Asia Cement’s (743 HK) interim net profit drops 65 per cent to only 168 million yuan due to the excessive production of cement in Sichuan. Its CEO Mr. CHANG Tsai-hsiung said that the price of cement rebounded in the second half of the year, so the full-year net profit was expected to drop not more than 20 per cent. (Hong Kong Economic Journal 4)
Zoomlion Heavy (1157 HK) opened high yesterday and closed at HK$16.18, 8.01 per cent higher than the IPO price of HK14.98, representing a gain of HK$240 per board lot (200 shares). (Hong Kong Economic Times A10)
China Gogreen (397 HK) says the rights shares validly accepted and applied for represent only 43.54 per cent of the total number of rights shares offered. The issue was under-subscribed by 3.459 billion rights shares. (SingTao Daily B2)
China National Materials (1893 HK) announces the resignation of Mr. Zhou Yuxian as the executive director and president as well as his positions in the strategy committee and nomination committee of the board of directors due to work re-designation pursuant to the arrangement by the State-owned Assets Supervision and Administration Commission of the State Council, with effect from this Wednesday. (Hong Kong Economic Journal 4)
China Railway Group (390 HK) plans to issue yuan bonds of a principal amount not exceeding the equivalence of 19 billion yuan with a term not exceeding a year in single or multiple tranches. (SingTao Daily B2)
Chongqing Iron & Steel Company (1053 HK) decides to invest in 2 projects of its parent. It will invest 730 million yuan in total. (SingTao Daily B2)
Hengxin Technology (1085 HK) closed at HK$2.22, 1 per cent lower than IPO price. Not taking charges into account, shareholders suffered a paper loss of HK$60 for a lot. (SingTao Daily B1)
Daiwa (388 HK) maintains an Outperform rating on Hong Kong Exchanges and Clearing, setting a HK$216 price target for the bourse, a 23 per cent premium to yesterday’s closing price. (SingTao Daily B1)
HSBC (5 HK) ANNOUNCES SENIOR MANAGEMENT MOVEMENT HSBC announced yesterday the appointment of Alan Keir, currently global co-head of Commercial Banking and head of Commercial Banking Europe, as the global head of commercial banking with effect from 1 January 2011. (Hong Kong Economic Journal 4)
ICBC (1398 HK) announces the results of the H share rights issue. It has received valid acceptances in respect of 3.702 billion rights shares and applications in respect of 28.663 billion rights shares, representing approximately 766.89% of the total number of H rights shares. (Hong Kong Economic Times A10)
Ming Kei Holdings (8239 HK) proposed a bonus issue on the basis of 1 bonus share for every 1 existing share as a token of gratitude to shareholders for loyalty to and support of the company and to enhance the liquidity of shares. (SingTao Daily B2)
Pan Asia Mining (8173 HK) proposes a consolidation of every 50 issued and unissued shares into 1 consolidated share and then to raise not less than HK$380 million by way of a rights issue at a subscription price of HK$0.5 per rights share on the basis of 5 rights shares for every 1 consolidated share. (SingTao Daily B2)
Sino-Ocean Land (3377 HK) intends to establish a joint venture with Super Goal, a member of the NF Group, for the commercial property development project located at CBD area in Chaoyang District, Beijing. (Hong Kong Economic Times A10)
Mikhail Prokhorov (486 HK), a major shareholder of United Company Rusal, said the value of United Company Rusal could rise at least 50 per cent once it agrees to sell its interests in Norilsk. (Hong Kong Economic Times A10)
Unity Investments Holdings (913 HK) announces that as at 17 Dec, the total valid acceptances and applications received represented about 84.55 per cent of the total number of rights shares available. The untaken rights shares represented around 15.45 per cent of the total number of rights shares available for subscription. (SingTao Daily B2)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
