Monday, December 6, 2010

Hong Kong Stock Market Wrap December 3rd, 2010

Agile Property (3383 HK) has successfully bid for a commercial and residential site located at Chancheng district, the downtown of Foshan, at a consideration of 530 million yuan. The gross floor area of the land is more than 73,700 square meters, while the land price per floor area is around 7,122 yuan per square meter. (SingTao Daily B3)

Chinalco, parent of Aluminum Corp. of China Limited (2600 HK), has signed a MOU with Rio Tinto in Beijing. Both parties agreed to establish a joint venture company, aiming to explore mineral resources in China. The JV company will be owned by Chinalco and Rio Tinto as to 51 per cent and 49 per cent respectively. (SingTao Daily B3)

China Suntien Green Energy Corp. (956 HK) announces that its CDM project has recently been successfully registered with the United Nations. It expects that the project may contribute to the company’s profit by about 10 million yuan per annum for year 2011 and 2012. (SingTao Daily B3)

CSR Corporation (1766 HK) is actively expanding its overseas markets, planning to raise the proportion of the turnover of its overseas business to 20 per cent in 2015. The company is teaming up with the US-based General Electric Co. for involving in several express rail link construction projects in the US currently. (Hong Kong Economic Journal P4)

Morning Star Resources (542 HK) is planning to dispose the entire issued share capital of Morning Star Securities Limited to VMS Investment Group. The consideration will be the net asset value plus a premium of HK$3 million. The proceeds from the disposal will be used for travel-related service business. (SingTao Daily B3)

Singamas Container Holdings (716 HK) expects to record a profit for the financial year ending 31 Dec 2010 as compared to a loss last year. The positive turnaround of the results is mainly due to growing container demand as a result from improving global trading activities since the end of 2009, higher selling prices, an overall strengthening of internal management and effective cost control strategies. (Hong Kong Economic Times A8)

Viva china (8032 HK), formerly known as Coolpoint Energy Limited, has appointed Michael Ng Chi-man as the chief executive officer and executive director with effect from 3 Dec 2010. Michael Ng worked for China Travel International Investment Hong Kong Limtied (0308) and Shun Tak Holdings Limited (0242) prior to joining the company. (SingTao Daily B3)

Apollo Solar Energy Technology (566 HK) announces that it has successfully secured a sales contract through its indirect wholly-owned subsidiary Apollo Precision (Fujian) Limited, for a total contract sum of around HK$306 million. (Hong Kong Economic Journal P8)

CATIC Shenzhen (161 HK) plans to acquire a target group engaging in logistics, manufacturing and real estate industries from subsidiaries of its holding company AVIC International. The preliminary valuation of the target group was around 4.151 billion yuan. (SingTao Daily B6)

Emperor International (163 HK) plans to acquire a prime site situated in the Yu Shan district of Shanghai from Emperor Entertainment Hotel (0296), at a consideration of around HK$1.063 billion. (SingTao Daily B6)

Futong Technology Development (465 HK) has through its wholly-owned subsidiaries entered into a subscription agreement with subsidiaries of EMC Group. The purpose of signing the agreement is for setting up a joint venture company by both companies. (Hong Kong Economic Journal P8)

Kaisa Group (1638 HK) achieved contracted sales of 784 million yuan in Nov. The total contracted sales from Jan to Nov this year amounted to 8.5 billion yuan, soaring 67 per cent year on year.
(SingTao Daily B6)

Kaisun Energy Group (8203 HK) has acquired a coal firm for US$39 million (around HK$300 million) recently. The company plans to transport most of its products to China and to sell the products after finishing processing. (SingTao Daily B6)

Poly (Hong Kong) Investments (119 HK), which shifted to real estate business last year, hit 10 billion yuan of its home sale turnover this year. The company intends to raise its sales target to 18 billion yuan for 2011, expecting the average price of properties per square meter to rise 15 per cent next year. (Hong Kong Economic Times A10)

Superb Summit International Timber (1228 HK) entered into a strategic cooperative framework agreement with Tianjin Port (Group) Co., Ltd. Both companies agreed to make strategic investments in the other party’s subsidiaries. Superb Summit will make investment in a Tianjin Port’s project for development and construction of a port for imported timber in the harbor-side industrial area of Tianjin Binhai New Area, China. (SingTao Daily B6)

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