Wednesday, November 24, 2010

Hong Kong Stock Market Wrap November 23rd, 2010

BaWang International (Group) Holding (1338 HK) expects its turnover from Jul to Oct to go down 31 per cent yoy and 2010 results to decline substantially because of the “dioxane incident” in Jul. Shares went down almost 6 per cent to HK$3.15 yesterday. (Hong Kong Economic Times A14)

CCT Telecom (138 HK) has agreed to sell 700 million CCT Resources (8163) shares to Merdeka Commodities at HK$67.9 million. Price per share is HK$0.097. Its interest in CCT Resources will be reduced from 38.13 per cent to 24.99 per cent. (Hong Kong Economic Journal P14)

China Dongxiang’s (3818 HK) indirect wholly owned subsidiary Shanghai Gabanna, Han Bo Jia Ye, Chen Co, and other independent third parties have entered into a capital increase agreement. Han Bo Jia Ye will be further invested by a total of 129 million yuan, of which 82.66 million will be paid by China Dongxiang. (SingTao Daily B2)

China Timber Resources Group (269 HK) booked a loss of HK$200 million for the six-month period ended Sep 30, tumbling around 8.29 times over the same period a year ago. No interim dividend was recommended. (SingTao Daily B2)

Chuang’s China Investments (298 HK) recorded profit attributable to equity holders of HK$10.9 million for the 6 months ended 30 Sep, down 15.3 per cent yoy. EPS was 0.72 HK cent. No interim dividend will be paid. (Hong Kong Economic Journal P12)

CITIC 21CN (241 HK) suffered a loss of HK$15.51 million for the six months ended Sep 30, plunging 3.5 times from last year. Loss per share was 0.42 HK cents. No interim dividend was declared. (SingTao Daily B2)

Goodbaby International Holdings’ (1086 HK) gray market price went up over 18 per cent to close at HK$5.81 yesterday. Shareholders earned HK$910 for a board lot of 1000 shares. It says its IPO is 1459 times oversubscribed. (Hong Kong Economic Times A11)

Hang Ten Group Holdings (448 HK) saw profit rise 102.8 per cent to HK$85.6 million for the 6 months ended 30 Sep. Gross margin rose 2.9pps to 57.1 per cent. EPS was 8.72 HK cents. It has resolved to pay an interim dividend of 2 HK cents a share. (Hong Kong Economic Times A14)

Heng Tai Consumables Group (197 HK) terminates a proposed TDR issue. It has agreed to place up to 400 million shares at HK$1.15 a share to not fewer than 6 placees to raise HK$452 million. (Hong Kong Economic Journal P14)

Huadian Power International Corporation (1071 HK) announces that the Development and Reform Commission of Hebei province has approved its subsidiary Hebei Huarui Energy Group’s 2 wind power projects, the 49.5MW wind power generation unit of the Yuzhou Huanghualiang wind farm and the 49.5MW wind power generation unit of the Zhenjiawan wind farm in Yu County, involving 917 million yuan. (Hong Kong Economic Times A14)

ICBC (1398 HK) announced yesterday that the A share rights issue was 99.72 per cent subscribed. Holders of the existing A shares were entitled to subscribe for 0.45 A rights shares for every 10 existing A shares held at a price of 2.99 yuan per A rights share, involving 11.3 billion A shares. (SingTao Daily B2)

Kenford Group (464 HK) saw interim net profit ending Sep 30 surging over 49 per cent year on year to HK$30 million. Earnings per share amounted to 6.9 HK cents. An interim dividend of 2.1 HK cents per share was recommended. (SingTao Daily B4)

Li & Fung Limited (494 HK) seeks to acquire substantially all of the assets of Oxford Apparel, which is a men’s wear producer under the US-listed Oxford Industries, Inc., at a consideration of US$121.7 million (around HK$944 million). The company also says that LF USA will launch industry-first lifestyle brands with entertainers Jennifer Lopez and Marc Anthony that will be available in Kohl’s stores. (SingTao Daily B2)

Xinjiang Goldwind (2208 HK) plans to acquire all the interest in GCL Wind Power (Jiangsu) and 25 per cent equity interest in GCL Wind Power (Xilinhaote). The total consideration involved will be 200 million yuan. (SingTao Daily B2)
Yip's Chemical Holdings (408 HK) posted a 25 per cent decline in net profit to HK$171 million for the six months ended Sep 30. Revenues jumped 36 per cent to HK$3.65 billion, while total sales volume rose 25 per cent to 350,000 tonnes. Earnings per share were 31.2 HK cents. The company recommended an interim dividend of 12 HK cents per share. (SingTao Daily B4)

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