Elili Int’l, a wholly owned subsidiary of Artini China (789 HK), entered into a letter of intent with Cartorama Retail. According to the LOI, Cartorama is to appoint Elili Int’l as its sole and exclusive distributor to import and distribute certain brand products in the mainland, and to grant it a right to use ‘‘IMAGO’’ as a trade sign regarding the distribution of the products, for a period of ten years. (SingTao Daily B2)
Goldman Sachs maintains Buy rating on Belle International Holdings (1880 HK), with target price at HK$15. It says Q3 same store sales for footwear business grew 18 per cent. (Hong Kong Economic Times A14)
Chaoda Modern Agriculture (682 HK) proposed a final dividend of HK$0.06 per share for the year ended 30 June, up 20 per cent. Production base areas expanded by 15 per cent to 664,000 mu. It operated 31 production bases in 13 provinces and cities in the PRC. Cash and cash equivalents amounted to around 2.044 billion yuan. Shares dropped 3 per cent to close at HK$6.79 yesterday. (Hong Kong Economic Times A14)
China Dongxiang (Group) (3818 HK) announced yesterday that same store sales grew 4.7 per cent in Q3, better than that in Q2. Same store sales recorded a mere 0.4 per cent growth in Q2 due to unnatural weather. (Hong Kong Economic Times A14)
China Merchants (144 HK) signed MOU with German Eurogate yesterday. Both parties agree to strengthen the strategic partnership and work together to expand local and overseas markets. (SingTao Daily B2)
It is expected that total operating revenue of Sinoma International, subsidiary of China National Materials (1893 HK), and its A shares to increase by 30-50 per cent in the third quarter, with net profit surging 80-90 per cent. The total operation revenue and net profit of Sinoma for the third quarter last year were 11.2 billion yuan and 511 million yuan respectively. (SingTao Daily B2)
Accumulated gross premium income of China Pacific Insurance (Group)’s (2601 HK) subsidiaries China Pacific Life Insurance and China Pacific Property Insurance for the first 9 months totaled around 108 billion yuan, up 30.2 billion yuan or 38.8 per cent over the 77.8 billion yuan in the same period last year. (Hong Kong Economic Journal P9)
China Suntien Green Energy (956 HK) saw interim net profit go up 81.9 per cent yoy to 147 million yuan. Turnover reached 1.022 billion yuan. No dividend was declared. (Hong Kong Economic Journal P9)
Chongqing Iron & Steel (1053 HK) plans to make an investment of 1.4 billion yuan in the construction of the Changshou New District Construction Project in Chongqing. Upon completion of the project, the company is able to produce 1.04 million tons of electric furnace steel and 1 million tons of steel products.
(SingTao Daily B2)
GCL-Poly Energy (3800 HK) produced an accumulated polysilicon of around 12,100 tonnes for the first three quarters, increasing by about 183 per cent % year on year. The company sold polysilicon of about 8,800 tonnes and over 3,400 tonnes respectively for the first nine months and in the third quarter at an average price of US$50.6/kg and US$51.7/kg respectively. (SingTao Daily B2)
Glorious Property (845 HK) proposes to issue US$300 million (over HK$2.3 billion) senior notes, carrying a 13 per cent interest rate, according to market sources. On the other hand, Jiangsu Rongsheng Heavy Industries also plans to raise as much as US$1.5 billion (around 11.67 billion) through listing in Hong Kong. (SingTao Daily B2)
Regent Pacific (575 HK) has sold the remaining 12 million shares in Bathurst on ASX for a total consideration of AUD 5 million (around HK$37.5 million). The total net realised gain will represent a 194 per cent return on investment. (SingTao Daily B2)
Soluteck Holdings (8111 HK) plans to place 78.4 million shares, 10.66 per cent of the issued share capital as enlarged, at HK$0.5 per share to raise around HK$38.5 million. It also plans to place convertible bonds in total principal amount of HK$26 million. (Hong Kong Economic Journal P9)
TC Interconnect Holdings (515 HK) was notified by chairman Yeung Hoi Shan that he placed 24 million shares at HK$2.8 per share for HK$67.2 million yesterday, taking his shareholding in the company down from 56.45 per cent to 48.88 per cent. (Hong Kong Economic Times A14)
Yeebo (259 HK) is set to record a significant increase in profit for the six months ended 30 Sep 2010 versus a profit of HK$11.5 million for the same period last year. The significant improvement was primarily attributable to the recognition of a significant gain on the initial public offering of the A shares of Nantong Jianghai Capacitor Company Ltd. on the Shenzhen Stock Exchange. (SingTao Daily B2)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
