IPO: Galaxy Resources suffered a setback from earthquakes in Japan. The company planned to delay its IPO in Hong Kong due to unclear prospect in Hong Kong stocks. (Hong Kong Economic Times A12)
BYD Company’s (1211 HK) net profit for 2010 plunged 33.5 percent. The company’s debt ratio surged to 65 percent from 8 percent in 2009. Mr. Wang Chuan-fu, CEO of BYD Company notes that the company does not intend to expand automobile capacity this year and will control the number of distributors. The company intends to promote its net profit margin and cut its liabilities through issuance of A shares and other channels of proceeds. (Hong Kong Economic Journal P8)
China Fire Safety Enterprise (445 HK) expects its audited consolidated annual results for the year ended 31 December 2010 to be a loss on significant increase in allowance for doubtful debts due to the bad receivables recoverability.(SingTao Daily B4)
Coslight Technology International (1043 HK) expects a substantial decrease in profit for the year ended 31 December 2010 due to a substantial decrease in profit from its core business in manufacturing and supplying sealed lead acid batteries. (SingTao Daily B4)
China Vanadium Titano-Magnetite Mining Company (893 HK) announced its net profit for 2010 saw an increase of 62.7 percent year-on-year to RMB533 million. The company proposed a final dividend of HK$0.062 per share. (Hong Kong Economic Times A13)
China Zhengtong Auto Services (1728 HK) announced its net profit experienced an increase of 89 percent to 276 million yuan for the year ended 31 December 2010. No final dividend per share was proposed. (Hong Kong Economic Times A13)
Evergrande Real Estate Group (3333 HK) announced in Feb the company realized contract sales revenue of RMB4.5 billion, or an annual increase of 260 percent. The company now has 40 percent of its total projects in the third-tier cities in Mainland China. The company also intends to march into the market of the first-tier cities through its low-income housing construction projects. (Hong Kong Economic Times A13)
First Tractor Company Limited (38 HK) has successfully won a bid for an acquisition of certain assets of Mc Cormick France SAS at a bidding price of €8,000,000. (SingTao Daily B2)
Fubon Financial (636 HK) has notified Fubon Bank that after taking into account market feedback on the privatization scheme proposal, the cancellation consideration under the scheme proposal is to be increased from HK$5 for every scheme share cancelled to HK$5.2 for every scheme share cancelled and the scheme proposal will be adjusted accordingly. (SingTao Daily B2)
Hong Kong Exchanges and Clearing Limited (388 HK) announces that between August 2009 to July 2010, 62 proposed transactions were identified to have characteristics of backdoor listings, of which 5 cases were considered extreme and to be treated as new listings. (SingTao Daily B5)
Ping An Insurance (2318 HK) announced after suspension of trading yesterday that Chow Tai Fook Enterprises, privately held by Mr. Cheng Yu-tung, Chairman of New World Development (0017), planned to subscribe for 272,000,000 new H shares in the company, representing approximately 3.44 percent of the total enlarged issued share capital of the company. The aggregate subscription price was HK$19,448 million. (Hong Kong Economic Times A12)
Scud Shenzhen, a wholly-owned subsidiary of SCUD Group (1399 HK), has entered into a sale and purchase agreements with Fujian Netcom and has agreed to sell various types of batteries to the latter for a total consideration of around 5,000,000 yuan. (SingTao Daily B2)
The Commercial Court of Nanterre has delivered a judgment of first instance which ruled that all the defendants, namely, TCL Corporation (1070 HK), TCL Multimedia Technology and four of its wholly owned subsidiaries be jointly and severally liable to compensate the official liquidator of TTE Europe (i) damages of 23,100,000 euro and (ii) legal costs of 30,000 euro. TCL Multimedia Technology disagrees with the first writ judgment and will take all necessary steps to appeal against it. (SingTao Daily B2)
The Hong Kong Building (145 HK) and Loan Agency expects a substantial increase in loss for the year ended 31 December 2010, mainly attributable to the fair value changes on financial asset held for trading. (SingTao Daily B4)
Zhejiang Expressway (576 HK) announced its net profit for 2010 increased by 4.2 percent year-on-year to RMB1.87 billion, with earnings per share of RMB0.4309. The company recommended a final dividend of RMB0.25 per share. The company notes that it is positively seeking acquisition opportunities of roads and has acquisition targets but no further details to be disclosed for the time being. (Hong Kong Economic Journal P8)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
