Cheung Kong Infrastructure Holdings Limited (1038 HK) entered into making an offer to E.ON (EONGn.DE) for Britain's second-largest electricity distribution network. Projected after-tax rate of return will be only 11 per cent after the transaction. (Sing Tao Daily B2)
Mr. Li Han Chun, CEO of China Forestry (930 HK), with his Top Wisdom Overseas Holdings Limited, are prohibited by Securities and Futures Commission (SFC) from involving in activities of non-compliance of China Forestry’s books and unauthorized transfer or reduction of assets worth of HK$398 million. SFC also requested Mr. Li and Top Wisdom to clearly list relevant assets of the company or they shall face a lawsuit. (Sing Tao Daily B3)
China Shenhua Energy Company (1088 HK) releases 2010 financial data prepared in accordance with the China Accounting Standards for Business Enterprises. Net profit attributable to equity shareholders amounted to 37.188 billion yuan, up 22.8 per cent yoy. Revenues reached 152.063 billion yuan, up 25.3 per cent yoy. (Hong Kong Economic Journal P5)
China Solar Energy Holdings Limited (155 HK) (China Solar Energy) planned to enter into acquisition of the entire share capital of Stream Fund High-Tech Group Corporation Limited at consideration of HK$309 million and over HK$40 million convertible notes. (Sing Tao Daily B3)
China Timber Resources Group Limited (269 HK) (China Timber Resources) invested in the Inner Mongolian coal highways and offered a great number of shares to finance for further development. Li Ka Shing Foundation was one of his new subscribers. (Sing Tao Daily B8)
Culture Landmark Investment’s (674 HK) wholly-owned subsidiary Win Castle Group has entered into an agreement with Cheng Films and Video Production to acquire 1053186 preference A shares of Xinya Media Private at a cash consideration of US$3 million. (Hong Kong Economic Journal P5)
HSBC Holdings (5 HK) reportedly plans to announce quarterly results. It is expected that the plan will be confirmed later this year or early next year. Analyst believes the move will make it more convenient for the bank to apply for a listing in the mainland. (Hong Kong Economic Journal P2)
Hycomm Wireless (499 HK) announced yesterday that Regal Power Investments Limited (Regal Power) transferred 60 million shares in the company to to Solar Fortune Investments Limited (Solar Fortune). Regal Power is wholly and beneficially owned by Mr. Chan Yuen Ming. Solar Fortune is wholly and beneficially owned by Mr. Kong Lingbiao. Solar Fortune and Mr. Kong do not hold any interest in the Company immediately before the Shares Transfer. (Sing Tao Daily B3)
In respect of US economic recovery and its upward trend, Man Wah Holdings Limited (1999 HK) embraces more business opportunities in order to answer the increasing demand from sofa markets, especially from Mainland China, which emphasized high-end and function-equipped sofas, and from the mainland’s theatres, high-speed railways and home building supplies. (Sing Tao Daily B9)
Ming Kei Holdings (8239 HK) announces that loss attributable to owners of the company was HK$97.427 million for the 9 months ended 31 Dec. Loss per share from continuing and discontinued operations was 61.91 HK cents. No dividend will be paid. (Hong Kong Economic Journal P5)
Newocean Energy Holdings Limited (Newocean Energy) (342 HK) announced that in respect of the Facility Agreement for a term loan facility in the aggregate amount of US$42 million on 28 Jan. 2011, Newocean planned to apply that amount for the purpose of refinancing. The loan to be made to the Company pursuant to the Facility Agreement will be repayable in instalments, with the last instalment falling due 48 months from the date of the Facility Agreement. (Sing Tao Daily B2)
Market sources say Sino Land Company (83 HK) will launch its residential project at 270 Cheung Sha Wan soon, providing 96 units in total. (Hong Kong Economic Times A5)
TVB (511 HK) has appointed Prudence Chan Bik-wah, former Octopus chief executive, as general manager – International Operations effective 8 Feb 2011. (Hong Kong Economic Times A7)
The Bank of East Asia (23 HK) announced that its business promotion plan--Kid Master Promotion for the Year of the Rabbit. From now until 31st May, 2011, customers under the age of 18 who open a Kid Master Savings Account with an initial deposit of just HK$1,000 will receive a gift certificate of HK$50 from McDonald’s. (Sing Tao Daily B2)
Uni-Bio Science Group (690 HK) is engaged in discussion with the stock exchange over the question as to the resumption of trading of its shares. Further announcement will be made in the event of a material development of the resumption process. Trading in its shares has been suspended since 9 Mar, 2010. (Hong Kong Economic Journal P5)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
