China Agri-Industries (606 HK) expects its 2010 profit to decrease by 13 per cent yoy mainly because the profits derived from oilseeds business and rice business dropped. (Hong Kong Economic Times A9)
CRCCG (1186 HK) has agreed to pay 2.077 billion yuan to China Railway Construction Corporation Limited. The latter will cease to bear or enjoy any subsequent loss or profit of the Al-Mashaaer Al-Mugadassah metro light rail project in Saudi Arabia, all of which will then be borne or enjoyed by the former. (Hong Kong Economic Journal P1)
China Zhongwang (1333 HK) expects its 2010 net profit to decline by more than 25 per cent yoy partly because its export sales to the US went down as the country has conducted anti-dumping and countervailing duties investigations on certain aluminium extrusion products exported from China. (Hong Kong Economic Journal P5)
Evergrande Real Estate Group (3333 HK) will acquire 71 per cent interest in the registered capital of Shenzhen Construction (Group) for 1.66 billion yuan. Shenzhen Construction (Group) will be held as to 29 per cent by Shenzhen Investment Holding. (Hong Kong Economic Times A9)
Sinopec Shanghai Petrochemical Company (338 HK) expects 2010 net profit to increase by 50-70 per cent yoy as crude oil processing volume and outputs of ethylene, some important intermediate petrochemicals and plastics recorded historic highs. (SingTao Daily B14)
Sinopec Yizheng Chemical Fibre (1033 HK) expects its 2010 net profit to jump by more than 200 per cent yoy as the prices of domestic polyester products increased markedly and the profit margin of polyester products was improved. (SingTao Daily B14)
Value Partners Group (806 HK) has entered into an agreement to set up a JV private equity fund management company with Yunnan Industrial Investment in Kumming, Yunnan, planning to establish a Renminbi -denominated private equity fund by the end of the year to raise around 500 million yuan. (Hong Kong Economic Journal P2)
Cheung Kong (1038 HK) is in progress of bidding for electricity networks in middle of England. According to The Sunday Times, Li Ka Sing also sent consultants to Irish ports and electric companies there. (Sing Tao Daily B17)
China Power New Energy (735 HK) issued new shares, valued at HK$2.1 billion, to China Yangtze Power to expand its power generating projects. China Yangtze Power became the primary shareholder with 26.2 per cent of holdings of China Power New Energy. (Sing Tao Daily B17)
China Unicom (762 HK) decided to purchase price for all Telefónica Treasury shares of EUR370 million. The transaction is due to be completed before 27 January. (Sing Tao Daily B18)
CNOOC (883 HK) announced that the Company and CNOOC Finance (2011) entered into a Purchase Agreement with Barclays Capital, BOC International, BofA Merrill Lynch, Citi, Goldman Sachs and J.P. Morgan in connection with the issuance of the 2021 Notes and 2041 Notes. (Hong Kong Economic Times A8)
Hang Lung (101 HK) says they are in lack of huge profits compared with the same period last year. The profits are in tremendous regression, slumping 80 per cent. (Sing Tao Daily B17)
ICBC (1398 HK) announced yesterday the bank had entered into agreement of connected transaction with BEA. ICBC purchased 80 per cent of interest in the BEA, totalling HK$1 billion. (Hong Kong Economic Journal P2)
Li Ning (2331 HK) encountered a big challenge brought by its rival Anta. Li Ning decided to integrate distributing channels to catch up new changes. It is estimated that new moderation and adjustment take effective in the second half till the end of this year. (Sing Tao Daily B14)
PCCW (8 HK) offered HK$100 thousand for its new quiz programme to attract more customers. Patent application was approved for this software development. PCCW considered providing more bonus for this programme based on market reaction. (Sing Tao Daily B15)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
