The business volume of cross-border RMB trade settlement of Bank of China (BOC) (3988 HK) hit 160 billion yuan last year. The market share of this company still took the lead of its rivals. BOC’s volume of international trade settlement hiked 42 per cent. (Sing Tao Daily B2)
Orders of Chu Kong Petroleum (1938 HK) and Natural Gas Steel Pipe (Chu Kong) in the fourth quarter surged. Under the development of the Twelfth Five-Year Plan of China, new projects will call for help from steel pipes. As the biggest steel pipe producer, Chu Kong faces fruitful opportunities with such as China-Russia oil pipelines, Central Asia natural gas pipelines and West-East natural gas transmission project phase III this year. (Sing Tao Daily B8)
Country Garden (2007 HK) announced yesterday that the company planned to issue senior notes with a 7-year tenure. Country Garden issued USD high yield notes twice in the last year. (Sing Tao Daily B2)
Hong Kong Exchanges (388 HK) and Clearing’s chairman Arculli Ronald Joseph says HK has no technical problem launching yuan IPO and that the exchange will meet the industry next month to explain the procedures of yuan IPO. (Hong Kong Economic Times A4)
UBS reiterates a Buy rating on HSBC Holdings (5 HK), maintaining an 800 pence price target for the bank. (Hong Kong Economic Times A3)
Mr. Jiang Jianqing, ICBC Chairman (1398 HK), recently said that ICBC loans grew 16.9 per cent last year, 1 per cent lower than the average growth of loans in the overall market. ICBC intended to adjust its business model by reducing its spread income proportion to 40 per cent within ten years. (Sing Tao Daily B3)
Ming Fung Jewellery (860 HK) announced that the company entered into the memorandum of understanding with Italian brand--DAMIANI in relation to the distribution and sale of jewellery products and watches bearing the trademark of DAMIANI for a minimum term of five years. (Sing Tao Daily B2)
MTR Corporation (66 HK) will call for tenders for projects at Nam Cheong Station and Tai Wai Station, etc this year, involving around 9,861 units in total. It is expected that the project at Nam Cheong Station will be launched in mid-2011. (Hong Kong Economic Times A2)
Paradise Entertainment (1180 HK) announced that the company entered into an agreement with Nam Kwong (Hong Kong) Investment Management Limited (Nam Kwong) in relation to a possible portion or up to 100 per cent of equity interest in Nam Kwong. (Sing Tao Daily B2)
According to the Q4 financial results released by Sands China‘s (1928 HK) controlling shareholder Las Vegas Sands, total net revenues for Sands China increased 13.1 per cent to US$1.09 billion. Adjusted property EBITDA increased 36.7 per cent to US$332.8 million. (Hong Kong Economic Times A7)
Sino-Tech International Holdings (724 HK) is currently in an advanced stage of negotiations with vendors for finalizing possible amendments to certain terms of a first acquisition agreement and a second acquisition agreement in relation to an acquisition of the entire interest in CITIC Logistics Company. No definite agreement has, however, been signed. (Hong Kong Economic Journal P5)
Mr. Sung Kin Man, CEO of Sino Prosper (766 HK), noted yesterday that the company would pick up its speed in gold production. The company’s mines in Inner Mongolia are expected to build four vertical shafts as soon as in the middle of this year and the output will reach the target of 2,500 tons per day. He emphasized that holding 300 million yuan in cash; the company will look for more acquisition opportunities of mines of precious metals in Mainland China. (Sing Tao Daily B3)
Xingye Copper International (505 HK) expects a significant decline in its 2010 profit, which was mainly attributable to a loss recognized on the derivative financial instruments. It has been part of its business operation to enter into copper futures contracts to hedge its exposure against copper price fluctuations of raw materials. It recorded a loss for the futures contracts due to significant increase in the price of copper commodities last year. Profits embedded in its physical inventories would only be realized after the end of 2010 when the actual sale of its copper products is made. (Hong Kong Economic Journal P2)
Benefited from China’s affordable home building projects, Xinyi Glass Holdings Limited (Xinyi Glass) (868 HK) is expected to hold good business opportunities this year. In order to meet the demand of solar energy and photovoltaic power generation systems in Mainland China, Japan, Europe and America, Xinyi Glass intends to inject 3 billion yuan into Wuhu and Tianjin projects, which total 3 volt ultra-white glass production lines and 7 float glass production lines. (Sing Tao Daily B9)
Z-Obee Holdings (948 HK) announces that Shum Hoi Luen has tendered his resignation as CFO, joint company secretary and authorized representative and Tong Chi Cheong has been appointed to take his place with effect from 6 Feb 2011. (Hong Kong Economic Journal P5)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
