Friday, December 3, 2010

Hong Kong Stock Market Wrap December 2nd, 2010

Citigroup assigned a Buy rating to AIA Group (1299 HK), setting a HK$27 price target. Morgan Stanley set target price for the insurer at HK$25.6, with Overweight rating. (Hong Kong Economic Times A10)

Beijing Capital Land Limited (2868 HK) booked contracted sales of 10.4 billion yuan for the first 11 months. Full-year target was achieved. Nov contracted sales area hit 140000 sqm, involving 1.6 billion yuan, up 8 per cent mom, jumping 179 per cent yoy. (Hong Kong Economic Journal P14)

China Datang Corporation Renewable Power (1798 HK) kicked off roadshow yesterday. Sources say that its international placing was fully covered. It introduces 6 cornerstone investors, including China Longyuan Power (0916). (Hong Kong Economic Times A10)

China Petroleum & Chemical (386 HK) and Chevron have entered into an agreement in relation to jointly developing the Gendalo-Gehem natural gas project in Indonesia, foreign media reports. The natural gas project costs more than US$$6 billion. (SingTao Daily B2)

China Pipe Group (380 HK) planned to acquire tin business in Indonesia previously. The company has decided to cancel the transaction, as the Stock Exchange says it might be required to get listing approval. Trading in the company’s shares will resume today. (SingTao Daily B2)

Zhuhai Singyes Renewable Energy Technology Co., Ltd (750 HK), a wholly owned subsidiary of the company, has just signed a contract to supply about 1,300 environmental friendly solar powered houses in Nigeria, with a total contract value of about US$13 million. (SingTao Daily B2)

Mah Chuck On, executive director and executive chairman of operations-Mainland China of Giordano International (709 HK), says that the company has no need to raise proceeds through share placing as it has sufficient capital in hand. The company has intention to acquire medium to small-sized fashion brands in the mainland and purchase new stores to increase point of sale. (SingTao Daily B2)

Kaisa Group Holdings (1638 HK) is proposing to issue US$225 million USD settled 8 per cent convertible bonds due 2015 at an initial conversion price of HK$2.82 each. Net proceeds from the issue will amount to about 1.472 billion yuan. (Hong Kong Economic Journal P14)

Maoye International (848 HK) has successfully bid for two parcels of land located inTaizhou City, Jiangsu Province, with a gross floor area of about 800,000 square metres, for a total consideration of 1.111 billion yuan. The company plans to build a commercial and residential complex, among which more than 300,000 square metres will be designated for the use of a shopping mall. (SingTao Daily B2)

New Environmental Energy Holdings (3989 HK) plans to place a maximum of 202 million shares at HK$0.50 per placing share, seeking to raise net proceeds of HK$98 million. The placing price represents as much as about 37 per cent to its closing price before suspension of trading yesterday. (SingTao Daily B2)

Royale Furniture Holdings (1198 HK) aims to place 75 million shares at a price of HK$3.03 per placing share, seeking to raise HK$227 million, which will mainly be used to fund the expansion of production facilities. The placing price represents about 8.7 per cent to its closing price before suspension of trading yesterday. (SingTao Daily B2)

Shanghai Forte Land (2337 HK) announces that its Nov contractual sales area and sales amount were 83,468 sqm and 1.16 billion, yuan respectively, down 15.8 per cent and up 8.9 per cent yoy respectively. Sales amount for the first 11 months reached 12.548 billion yuan, involving area of around 950000 sqm. (Hong Kong Economic Journal P14)

Shimao Property (813 HK) posted contracted sales of 27.137 billion yuan for the first 11 months, with total sales area of 2.22 million sqm. Average price expanded to 12232 yuan per sqm from the 8713 yuan per sqm in the same period last year. Nov contracted sales stood at 3.479 billion yuan. 91 per cent of the full-year target was achieved. (Hong Kong Economic Journal P14)

It is said that Shui On Land (272 HK) is planning to issue 400 million yuan bonds. Deutsche Bank, Standard Chartered and UBS are arranging for the issue. It issued US$400 million 5-yr 4.5 per cent convertible bonds in Sep. (Hong Kong Economic Times A14)

Sino Resources Group (223 HK) has confirmed to place around 222 million shares at a price of HK$0.35 per placing share, aiming to raise net proceeds of HK$76 million. The placing price represents over 19 per cent to its closing price yesterday. (SingTao Daily B2)

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