Wednesday, December 8, 2010

Hong Kong Stock Market Wrap December 7th, 2010

Agile Property Holdings (3383 HK) saw contracted sales soar around 64 per cent yoy to 25.4 billion yuan as of the end of Nov. Full-yr contracted sales target was achieved. Contracted sales area reached around 2.27 million sqm, up around 16 per cent yoy. Average price amounted to about 11189 yuan per sqm. Nov contracted sales was 2.8 billlion yuan, involving area of about 230000sqm. (Hong Kong Economic Journal P16)

Amber Energy expects (90 HK) net profit for the year ending 31 Dec to go up significantly yoy as natural gas supply in Zhejiang Province has improved since Q210. (Hong Kong Economic Times A10)

Asia Commercial Holdings (104 HK) announced interim results of 2010 in end Nov that its net profit surged over 100 per cent, mainly due to the 30 per cent growth in same-store sales during the period. The company is planning to set up 20-30 new-brand special stores and comprehensive stores in the mainland in next three years. (SingTao Daily B6)

Cathay Pacific Airways (293 HK) intends to replace business-class seats of its current fleets and new aircrafts, involving HK$1 billion, in order to respond to the competition from other airlines in business-class passengers. (SingTao Daily B4)

Hongkong Electric’s (6 HK) 10-year US$500 million worth bonds were well-received by investors. The coupon rate of the bonds is 4.25 per cent, while its bond yield is 4.341 per cent. Investors, totalled 150, have subscribed the bonds amounting to US$1.8 billion. (SingTao Daily B4)

HSBC Global Asset Management (5 HK), subsidiary of HSBC, announced in end Sept that assets in emerging market under its management have exceeded US$100 billion, accounting for around 25 per cent of the global assets of the lender. (SingTao Daily B4)

KWG Property (1813 HK) posted pre-sale income of about 500 million yuan in Nov and about 10.55 billion yuan for the first 11 months, exceeding its full-yr target by 5 per cent. The group says it has recently acquired sites in Chengdu, Shanghai and Tianjin, expecting its 2011 sales income to continue to go up sharply. (Hong Kong Economic Journal P16)

Longfor Properties (960 HK) reported Nov contracted sales of 4.05 billion. Contracted sales for the first 11 months hit 27.72 billion yuan, exceeding full year sales target by 12 per cent. (Hong Kong Economic Journal P16)

Leung Chi-Kin Stewart of New World Development (17 HK), aged 71, having served the group for 40 years, will retire from the group of all executive roles effective from 1 Jan and be re-designated as a non-executive director and principal adviser. Wong Man-Hoi will take his place as company secretary and an authorised representative. (Hong Kong Economic Times A10)

PAX Global Technology (327 HK), a EFT-POS terminal solutions provider in the mainland, starts opening its retail book today, planning to float 319.2 million shares at an offer price between HK$2.53 and HK$3.23 to raise up to HK$1.031 billion. Investors need to pay HK$3,262 for a board lot of 1,000 shares. The listing date is Dec 20 and CITIC Securities is the sponsor. (SingTao Daily B4)

Poly (Hong Kong) Investment’s (119 HK) sales for the first 11 months stood at around 10.1 billion yuan, gaining 38.4 per cent yoy. Contracted sales area was around 1.31 million sqm. (Hong Kong Economic Journal P16)

Tsingtao Brewery (168 HK) plans to acquire 100 per cent equity interest in Shandong Xin Immense Brewer, at a consideration of 1.873 billion yuan. Xin Immense Brewer owns the Silver Wheat brand, producing 550,000 liters a year. Tsingtao's takeover helped its shares climb 5 per cent to close at HK$42.95 yesterday. (SingTao Daily B5)

World Wide Touch Technology’s (1282 HK) offering closed yesterday afternoon. Market sources say the IPO was almost 20 times oversubscribed, locking in around HK$1.8 billion. Its shares will be priced between HK$0.85 and 1.05 each. (Hong Kong Economic Times A2)

Xinjiang Goldwind Science & Technology (646 HK) has successfully won the open tender of a concession project for supplying wind turbine generators to a wind farm developer, China Three Gorges New Energy Corporation in Kushui fourth wind farm at Hami, Xinjiang, involving 920 million yuan. (SingTao Daily B4)

Yardway Group (646 HK) announces to place 143 million shares at a price of HK$0.4335 per subscription share, representing around 18 per cent discount to its closing price of HK$0.53 before the trading suspension. The net proceeds of HK$60 million will be used for general working capital. (SingTao Daily B4)

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