Friday, February 18, 2011

Hong Kong Stock Market Wrap Feburary 17th, 2011

Country Garden Holdings Company (2007 HK) planned to issue US$900 million senior notes due 2018. The interest rate is 11.125 per cent per annum. The estimated net proceeds of the Notes Issue will amount to approximately US$875 million (HK$6.825 billion). (Hong Kong Economic Times A12)

SINOPEC (386 HK) Corporation A shares announced that the company planned to issue RMB A share convertible totalling 23 billion yuan, with the conversion price per share at 9.73 yuan. Raised funds to be used ethylene projects in Wuhan, Anqing branch sour crude oil processing, adaptation and quality upgrades, Shijiazhuang refining and chemical branch upgrades and crude oil inferior quality reconstruction projects, Yulin – Jinan gas pipeline projects and Rizhao– Yizheng oil pipeline and related construction projects. (Hong Kong Economic Journal P9)

China Life Insurance (2628 HK) announces that, pursuant to the “Regulations regarding the Accounting Treatment of Insurance Contracts” issued by the Ministry of Finance, its Jan accumulated premium income was about 43.9 billion yuan, up 5 per cent yoy. (SingTao Daily B4)

CSR Corporation (1766 HK) announces that it has recently entered into certain material contracts, with an aggregate value of about 7.5 billion yuan. (SingTao Daily B4)

Dah Chong (1828 HK) intends to expand logistics and warehousing businesses in Mainland China. Mr. David Kuk, General Manager of Dah Chong Hong, noted yesterday that in the coming 2 to 3 years, the company planed to speed up its business networks in Mainland China and enhance local logistics support services, it also intended to develop cold chains nation wide, strengthening industrial chains in Guangzhou and Shenzhen with special focus on business in Xiamen. (Hong Kong Economic Journal P9)

Hsin Chong Construction (404 HK) announces that David Chu Shu-ho has tendered his resignation as its non-executive director and the chairman with effect from 16 Feb 2011 and Kenneth Chu Ting-kin has been appointed as the new chairman. (SingTao Daily B4)

Lenovo Group Limited (“Lenovo”) (992 HK) announced the unaudited results for the third quarter in FY2010/2011. The net profit for the 3rd quarter increased by 25 per cent to US$99.65 million (approximately HK$780 million), or 30.1 per cent over against that of the 2nd quarter, exceeding market expectations. Lenovo’s PC sales in the 3rd quarter supported market shares of Lenovo to 32.2 per cent record high. (Hong Kong Economic Journal P9)

Ping An Insurance (2318 HK) announces that the Jan accumulated written premiums of its subsidiaries Ping An Life, Ping An Property & Casualty, Ping An Health and Ping An Annuity were 25.4 billion, 8.85 billion, 34.38 million and 627 million yuan respectively. The data is not yet adjusted according to the requirement set out in the “No. 2 Interpretation of Accounting Standards for Business Enterprises” and the “Regulations regarding the Accounting Treatment of Insurance Contracts” in relation to the segregation of mixed insurance contracts and the testing on material insurance risks. (SingTao Daily B4)

Road King Infrastructure (1098 HK) proposes to issue new CNY denominated guaranteed senior notes, with a term of 3 years and an interest rate of around 6 per cent. (SingTao Daily B4)

SMIC (981 HK) reported the results for the fourth quarter (the three months ended December 31, 2010). The company read the net profit at US$68.57 million (approximately HK$535 million). (Hong Kong Economic Journal P9)

The board of Shun Tak Holdings Limited (242 HK) noted that disputes over Stanley Ho assets were not the interference in the company’s daily business operation. But the company intended to continue to monitor this case. The company made a clarification announcement that there were no substantial changes among shareholders, company management and business strategies. (Hong Kong Economic Times A12)

Siberian Mining Group (1142 HK) plans to place 260 million new shares to Uridul Asset Management at a price of HK$0.135 per share to raise HK$68 million. (SingTao Daily B4)

The Listing Committee of HKEx criticizes Smart Union Group (2700 HK) and its several executive directors for breaching the Exchange Listing Rules. They are executive directors Wu Kam Bun, Ho Wai Wah, Wong Wai Chuen and former executive director Lo Kwok Choi. (SingTao Daily B5)

Standard Chartered Bank (2888 HK) announced that they closed its banking operations in Ivory Coast. Standard Chartered Bank was the fourth bank this week that reported its business suspension in Ivory Coast. "Given the increasingly challenging operating environment in Ivory Coast, we have decided to temporarily suspend our operations there until it is safe to reopen", Standard Chartered said in a statement. (Hong Kong Economic Journal P8)

Yuexiu Property Company (123 HK) announces that its Jan contracted sales amounted to 790 million yuan, sinking 55 per cent yoy. (SingTao Daily B3)

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