Tuesday, November 23, 2010

Hong Kong Stock Market Wrap November 19th, 2010

IPO: Chongqing Rural Commercial Bank has reportedly passed listing hearing last Thu. It will kick off roadshow on 29 Nov, start IPO in early Dec and list in mid Dec, planning to raise US$800 million. Morgan Stanley and Nomura are sponsors of the IPO. (SingTao Daily B3)

Greatview Aseptic Packaging (468 HK) reportedly plans to kick off roadshow on 22 Nov, open its retail book on 26 Nov and list on 9 Dec. Bain Capital is one of its substantial shareholders. (SingTao Daily B3)

IRICO Group Electronics (438 HK) announces placing of 97.058 million H shares at HK$1.26 per share to raise around HK$122 million to fund the construction of its solar photovoltaic glass production line. (Hong Kong Economic Times A12)

Little Sheep Group (968 HK) has entered into an equity transfer agreement with Rixin Group to acquire a 12.556 per cent equity interest in Little Sheep Meat for 13.63 million yuan. After the transfer, it will have 100 per cent equity interest in the company. (Hong Kong Economic Times A12)

Morning Star Resources (542 HK) announces consolidation of every 10 shares of HK$0.2 apiece into 1 consolidated share of HK$2 apiece. It proposes to raise about HK$241 million by way of an open offer of around 1.207 billion shares at a subscription price of HK$0.2 each on the basis of 5 offer shares for every 1 adjusted share. (Hong Kong Economic Journal P8)

Termbray Industries International (93 HK) booked interim net profit of around HK$1.32 million, down 92 per cent yoy. EPS was 0.07 HK cent. No dividend will be paid. (SingTao Daily B3)

Zhejiang Expressway (576 HK) recorded unaudited profit of 1.34 billion yuan for the first 3Qs, up 7.4 per cent yoy. 2.67 billion yuan was attributable to the business of 2 main expressways, around 54 per cent of the total income. Its securities business generated an income of 1.067 billion yuan, 21.6 per cent of the total. (Hong Kong Economic Times A12)

Bosideng International (3998 HK) announced yesterday that the new women fashion brand BOSIDENG RICCI has formally entered the women fashion market. The first presentation of the brand was held on Nov 18, targeted at women aged between 25 and 40, being in middle and senior level management positions. (SingTao Daily B15)

China Metal Recycling (773 HK) has entered into a shareholders agreement for the establishment of a joint venture in Tianjin to engage in the recycling of scrap metals. The total investment and registered capital for the joint venture will be 900 million yuan and 600 million yuan respectively. The JV will be owned as to 33.33 per cent by the company. (SingTao Daily B15)

Dalian Port (2880 HK) announced details of A share issuance on the Shanghai Stock Exchange. It’s A shares will be priced between 3.6 yuan and 4 yuan, seeking to raise up to 6 billion yuan. (SingTao Daily B15)

Kaisa Group (1638 HK) has secured a consortium loan of US$40 million, carrying an interest rate of not exceeding 5 per cent. The company achieved sales revenue of 7.7 billion yuan for the first 10 months, expecting sales to reach 9 billion yuan this year. (Hong Kong Economic Journal P12)

Manulife Financial (945 HK) has held institutional investors day earlier, announcing that its net income will be raised to C$4 billion (around HK$30.5 billion) in 2015, and that shareholders’ return rate will be upgraded to a strategic target of 13 per cent. (SingTao Daily B15)

Maoye (848 HK) is planning to acquire 80 per cent interest in a target company at a full consideration of 406 million yuan. The target company owns four department stores and over 40 supermarket chain stores located at the heart of the central business district in Linzi District, Zibo City, Shandong Province. (SingTao Daily B15)

Sino-Ocean Land (3377 HK) and Nan Fung Group intend to jointly develop property projects in Dalian through setting up of joint ventures, involving a total amount of around US$650 million (over HK$5 billion). The JV will be owned as to 90 per cent by the company. (SingTao Daily B15)

UDL Holdings (620 HK) lost around HK$48 million for the year ended 31 Jul 2010. It also suffered a loss of over 28 million in the same period last year. Sales revenue during the period was around HK$114 million. Loss per share amounted to 0.48 HK cent. No dividend was declared. (SingTao Daily B15)

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