Aluminum Corporation of China (2600 HK) notes that with the great demand of copper and aluminium, the prices of copper and aluminium will remain high and are likely to go higher this year. (Sing Tao Daily B3)
An Hui Conch Cement (914 HK) A shares issues positive profit alert. The company expects that the net profit in Q1 will exceed RMB1, 975 million, or up over1.5x. (Sing Tao Daily B3)
BYD Company (1211 HK) plans to sell E6 electric cars in Korea. This plan will be launched in October this year. This move is expected to bring an impact on Korean car manufacturers. (Sing Tao Daily B3)
China Gold International Resources (2099 HK) announced the company’s 2011 exploration plan for its Jiama copper-gold poly-metallic project in Tibet, China. The new exploration program consists of 31,200 meters of drilling with 56 diamond-drilling holes conducted in three phases and with a budget of US $5.6 million (HK$43.68 million). (Hong Kong Economic Times A13)
The diversified network routing development strategies of Hutchison Telecommunications (215 HK) help the company quickly recover from the earthquakes in Japan. The company also gives a support in network repairing for five telecommunications operators in Singapore, United States, Japan, Vietnam and Philippines. (Sing Tao Daily B3)
Metallurgical Corporation of China (1618 HK) will speed up its plan of moving steel plants out of 37 city centres in Mainland China. The company also anticipates that the non-metallurgical operations will contribute up to 40 percent of the company’s overall profit. (Hong Kong Economic Journal P6)
Minmetals Resources (1208 HK) proposes the acquisition of Equinox for providing a boost to the US$1 billion financing plan as well as the company’s long-term value. (Sing Tao Daily B3)
Two executive directors of Mongolia Investment Group (402 HK), Lin Xiang and Enebish Burenkhuu, along with the company’s five shareholders have brought a lawsuit to the High Court and applied for restraining the company from proceeding in any way in the placement of shares. The company takes the view that there is no merit in the application to restrain the company from proceeding with the placing. (Sing Tao Daily B3)
Central China Real Estate (832 HK) announces that wholly-owned subsidiary CCRE China has agreed to dispose its 25.1% equity interest in Henan New Town to Bridge-CCRE Trust at the consideration of RMB163,630,000. (Hong Kong Economic Journal P5)
Chaowei Power Holdings (951 HK) will invest and construct a new production facility in Shanggao County, Jiangxi Province. The project will be carried out in 4 phases and expected to be completed by 31 Dec 2012. It is expected that upon the completion of the 1st phase, Jiangxi Chaowei will have an annual production capacity of 12 million sets of electrode plates. The estimated total investment for the 1st phase is around RMB150 million. (SingTao Daily B7)
China Medical System (867 HK) has agreed to acquire the entire issued share capital of Tianjin Precede Medical Trade Development for a total consideration of around HK$1,548.9 million. The principal activities of Tianjin Precede are marketing, promotion and sale of prescription pharmaceutical products manufactured by domestic pharmaceutical companies in the PRC. (Hong Kong Economic Times A7)
Hong Kong Resources (2882 HK) was notified by its executive director Chui Chuen Shun that on 4 Apr the Magistrate of the Eastern Magistrates’ Courts imposed a fine of HK$42,000 on him for his failure to perform his duty of disclosure to notify the HK Stock Exchange and Hong Kong Resources of the cessation of his interest in the share capital of Hong Kong Resources within the period specified under a section of the Securities and Futures Ordinance. Chui was also ordered by the magistrate to pay an investigation cost in the sum of HK$28,625 to the Securities and Futures Commission. According to Hong Kong Resources, the non-disclosure mainly relates to Chui’s then interest in its controlling shareholder Perfect Ace Investment. Chui indicated to Hong Kong Resources that the non-disclosure was due to a misinterpretation of the relevant section. (Hong Kong Economic Times A8)
Kingway Brewery Holdings (124 HK) Limited has been informed by controlling shareholder GDH on 4 Apr that GDH has decided to exercise a pre-emption right in respect of the whole of certain shares on the same or equivalent terms as those HAPBC is proposing to sell the shares to a potential purchaser. Accordingly, GDH will acquire the shares at a total consideration of RMB1.08 billion. (Hong Kong Economic Times A7)
SPG Land (Holdings) (337 HK) proposes to issue US$200 million 13.5% senior notes due 2016. The net proceeds, estimated to be around US$190.9 million, will be used for repayment of certain offshore loans and general corporate purposes. Approval in-principle has been received for the listing of the notes on SGX-ST. (Hong Kong Economic Journal P5)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
