oct and expects the plant to reach full capacity in mid 2013. (Hong Kong Economic Times A8)

Texwinca Holdings (321 HK) is to purchase 10 per cent interest in its subsidiary Baleno Holdings, engaging in the retailing and distribution of casual apparels and accessories, for around HK$203 million, around HK$60 million of which is payable by cash and the rest by issuing new shares at HK$8.9 each.

Uni-President China (220 HK) issues an announcement regarding the recovery of debts from Guangdong Zhong Gu Tang Ye of 110 million yuan, stating that the percentage of recovery for general claims is around 28.35 per cent according to the draft reorganisation plan of the latter. Based on the percentage, the company expects to recover around 31.2 million yuan. (SingTao Daily B12)

IPO: AIA that is going to kick off presentation ahead of listing today at the earliest, expects the profit before tax for the year ended Nov 30, 2010 to amount not less than US$2 billion (around HK$15.6 billion). AIA plans to launch a roadshow on Oct 6 and list on Oct 29, aiming to raise about US$15 billion (around HK$117 billion). (Hong Kong Economic Journal P2)

Art Textile Technology (565 HK) saw the profit tumble 23.65 per cent to HK$5.55 million for the year ended Jun 30, 2010. Earnings per share amounted to 0.53 HK cents. No dividend was declared.

China Communications Construction (1800 HK) has successfully bid for several contracts that include a highway project located in Guizhou Province. The amount involved was about 1.07 billion yuan. (SingTao Daily B3)

China Merchants Bank (3968 HK) has sought to open an office in Taiwan previously, which was rejected by Taiwan’s Financial Supervisory Commission for the reason of not meeting related requirements. It is said that applicant organizations are required to have operated in countries within the Organisation for Economic Co-operation and Development for two years or above. (Hong Kong Economic Times A11)

China Qinfa Group’s (866 HK) Australian-listed subsidiary, Tiaro Coal, has collaborated with Dynasty Metals Australia in the operation of Australian Munna Creek project area. In the project area, 20-30 million tonnes of coal (mostly coking coal and exporting thermal coal) have been explored. (SingTao Daily B3)

China Resources Gas (1193 HK) is actively seeking to acquire 20-30 gas projects, with the acquisition criteria of not less than 15 per cent of internal return rate. The company expects the capital expenditure used in the acquisition of these projects in three years to be about HK$10 billion, which will be raised through bank loans and refinancing from capital markets.

Chinasoft International (354 HK) aims to acquire a 100 per cent equity interest in MMIM Technologies, Inc for a consideration of not more than HK$709,8 million. MMIM is a technology firm engaged in the mobile internet messaging, community social network services, add-on multimedia applications and innovative cross-network technologies. (SingTao Daily B3)

Metallurgical Corp of China (1618 HK) issued the second tranche of short-term financing bills for 2010 on Sep 17. The issued bills amounted to 10 billion yuan, bearing an interest rate of 2.97 per cent, which are repayable on maturity with a one-off interest payment. (SingTao Daily B3)

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