Alco Holdings (0328 HK) has entered into a provisional agreement for a disposal of a building on No.9 Lok Yip Road, Fanling at a consideration of HK$206,000,000. The gain expected to accrue to the group after the disposal is HK$85,000,000. (SingTao Daily B4)
Asia Cement (China) (743 HK) is expected to record over 250 percent increase year-on-year of its net profit for the first quarter ended 31 March 2011. (Hong Kong Economic Times A14)
Bingo Group (8220 HK) has entered into the MOU with CineChina in respect of formation of the joint venture for investment in and management of high-end digital cinemas in China. The joint venture will own not less than 36 cinemas within 3 years after its formation. (Hong Kong Economic Journal P9)
China National Materials (1893 HK) has entered into 7 engineering, procurement and construction contracts covering projects including the engineering, procurement and construction of production lines in places such as Nigeria. The aggregated consideration of the projects is US$1,426,228,358. (SingTao Daily B4)
China Power International Development (2380 HK) proposes to issue RMB denominated RMB 982 million USD settled 2.25% convertible bonds due 2016. (SingTao Daily B4)
CITIC Pacific (267 HK) has applied for the listing of and permission to deal in U.S.$750,000,000 perpetual subordinated capital securities and U.S.$500,000,000 6.625% notes due 2021. (SingTao Daily B4)
Far East Global Group (830 HK) notes that the company’s business in North America will become the focus of development in the future. The company intends to make one-two acquisition offers of the local medium-sized construction and renovations companies, at an expected amount of US$20 million-US$30 million for the acquisition of each company. (Hong Kong Economic Journal P9)
Hisense Kelon Electrical Holdings Company (921 HK) expects that the company’s net profit in the first quarter 2011 will amount to RMB90.6 million-RMB113 million, representing a growth of 100 percent –150 percent compared to the same period last year. (Hong Kong Economic Times A14)
Glorious Property Holdings (845 HK) posted contracted sales of 1.102b yuan in March, surging 229pc yoy. (SingTao Daily B4)
Greentown China (3900 HK) booked contracted sales of 1.3b yuan in March, diving 75pc yoy. (SingTao Daily B4)
Little Sheep Group (968 HK) has entered into the Capital Increase Agreement with the investors. Investors and Little Sheep PRC will own 70 percent and 30 percent respectively of equity interests in Little Sheep Meat, a wholly owned subsidiary of the group. This move will not pose a hindrance to raw materials supply for the group. (Hong Kong Economic Times A12)
Ping An of China Asset Management (Hong Kong) (2318 HK) is set to launch its first offshore yuan-denominated bond fund today. The company is expected to raise RMB300 million-RMB500 million for its IPO and has confidence to grow the size gradually. (Hong Kong Economic Times A14)
Sino-Ocean Land (3377 HK) announced business statistics in March 2011. The sales result in March experienced a tremendous drop of 46 percent on a monthly basis to RMB1.1 billion. The sales in the first quarter in 2011achieved no more than 20 percent of the company’s whole-year sales target. (Hong Kong Economic Journal P11)
Springland International (1700 HK) has entered into a framework agreement pursuant to which it agreed to purchase a property in Xuancheng City for an aggregate cash consideration of RMB461.62 million. The expected gross floor area of the property is about 53,000 square meters. The company plans to open a new department store and supermarket in the property. (SingTao Daily B4)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
