Friday, November 12, 2010

Hong Kong Stock Market Wrap November 11th, 2010 (1688 HK) saw third- quarter net profit jump 55.1 percent yoy to 366 million yuan, benefiting from strong growth of its value-added services. Basic earnings per share soared 56.9 per cent yoy to 8.33 HK cents. Sales revenue reached 1.449 billion yuan, leaping 40.4 per cent yoy. (SingTao Daily B4)

Bluestar Adisseo Nutrition (1095 HK) kicked off roadshow yesterday. It will open its retail book on 18 Nov. According to its offer documents, it is unlikely that its profit as of the end of Dec will be less than 161 million euros. Its interim profit was 84.184 million euros, down 13.3 per cent yoy. (Hong Kong Economic Journal P14)

China Forestry (930 HK) plans to issue US$300 million senior notes due 2015, carrying an interest rate of 7.75 per cent per annum. The estimated net proceeds will amount to around US$292 million. (SingTao Daily B4)

China Gold International Resources (2099 HK) will start its IPO on 17 Nov. It plans to offer 53.66 million new shares at between HK$37.21 and HK$44.96 apiece. Maximum offer price a board lot of 100 shares is around HK$4541.3. (Hong Kong Economic Journal P14)

According to Chinese accounting standards, China Taiping Insurance (966 HK) announces that its accumulated premium income for the first ten months amounted to 28.315 billion yuan, rising around 56 per cent as compared to the corresponding period a year ago. (SingTao Daily B4)

IPO OVER 317X OVERSUBSCRIBED Market sources say that CITIC Dameng’s IPO (1091 HK) is over 317 times oversubscribed, locking in around 66.2 billion. It plans to fix the offer price at HK$2.75, the upper end of its price band. (Hong Kong Economic Journal P14)

Eagle Nice (International) (2368 HK) posted a net profit of HK$110 million for the interim period ended Sep 30, dropping 13.4 per cent over the same period of last year. The company is planning to pour a huge amount of capital into expanding production capacity and developing the ASEAN market.

Fantasia Holdings Group (1777 HK) achieved contracted sales revenue of 408 million yuan in Oct. Accumulated contracted amount for the first ten months was 2.699 billion yuan. (SingTao Daily B4)

HSBC Holdings’ (5 HK) subsidiary HSBC Trinkaus & Burkhardt saw pre-tax profit go up to €161.6 million for the first 3Qs. Net interest income dropped 10.8 per cent to €97 million. Net fee income rose 10 per cent to €289.7 million. (Hong Kong Economic Journal P14)

Kaisun Energy Group (8203 HK) has entered into an agreement with Saddleback Corporation Limited for the acquisition of the entire issued share capital of Saddleback Mining Limited, at a consideration of up to about US$39 million (around HK$300 million). Of this, HK$270 million will be satisfied by the issue and allotment of the initial shares to the vendor at a price of HK$0.75 each. (SingTao Daily B4)

Kingworld Medicines (1110 HK) offers 150 million new shares at between HK$1.33 and HK$1.6 each. Maximum offer price a board lot of 4000 shares is HK$6464.51. Offer period is 12-17 Nov. It will list on 25 Nov. (Hong Kong Economic Times A4)

KWG Property (1813 HK) and Hongkong Land China have successfully bid for a piece of land located in Chengdu for residential and commercial development purpose, at a price of 3.78 billion yuan. The land has a gross floor area of about 900,000 square meters, equivalent to HK$4,200 per square meter. (SingTao Daily B2)

Ping An Insurance (Group) (2318 HK) announces that the accumulated written premiums of its subsidiaries Ping An Life Insurance, Ping An Property & Casualty Insurance, Ping An Health Insurance and Ping An Annuity Insurance were 135.472 billion yuan, 50.192 billion yuan, 151 million yuan and 4.215 billion yuan respectively for the period from 1 Jan to 31 Oct. (Hong Kong Economic Journal P14)

Richfield Group (8136 HK) booked a profit of HK$42.56 million for the first quarter ended Sep 30, surging nearly 6 times over the same period of last year. No dividend was declared. Quarterly sales revenue jumped 3.2 times to HK$94 million. (SingTao Daily B4)

Market sources say that Shirble Department Store (312 HK), whose IPO was oversubscribed 26 times, plans to fix the issue price at HK$2.2, which is regarded by the industry as reasonable. (Hong Kong Economic Journal P14)

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