Tuesday, November 16, 2010

Hong Kong Stock Market Wrap November 12th, 2010

Market sources say that China Rongsheng Heavy Industries (1101 HK), which will be listed on 19 Nov, plans to fix the price at HK$8 per share. The retail tranche was around 21 times oversubscribed, locking in around HK$19.5 billion. (Hong Kong Economic Journal P6)

The CSRC has approved Dalian Port (PDA) (2880 HK) to issue not more than 1.5 billion A shares to the pubic in the mainland and its parent. Part of the shares will be consideration shares to be placed to its parent as the consideration for acquiring assets from its parent. (Hong Kong Economic Times A12)

Hisense Kelon Electrical (921 HK) has sold 17.83 million A shares of Huayi Compressor, around 5.49 per cent of the A shares of Huayi Compressor, for 177.5 million yuan. Its shareholding in the company fell to 9.27 per cent. (Hong Kong Economic Times A12)

I.T’s (999 HK) indirect wholly owned subsidiary I.T GL has entered into a shareholders agreement with Galeries Lafayette’s wholly owned subsidiary 44 GL to form a JV. The JV will establish and manage subsidiaries, which will set up, operate and manage department stores under the trademark of “Galeries Lafayette” in the PRC. (Hong Kong Economic Journal P6)

Mayer Holdings (1116 HK) has agreed to acquire port and property development business in Vietnam at a consideration of HK$620 million. HK$130 million of which will be paid by issuing and allotting consideration shares. HK$90 million and HK$300 million will be paid in the form of convertible bonds and by way of promissory notes respectively.

Parkson Retail (3368 HK) booked net profit of 230 million yuan in Q3, up 13.7 per cent yoy on the growth in same store sales. Net profit for the first 9 months rose 11 per cent yoy to 730 million yuan. Q3 same store sales growth was 10.9 per cent, up 3.4 percentage points over the same period last year. (SingTao Daily B4)

United Company RUSAL (486 HK) posted net profit of US$1.42 billion for the first 9 months, returning to the black. Revenue rose 37 per cent yoy to US$8.029 billion. Net profit went down 55 per cent yoy to US$29 million in Q3, worse than expectations. (SingTao Daily B4)

China Construction Bank (939 HK) announces the results of A-share rights issue. Of the issue of 630 million A shares, 94.23 per cent or about 594 million shares have been subscribed by A-share shareholders. The rights issue program was on the basis of 0.7 share for every 10 shares. (Hong Kong Economic Journal P1)

China Overseas Land & Investment (688 HK) recorded contracted sales of nearly HK$9 billion for the first ten months. After developing in Chengdu, Chongqing and Xi’an, the company is seeking opportunities to expand into the property market in Qunming, Yunnan Province. (Hong Kong Economic Times A10)

Long Success International (8017 HK) posted a profit of HK$2.54 million yuan for the half-year period ended Sep 30. Earnings per share was 0.0564 HK cent. No dividend was paid. The company lost HK$10.23 million last year, with loss per share amounting to 1.4 HK cents. (SingTao Daily B15)

Longrun Tea Group (2898 HK) expects to record a net profit for the six-month period ended 30 Sep 2010 as compared to a net loss of about HK$33.65 million for the corresponding period in 2009. The interim results announcement will be announced before the end of Nov. (SingTao Daily B15)

Mastermind Capital (905 HK) announces that it has appointed Tang Hao as an executive director and the chief executive officer, and Alan Mung Chiu-yu as an executive director, with effect from 12 Nov 2010. In addition, Mr. Benoit Descourtieux has resigned as an executive director of the company. (SingTao Daily B15)

Nanjing Sample Technology (8287 HK) booked a profit attributable to shareholders of 83.61 million yuan for the nine-month period ended Sep 30, increasing by 17.3 per cent over the same period last year. Earnings per share amounted to 37.3 fen. No dividend was declared. (SingTao Daily B15)

The Hong Kong and China Gas (3 HK) has agreed to take a placing of the placing shares placed by Enerchina Holdings (0622), a substantial shareholder of Towngas China Company Limited (1083), through Morgan Stanley at a consideration of HK$907.5 million (equivalent to HK$3.63 per placing share). (Hong Kong Economic Journal P1)

ECS Holdings Limited, a company listed on the SGX and an 89.66 per cent owned subsidiary of VST Holdings (856 HK), has announced that it posted a profit of SGD13.72 million for the quarter ended Sep 30, surging 33 per cent. (SingTao Daily B15)

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