Wednesday, September 29, 2010

Hong Kong Stock Market Wrap September 28th, 2010

Brightoil Petroleum (933 HK) recorded a net profit of HK$1.144 billion for the year ended June 30, benefiting from a remarkable increase of 120 per cent in marine bunker sales volume. Earnings per share amounted to 19 HK cents and a final dividend of 3 HK cents per share was declared. (SingTao Daily B4)

China Shipping Development (1138 HK) has signed purchasing agreement with controlling shareholder’s subsidiaries, China Shipping Industrial Co., Ltd. and China Shipping Industrial (Jiangsu) Co., Ltd., regarding the construction of 12 vessels for the transportation of coal and other bulk cargo. The total consideration for the construction of the vessels is around 2.553 billion yuan. (SingTao Daily B4)

China Unicom (762 HK) proposes to issue a total of US$1.839 billion (around HK$14.27 billion) five-year convertible bonds, carrying a rate of 0.75 per cent per annum. The initial conversion price is HK$15.85 per share, representing a premium of 35 per cent to its closing price yesterday. The stock of China Unicom plunged 4.2 per cent to close at HK$11.2 yesterday. (SingTao Daily B2)

Country Garden (2007 HK) repurchased RMB-denominated US dollar settled 2.5 per cent convertible bonds due 2013 in aggregate principal amount of 60 million yuan through over-the-counter market on 27 Sep. The aggregate principal amount of the bonds remaining outstanding would be 1.3036 billion yuan. (Hong Kong Economic Journal P8)

Forefront Group (885 HK) shareholder meeting passed a resolution that approved an investment of US$10 million in AITS, a company engaged in automobile air conditioner parts. (SingTao Daily B4)

Fosun International (656 HK) was approved by the Forte Group to take up a new business opportunity under the condition that Fosun will not directly compete with the latter. The new business is in relation to a bid for a property development project to be developed on five pieces of land located at Donggang Area, Zhongshan District, Dalian. The bid price for the land was around 3.602 billion yuan. (SingTao Daily B4)

Franshion Properties (China) (817 HK) plans to issue perpetual convertible securities to raise up to US$600 million at HK$2.83 each. The rate of distribution shall be 6.8 per cent per annum. After full conversion, 1.644 billion new shares will be involved, representing 15.22 per cent of the enlarged issued share capital. Shares closed at HK$2.29 yesterday. (Hong Kong Economic Times A12)

Hopewell Holdings’ (54 HK) managing director Wu Thomas Jefferson increased holding of shares in the company by 100,000 shares on 24 Sep at HK$24.95 apiece on average. Wu also increased holding of shares in Hopewell Highway Infrastructure (0737) by 200,000 shares on 24 Sep and 27 Sep, involving a total of HK$11.84 million. (Hong Kong Economic Journal P11)

King Fook (280 HK) said its same-store sales booked a 5-6 per cent growth for the period from April to September this year. The company requires relocating or closing several outlets due to expiry of tenancy agreements. There has been a net decrease of at least three outlets since the beginning of the year. (SingTao Daily B4)

Canada listed company Power Corporation of Canada decreased holding of shares in Lai Sun Development (488 HK) by 77.26 million shares on 22 Sep at HK$0.183 per share on average, reaping HK$14.1386 million. (Hong Kong Economic Journal P11)

Midas Holdings (1021 HK) will list in HK on 6 Oct (Wed). It announces that the final offer price for the secondary listing has been set at HK$5.43 per share, 11 per cent lower than the maximum offer price of HK$6.1 a share and around 4 per cent discount to yesterday's closing price in Singapore. (Hong Kong Economic Times A3)

New Media Group (708 HK) posted a profit of around HK$45.6 million for the year ended Jun 30. Earnings per share was 7.6 HK cents. A final dividend of 1.3 HK cents per share was distributed. (SingTao Daily B4)

Pou Sheng International (3813 HK), subsidiary of Yue Yuen Industrial (0551), posted unaudited consolidated profit attributable to owner of US$ 14.423 million for the nine months ended June 30 2010, down 9.99 per cent year on year. (Hong Kong Economic Times A12)

Walker (1386 HK) expects to record a net profit or net loss for the six months ending Sep 30, 2010, depending on the sales performance in the month of Sep 2010 and the fair value of the financial investment as of Sep 30. (SingTao Daily B4)

Yue Yuen Industrial (551 HK) saw unaudited consolidated profit attributable to owners drop almost 5 per cent yoy to US$346 million for the nine months ended 30 Jun. Turnover rose over 10 per cent yoy to US$4.2 billion. Loss from fair value changes on derivative financial instruments amounted to US$4.12 million. (Hong Kong Economic Times A12)

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