Monday, October 11, 2010

Hong Kong Stock Market Wrap October 8th, 2010

Beijing Capital Land’s (2868 HK) mandate to proceed with a proposed A share issue was expired on 24 Sep. The application to the CSRC regarding the issue is yet to be approved. The board has resolved to seek approval from shareholders for a renewal of the mandate authorizing it to issue up to 1.4 billion new A shares to raise 9.55 billion yuan for 14 projects. (Hong Kong Economic Journal P7)

Century City International (355 HK) announces a rights issue on the basis of 1 rights share for every 10 shares. It plans to issue not less than 239 million new shares HK$0.48 each to raise not less than HK$114.8 million. Net proceeds will be used to exercise Paliburg warrants at HK$2.1 per share. (SingTao Daily B13)

Chaowei Power (951 HK) confirms to invest in and construct a new production facility in Ningyang County, Shandong Province at estimated total investment of 230 million yuan. Construction of the project is expected to complete and trial operation is expected to begin in 2H next year. (SingTao Daily B13)

Fook Woo Group (923 HK) enters into an agreement with Chow Tai Fook Nominee agreeing to issue over 366 million shares at HK$2.4 per share to the latter for HK$879 million. After the subscription, Chow Tai Fook Nominee’s shareholding in the company will be increased from 0.56 per cent to 15.37 per cent. (SingTao Daily B13)

IRC Limited (1029 HK) cuts its offer price to HK$1.8, down over 18 per cent. Funds to be raised reduce to HK$1.93 billion, down 50 per cent. Sources say that the listing date of 14 Oct will be delayed. Share price of Petropavlovsk, listed in London, dropped over 5 per cent on the news. (Hong Kong Economic Journal P4)

Noble Jewelry Holdings (475 HK) expects profit for the 6 months ended 30 Sep to rise sharply on improved consumer sentiment spurred by the gradually reviving global economy and its adoption of stringent cost control measures. (SingTao Daily B13)

Shanghai Forte Land (2337 HK) recorded contractual sales area and sales amount for Sep of about 130,800 square metres and 1.9 billion yuan, up 76 per cent and 1.6 times yoy respectively. Contractual sales from Jan to Sep amounted to 9.954 billion yuan. (SingTao Daily B13)

Country Garden (2007 HK) booked subscription amount of 2.8 billion yuan in property sales during the period of Oct 1 Golden Week, with subscription areas of 500,000 sqm, increasing by 26 per cet and 20 per cent respectively. The two new projects launched during the Golden Week are located at Jiangmen, Guangdong and Beiliu, Guangxi, fetching a total of 460 million yuan in sales subscription. (Hong Kong Economic Journal P10)

GR Vietnam (139 HK) proposes to issue and place three-year HK$200 million zero coupon convertible bonds. The convertible bonds will be convertible into new shares at a price of HK$0.125 per share. The company aims to place and issue 1.6 billion new shares, representing around 36 per cent of issued shared capital as enlarged. The net proceeds will be used to redeem the 2007 convertible bonds. (SingTao Daily B14)

Greentown China (3900 HK) plans to transfer 51 per cent equity interest in Shangdong Dongcheng to Qingdao Haier Property Group for a consideration of 301 million yuan. Upon completion of the disposal, Shandong Dongcheng will be owned by Greentown China as to 49 per cent and cease to be a subsidiary of the company. (Hong Kong Economic Journal P10)

Intime Department Store’s (1833 HK) same-store sales reached 4.595 billion yuan for the first nine months, rising 17.7 per cent over the same period of 2009. Gross sale proceeds of concessionaire and direct sales for the 9-month period, inclusive of 4 stores opened for less than one year, amounted to 5.667 billion yuan, surging 39.3 per cent year-on-year. (Hong Kong Economic Times A14)

Quality Healthcare Asia (593 HK) is planning to sell medical and healthcare businesses to Altai Investmetn, a subsidiary of Fortis Global Healthcare, for a consideration of HK$1.521 billion. The company considers to declare a special interim dividend of up to HK$1.00 per share. (SingTao Daily B14)

Sam Woo Holdings (2322 HK) aims to sell its foundation engineering and related engineering equipment trading businesses to major shareholder Leung Lai-so, for a consideration of HK$140 million, expecting a gain of HK$34 million. After completion of the disposal, Sam Woo plans to distribute a special dividend of no less than HK$140 million, equal to no less than 4.6 HK cents per share. (SingTao Daily B14)

Siberian Mining Group (1142 HK) proposes to place 120 million shares by way of top-up placing to not less than six placees at a price of HK$0.2 per share, a discount of 19 per cent to its close yesterday. The net proceeds will be around HK$22.3 million. (SingTao Daily B14)

Xinjiang Goldwind (2208 HK) received a notice jointly issued by the Economic and Trade Development Bureau and the Bureau of Finance of the Economic & Technology Development District in Urumqi on Sep 30. According to the notice, Xinjiang Goldwind will be granted support funds of 43.5 million yuan. (SingTao Daily B14)

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