IPO: China 33 Media Group plans to list on the GEM board on 28 Feb to raise 300 million to 400 million. Market sources say it will kick off roadshow next week. (Hong Kong Economic Times A10)
China Kangda Food Company (834 HK) expects a significant decline in the consolidated net profit for the year ended 31 Dec 2010, which is mainly attributable to an increase in the operating costs, including labour and raw materials costs in the PRC and an oversupply of chicken meat products to the PRC domestic market resulting from keen competition. (Hong Kong Economic Journal P4)
China Star Entertainment (326 HK) has entered into a subscription agreement with Eternity Investment (0764). It has agreed to issue CBs in the maximum principal amount of HK$650 million in 2 tranches at their face value to the latter. It intends to apply the net proceeds of HK$100 million to satisfy part of the total consideration for acquiring property leasehold right of certain sites. (Hong Kong Economic Journal P6)
CK Life Sciences (775 HK) announced yesterday that the company completed acquisition of 72.26 per cent of equity interest of Australian and New Zealand Vineyard’s Challenger Wine Trust (CWT). The acquisition will enhance CK Life Sciences’ agricultural investment portfolio. Related capitals will bring cash flexibility to the company. (Sing Tao Daily B4)
Climax International Company (439 HK) announced that the company entered into a conditional sale and purchase agreement with an independent third party. Climax International agreed to purchase the entire issued share capital of a company which, together with its subsidiaries, is principally engaged in manufacture and sale of paper packaging products and paper gift items and the printing of paper promotional materials. (Sing Tao Daily B4)
CST Mining Group’s (985 HK) copper ores came into production at the end of last year. CST Mining projects increasing output this year. In respect of the surging appreciation of Australian dollar, which triggered the increasing cost of copper production (cost per pound at US$1.5 to US$1.6), the expanding production of the company will offset the negative effect to some extent. (Sing Tao Daily B8)
CT Holdings (International) (1008 HK) expects a significant drop in net profit for the year ended 31 Dec 2010, which was primarily caused by a significant increase in cost of goods sold due to the upsurge in cost of raw materials and direct manufacturing costs. In addition, an increase in freight and transportation cost had also resulted in the decrease. (Hong Kong Economic Journal P4)
ePRO (8086 HK) recorded net profit attributable to shareholders of HK$18.59 million for the 6 months ended 31 Dec 2010, jumping 11.3x yoy. It does not recommend the payment of interim dividend. (Hong Kong Economic Journal P6)
Securities firms in general expect Esprit Holdings’ (330 HK) interim profit to go down around 20 per cent. Daiwa Institute of Research lowers its target price for the company to HK$36.2, maintaining a Hold rating. (Hong Kong Economic Times A10)
Finet Group’s (8317 HK) consolidated loss for the 9 months ended 31 Dec 2010 was HK$26.76 million. Turnover amounted to HK$26.8 million, a yoy increase of 12 per cent. The company does not recommend the payment of dividend. (Hong Kong Economic Journal P6)
Industrial Bank, (11 HK) whose partial interests held by Hang Seng Bank, plans to buy a 51-percent stake of Union Trust for 852 million yuan (US$129 million) from investors including New Hope Group, the Fujian Province-based lender. (Sing Tao Daily B4)
Hong Kong Exchanges and Clearing Limited (388 HK) will carry out renminbi new shares system testing in March. Sun Hung Kai & Co. (0086) said they were fully prepared for the coming new RMB IPO. The company said it could borrow renminbi from banks to cope with money exchange problems. The flexibility of margins is yet to be settled. (Sing Tao Daily B4)
Peak Sport (1968 HK) witnessed an annual growth rate of 13 per cent in revenue in the fourth quarter in 2010, taking the lead among its rivals. Peak Sport is the only one sports company in Mainland China that builds partner relationship with US’ NBA. Peak Sport projects to increase 800 new shops and the total number of shops will exceed 8,000. (Sing Tao Daily B9)
The acquisition of hawthorn tea business boosts Sewco International’s (209 HK) profits. Sew International is the first company that introduces hawthorn tea business to the market and has a stable supply from hawthorn orchards. The company planned to optimise its product portfolio and build new production lines to increase its output and expand its market. (Sing Tao Daily B9)
Second-tier domestic (1368 HK) sports brands dashed into digit increase. Xtep announced yesterday that the company’s orders for the third quarter increased 24 per cent at annual growth rate, which is benefited from the augmentation of orders and the increase of average sale price. Orders of shoes and clothes recorded double digit year-on-year increase. (Sing Tao Daily B3)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
