Tuesday, April 26, 2011

Hong Kong Stock Market Wrap April 21th, 2011

China Everbright (165 HK) has agreed to sell 51% of the issued share capital of the Everbright Securities (International) to Everbright Securities Financial Holdings at a consideration of HK$891 million. It estimates that the expected gain arising from the disposal is roughly HK$675 million. (Hong Kong Economic Times A11)

China Life Insurance Company (2628 HK) booked net profit attributable to shareholders of 7,971 million yuan for the three months ended 31 March 2011, down 22.0 yoy. Premiums earned reached 122,024 million yuan, with a growth rate of 10.9%. (Hong Kong Economic Times A10)

China ZhengTong Auto (1728 HK) Services has agreed to acquire the entire issued and paid-up share capital of La Sa Hong Jin Auto Trading Company from La Sa Shen Lan Auto Trading Company and Xi Zang Ding Feng Assets Company. The consideration payable is RMB167.2 million. (Hong Kong Economic Journal P6)

Phoenix Satellite Television (2208 HK) proposes a spin-off and separate listing of Phoenix New Media on the New York Stock Exchange. It is intended that assure entitlement to a certain number of distribution ADSs will be provided to qualifying shareholders by way of distribution-in-specie. (SingTao Daily B2)

Sinopharm Group (1099 HK) will place 138,056,825 H shares at a price of HK$25 apiece. The maximum amount of net proceeds will be about HK$3,389.30 million. CICC, UBS and Morgan Stanley are the placing agents. (Hong Kong Economic Times A10)

United Company RUSAL (486 HK) announces that, during April 2011, it made further prepayments to its international lenders, Russian lenders and Onexim Holdings Limited, in the total amount of around US$517 million with an additional US$12 million to be prepaid before the end of this month on a pro rata basis. (Hong Kong Economic Journal P6)

China Green (Holdings) (904 HK) is considering a proposal to restructure and spin-off its business in the manufacturing, distribution and sale of branded beverage products. The spin-off proposal, which is still at its preliminary stage of consideration, may or may not materialize. (SingTao Daily B4)

China Tian Lun Gas (1600 HK) has agreed to an acquisition of 51% equity interests in Jilin Zhongji Dadi Gas Group at a total consideration of RMB153,000,000. (SingTao Daily B18)

Jiangchen International Holdings (8305 HK) announces that an approval-in-principle for a transfer of listing has been granted by the Stock Exchange. Dealing in its shares on the Main Board (under stock code: 01069) will commence on 16 May 2011. (SingTao Daily B4)

Weichai Power (2338 HK) posted net profit attributable to shareholders of RMB 1,849,454,381.11, surging 14.22% yoy. Weighted average return on net assets dropped to 9.52%. (Hong Kong Economic Times A8)

Zhuzhou CSR Times Electric (3898 HK) saw revenue for the 3 months ended 31 March 2011 increase by 93.3% to RMB1,994.6 million. Profit attributable to owners rose to RMB472.4 million, a jump of 211.0%. (Hong Kong Economic Journal P4)

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