Monday, January 3, 2011

Hong Kong Stock Market Wrap December 20th, 2010

BOC HK (2388 HK) announces that it will introduce BOC HK RMB Offshore Bond Index on Dec 31. The index comprises 28 RMB offshore bonds, with total value of about 54 billion yuan, covering 90 per cent of the market value. (Hong Kong Economic Times A10)

China Ruifeng Galaxy Renewable Energy (527 HK) issues US$18.5 million 2.5-yr convertible bonds, carrying an interest of 8 per cent pa, to CCB International. Conversion price is HK$1.5 per share. (SingTao Daily B4)

China Shenhua (1088 HK) announces the acquisition of several assets from its parent company in consideration of 5.63 billion yuan, including 56.61 per cent of Shenbao Company. (Hong Kong Economic Journal P.7)

The Listing Committee censures China Wireless Technologies (2369 HK) chairman Guo Deying and executive director Jiang Chao for breaching the Listing Rules in relation to a delay in publishing a profit warning announcement. (SingTao Daily B4)

Co-Prosperity (707 HK) enters into agreements with 2 independent third parties to issue to them 2-yr convertible bonds, carrying an interest of 1 per cent pa, in the aggregate principal amount of HK$50 million. Conversion price is HK$0.27 a share. (SingTao Daily B4)

Forte Land (2337 HK) announces that Mr. Fan Wei has resigned as the chairman, but remains as an executive director. Mr. Zhang Hua, an existing executive director, was appointed yesterday as the chairman. (Hong Kong Economic Journal P.8)

Global Tech (143 HK) lost HK$10.28 million for the year ended 30 Sep. Loss per share was HK$0.002. No final dividend was declared.(SingTao Daily B4)

R&F (2777 HK) announces that the group has achieved about 3.07 billion yuan sales as at December 19, meeting the full-year sales target earlier than planned. (Hong Kong Economic Journal P.8)

Kaisa Group (1638 HK) chairman Kwok Ying Shing has bought over 66 million shares of the company at HK$2.3 each on average during 5 trading days from 13-17 Dec. His shareholding in the company rose to 60.76 per cent. (SingTao Daily B4)

Securities dealers are pessimistic towards Li Ning (2331 HK) after its announcement last week on the order volume for Q2 next year. Morgan Stanley even reduces its target price 23 per cent to HK$19.4. Li Ning shares plunged yesterday and closed at HK$17.88. (Hong Kong Economic Journal P.4)

According to the HK stock exchange, NWS (659 HK) large shareholder Chow Tai Fook has increased its stake of NWS by 36.33 million shares, with an average price of HK$11.594, involving about HK$421 million. (Hong Kong Economic Journal P.8)

RCG (802 HK) Holdings expects its revenues in 2H10 to slightly exceed 1H revenues and expects to report lower net profit and net profit margin for the year 2010. (SingTao Daily B4)

Sa Sa (178 HK) is optimistic towards HK economy. Its chairman and CEO Kwok Siu Ming Simon forecasts the group will record a growth of over 10 per cent during Christmas and New Year holidays. Sa Sa plans to expand the number of shops in HK and Macau from 75 to 81 by the end of Mar next year. (Hong Kong Economic Journal P.8)

BEA (23 HK) announces that BEA China has obtained approval to issue RMB financial bonds worth up to 5 billion yuan in China’s interbank bond market. The bank plans to initially issue RMB financial bonds worth 2 billion yuan. David K.P. Li, chairman of BEA, says the issuance will enhance the asset and liability structure of BEA China. (SingTao Daily B4)

United Energy Group (467 HK) signs a 5-yr US$5 billion cooperation agreement with China Development Bank Corporation Hong Kong Branch in respect of its oil and gas and natural mineral resources projects. (SingTao Daily B4)

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