IPO: Japan’s BALS Corporation, the parent company of Japan’s furniture and interior household accessory company—francfranc, plans to launch its IPO in Hong Kong. The company announced that they have set at least ten years’ plan aiming to develop markets in China and Hong Kong. The company intends to finance HK$3 billion for its IPO in Hong Kong. (Hong Kong Economic Journal P6)
Zoomlion (1157 HK) intended to invest 100 million yuan to enter into construction of local corporate insurance agencies in Hunan Province. The equity is initially set at value of 1.15 billion yuan. (Sing Tao Daily B15)
CCB Asia’s (939 HK) loans in Hong Kong surged by 29 per cent last year. Ms. Miranda Kwok, president of China Construction Bank (Asia), said the parent bank—China Construction Bank intended to seek acquisitions in Hong Kong. Ms. Kwok anticipates that the increase of loans this year will remain consistent with that of last year. (Sing Tao Daily B15)
Mr. Zhou Yong, Chief Executive Officer of China State Construction International Holdings Limited (3311 HK), said that the company intended to expand market in the second-tier cities in Mainland China. The company is making great efforts in developing affordable housing projects in Mainland China, with special focus on projects in Chongqing, Tianjin and Chengdu. The gross profit margin for affordable housing projects stood at over 10 per cent, Mr. Zhou noted. (Hong Kong Economic Times A10)
Haitian International Holdings Limited (1882 HK) issued positive profit alert yesterday. The company is reported to see a significant increase in unaudited net profit for the year ended in 31 December 2010. It is preliminarily expected that the profit attributable to the company’s shareholders to increase by over 100 percent when compared with the profit of 450 million yuan in 2009. (Hong Kong Economic Times A11)
Sino Land Company’s (83 HK) basic earnings excluding a net surplus on revaluation of investment properties are expected to stand at between HK$2.8 billion and HK$3.08 billion, or up 38 per cent to 51 per cent for the year ended 31 December 2010. (Sing Tao Daily B15)
\US’ Groupon has teamed up with Tencent Holdings (700) to launch a group-buying site in China-- Gaopeng.com, with each side investing US$50 million. (Sing Tao Daily B15)
Vodone Limited (82 HK) announced yesterday that the company was expected to report a significant increase in unaudited net profit for the year ended 31 December 2010 as compared to the year ended 31 December 2009, or HK$105.3 billion in net profit. The company’s telecommunication media services, mobile lottery and games contributed to such an increase. (Hong Kong Economic Times A11)
China Forestry (930 HK) removed on 14 Feb Li Han Chun as its CEO and announced that all of his powers and duties shall cease with immediate effect. Li Jian has been appointed as the acting CEO. (Hong Kong Economic Times A11)
China Motor Bus (26 HK) posted profit attributable to shareholders of HK$275 million for the 6 months ended 31 Dec 2010, down 18.6 per cent. EPS amounted to HK$6.04. It has resolved to pay an interim dividend of HK$0.10 per share and a special dividend of HK$0.5 per share, i.e. HK$0.6 per share in aggregate. (SingTao Daily B12)
China Unicom (Hong Kong) (762 HK) recorded net additions of 3G service subscribers of 1.407 million in Jan. Aggregate number of 3G service subscribers rose to 15.467 million. Aggregate number of 2G service subscribers reached 154 million. (Hong Kong Economic Times A11)
Convoy Financial Services (1019 HK) expects a substantial increase in last year’s net profit due to an increase in brokerage commission income derived from sale of Investment-linked Assurance Schemes and other insurance products. (SingTao Daily B12)
GCL-Poly Energy (3800 HK) announces that it has approved an investment of around HK$17.7 billion in the polysilicon and wafer facilities in the PRC in 2011 and 2012. The company says that it renewed and entered into new long-term polysilicon products and wafer supply contracts in 2H10 so it has to increase its capacities in order to fulfill the obligations of these contracts over the next 4 to 6 years. (SingTao Daily B12)
Imagi International (585 HK) will purchase a holding company of Toon Express Group for a consideration of HK$814 million, to be settled partly in cash and partly by the issuance of consideration shares and promissory notes. Toon Express Group owns the brand Pleasant Goat and Big Big Wolf (喜羊羊與灰太狼). Imagi International will place shares to 8 investors including Yung Chi Kin to raise HK$359 million to pay part of the consideration. (Hong Kong Economic Journal P4)
Moiselle International (130 HK) has agreed to acquire from Wheelock And Company (0020) the entire 17th floor of One Island South, 2 Heung Yip Road, Wong Chuk Hang for a purchase price of HK$187 million. The property comprises a total gross floor area of 29,800 sq feet and will be used as its office in HK. (Hong Kong Economic Journal P5)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
