Hong Kong Stock Market Wrap May 26th, 2011

Belle International (1880 HK) announced that its same store sales for the first quarter 2011 recorded an increase of 22 percent, contrasted with the17 percent –18 percent for the corresponding period last year. (Hong Kong Economic Journal P6)

Central China Real Estate (832 HK) proposed rights issue on the basis of 21.4 rights shares for every 100 shares at HK$1.71 each. The expected proceeds will be at most HK$740 million. (Hong Kong Economic Times A12)

China CITIC Bank (998 HK) announces that Tian Guoli has been appointed as a non-executive director and Chang Zhenming has resigned as a non-executive director due to work reallocation. (SingTao Daily B2)

China Southern Airlines (1055 HK) will raise fuel surcharges due to the rising costs of jet fuel, the third hike this year. The surcharges will increase to 27 percent and 30 percent for long-distance and short-distance flights respectively. (Hong Kong Economic Times A12)

COL Capital (383 HK) will sell its 27.65% stake in APAC Resources to Allied Overseas for a total consideration of HK$1,330,657,693. (SingTao Daily B2)

CST Mining Group (985 HK) announces that Snowden has prepared an updated resource estimate for its Marcona project. The new Mineral Resource Estimate represents an increase of 5.0% in the global contained copper above a 0.3% CuT cut-off from the previous Snowden October 2008 Mineral Resource Estimate. (SingTao Daily B2)

Gome (493 HK) announced it recorded a 16 percent sales growth and 66 percent profit increase for the first quarter 2011, exceeding market expectations. (Hong Kong Economic Journal P6)

The market value (5 HK) for the issue of new shares under the scrip dividend alternative is US$10.2077 for each new share. (SingTao Daily B2)

Le Saunda (738 HK) announced that for the year ended 28 February 2011, the company’s net profit witnessed an annual growth of 37 percent to HK$170 million. The company is expanding men shoes business. (Hong Kong Economic Journal P11)

Lenovo (992 HK) announced that the net profit for the last year amounted to US$273 million, or 1.1x increase year-on-year. The fourth quarter for the fiscal year increased by 2.23x, outperforming market expectations. (Hong Kong Economic Journal P6)

Minmetals Resources (1208 HK) disposed of its entire interest of 37.27 million shares in Equinox at an aggregate consideration of approximately C$303.8 million and at a price of C$8.15 per Equinox share. This disposal will raise around C$150.4 million (approximately HK$1.17 billion). (Hong Kong Economic Journal P6)

Neo Telemedia (8167 HK) has entered into a cooperation agreement with A.T. Hudson, with an initial term of three years, to offer consumer electronics products and telecom related services to the retail consumers and small and medium-size business customers in the PRC. (SingTao Daily B2)

South China Holdings (265 HK) has entered into a MOU with Zhong Jie Holdings in relation to a possible acquisition of satellite businesses. The consideration for the acquisition is estimated to be between HK$800 million to HK$1 billion. (SingTao Daily B2)

The SFC has recently completed an enquiry into the shareholding of Tanrich Financial (812 HK). The findings suggested that, as at 12 May 2011, only 8.60% of its issued shares were held by the public. (SingTao Daily B2)

Waytung Global Group (21 HK) proposes to raise around HK$154.6 million by way of a rights issue at a price of HK$0.40 per rights share on the basis of 1 rights share for every 2 existing shares. (SingTao Daily B2)

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

Hong Kong Stock Market Wrap May 25th, 2011

BYD Company (1211 HK) is expanding electric bus K9 business. The K9 business will serve as a boost for the company’s continuing growth over the next two years. The company expects K9 contracts from Shenzhen, Hong Kong and Singapore. (Hong Kong Economic Times A10)

Century Ginwa Retail (162 HK) and ENM Holdings announce the entering into of a MOU for a strategic partnership in the PRC. Swank, subsidiary of the latter, intends to develop and operate various networks of shops in shopping malls operated by Century Ginwa Holdings in the major cities in the PRC. (SingTao Daily B4)

Chaowei Power Holdings (951 HK) will invest RMB40,139,000 into Anhui Yongheng. Upon completion of the capital increase, it will hold 51% equity interest in the latter. (SingTao Daily B4)

China Sanjiang Fine Chemicals (2198 HK) announces that the third phase ethylene oxide production facilities was put into commercial operation on 24 May 2011. Its aggregate annual designed production capacity of ethylene oxide has increased from 120,000 MT to 180,000 MT. (SingTao Daily B4)

According to People’s Daily, Yurun (1068 HK) was reportedly to put secondary processing ham on shelves. This matter now is under investigation. (Hong Kong Economic Times A10)

Credit China (8207 HK) decides to place 90,000,000 shares at the placing price of HK$1.75 per share. The expected proceeds will amount to approximately HK$153.7 million. (Hong Kong Economic Journal P6)

Embry Holdings (1388 HK) announces that its overall sales growth for the first four months of the year 2011 has reached 24% as compared to the same period of last year. (SingTao Daily B4)

Gome (493 HK) aims at e-commerce markets after it set up online shopping malls last month. The company expects that the revenue from e-commerce will account for over 10 percent of its total revenue over the next two to three years. The company’s e-commerce business will compete for over 15 percent of Mainland’s online shopping market share. (Hong Kong Economic Journal P8)

Great China Holdings (141 HK) says the result to be recorded for the six months ending 30 June 2011 will substantially decrease as the contribution from trading of fishmeal products dropped sharply. (SingTao Daily B4)

Hang Seng Bank (11 HK) noted that the bank’s loan growth in Mainland China maintains healthy for the first quarter 2011, which is in line with the market. The bank will watch closely the risk management in an effort to continue a stable business. (Hong Kong Economic Journal P6)

Kong Sun (295 HK) agreed to purchase the entire issued share capital of Lisun Plastic Factory at a consideration of HK$20 million. (Hong Kong Economic Journal P6)

Liu Chong Hing Investment (194 HK) has entered into an agreement to sell a company holding a property at the Renmin Road North, Yue Xiu District, Guangzhou at the consideration of RMB350,000,000. (SingTao Daily B4)

North Asia Resources (61 HK) announces that all parties have agreed to terminate a framework agreement in relation to a possible acquisition of mines in Mongolia. The vendor will return the deposits of around US$3.66 million paid under the agreement within 90 days from the date of the termination agreement. (SingTao Daily B4)

ZTE (763 HK) is confident about its business growth this year. The company notes that its overseas business will be the highlight and expects an over 20 percent growth in revenue this year. (Hong Kong Economic Journal P8)

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

Hong Kong Stock Market Wrap May 24th, 2011

China Automation Group (569 HK) plans to purchase 30% equity interest in Wuzhong Instrument at an aggregate consideration of RMB97,786,000. (SingTao Daily B4)

China Resources Cement (1313 HK) plans to purchase three cement production lines in Shaxi Province, PRC. The total consideration for the acquisition is approximately RMB280 million. (Hong Kong Economic Journal P8)

China Rongsheng Heavy Industries (1101 HK) hopes that its ocean engineering sector will account for 20 percent of its business, up from 5 percent, for the future. In terms of shipbuilding, the company will focus on large ore carriers (VLCO) in 2011 and 2012. (Hong Kong Economic Times A11)

Despite the slow growth in 3G service subscriptions in April, China Unicom (762 HK) said that they are still confident towards the goal of 25 million subscribers for 3G services. The company will optimize some promotion strategies instead of merely price cutting. (Hong Kong Economic Times A11)

Market sources say GCA Professional Services (8193 HK) plans to raise funds through placing. (SingTao Daily B2)

Glencore (805 HK) announced yesterday that its retail tranche in HK was almost 3 times oversubscribed. (SingTao Daily B2)

Harbin Power Equipment (1133 HK) intends to inject RMB1.348 billion in cash to purchase 200 million A shares in Datang International. (Hong Kong Economic Times A11)

HSBC (5 HK) shares went down and finished at 79.1 each. (SingTao Daily B1)

Li Ning (2331 HK) has kicked off restructuring last year to improve its brand image in competitions with other international sports brands. The process, however, takes longer than expected. Orders and contracts often disappoint market anticipations. Share prices of Li Ning dropped 56 percent compared with its peak time. (Hong Kong Economic Times A11)

Pacific Plywood Holdings (767 HK) announces that it will engage in securities investments as one of its principal business activities. The securities investment will principally comprise of securities from companies listed on the Stock Exchange. The securities investments will be held for short term trading purpose. (SingTao Daily B4)

PCCW (8 HK) has offered free Wi-Fi services at 158 public rental housing estates across Hong Kong. Around 2 million residents will benefit from this. PCCW has been providing free Wi-Fi at 45 public rental housing estates in Hong Kong since 2008. (Hong Kong Economic Journal P8)

Qin Jia Yuan Media Services (2366 HK) announced that the company recorded growth for the six months ended 31 March 2011 and hopes to raise overall advertising price by 10 percent in the second half of this year. (Hong Kong Economic Times A11)

Shanghai Industrial Holdings (363 HK) entered into a facility agreement with Bank of China (Hong Kong) yesterday for a term loan facility of RMB1 billion for a term of up to 3 years. (SingTao Daily B4)

Market sources say Shunfeng Photovoltaic International (1165 HK) deciedes to put off its listing plan. The company had planned to open its retail book on 31 May. (SingTao Daily B2)

South China Land (8155 HK) has entered into an agreement for investing into an urban complex development project in Huanghua New City of Cang County. The site covers a total area of about 457 mu and total investment will be around RMB1.6 billion. (SingTao Daily B4)

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

Hong Kong Stock Market Wrap May 23rd, 2011

IPO: Sources said that Chow Tai Fook, a Hong Kong jewellery retailer, has selected banks for its Hong Kong listing. The company will appoint three sponsors and seven underwriters, including Goldman Sachs, HSBC and JP Morgan. The company plans to raise between US$3 billion and US$4 billion from its initial public offering and is expected to go public in the fourth quarter 2011 or the first quarter 2012. (Hong Kong Economic Journal P4)

AGTech Holdings (8279 HK) proposes to acquire the entire issued share capital of Fortune Happy Investment and a shareholder’s loan at a consideration of RMB73,000,000. (SingTao Daily B2)

Brilliance China (1114 HK) announced that its JV with BMW saw its sales of BMW automobiles totalled 36,500 units during the first four months in 2011, representing an annual growth of 65 percent. (Hong Kong Economic Times A12)

Chevalier International Holdings Limited (CIHL) (25 HK) is considering disposal of all its equity interest in Chevalier Pacific Holdings Limited (0508). The two companies released a joint announcement yesterday concerning the matter. (Hong Kong Economic Times A12)

China Gogreen Assets Investment (397 HK) announces the manner at which a disposal of Apollo shares will be conducted as originally announced has been revised where the disposal will be conducted through open market transactions on the Stock Exchange; and/or by block trade(s) by way of placing through placing agent(s) appointed by it prior to the placement. (SingTao Daily B2)

Credit China Holdings (8207 HK) has been informed that Integrated Asset Management disposed a total of 30,000,000 shares at HK$1.65 on 20 May 2011 to Fidelity China Special. (SingTao Daily B2)

Goodbaby International (1086 HK) says that markets in Europe and the U.S. will boost the company’s profit growth. The company’s gross profit margin will suffer pressure from Renminbi appreciation, price increase in raw materials and labor costs. (Hong Kong Economic Journal P4)

Greenheart Group (94 HK) booked loss attributable to the equity holders of HK$13,578,000 for the three months ended 31 March 2011. (SingTao Daily B2)

Mumbai Branch of ICBC (1398 HK) has recently been granted a business licence from the Reserve Bank of India. Approval from the China Banking Regulatory Commission for establishment of Mumbai Branch of the bank has already been obtained. (SingTao Daily B2)

Chinese Estates Holdings Limited (0127) and Mr. Lau Luen Hung agreed to subscribe for 13.5 percent senior notes of Kaisa Group (1638 HK) due 2015 in the aggregate principal amount of US$300 million. (Hong Kong Economic Times A12)

Lee’s Pharmaceutical Holdings (950 HK) saw net profit climb 58% to reach the level of HK$16,894,000. (SingTao Daily B2)

Lonking Holdings’ capital (3339 HK) expenditures for the years ended December 31, 2008, 2009 and 2010 were RMB1,050 million, RMB846 million, and RMB483 million, respectively. (SingTao Daily B2)

Rich Public, a shareholder of Media China Corporation (419 HK), has planned to buy 202 million shares from IDG Capital at a consideration of HK$116 million. (Hong Kong Economic Times A12)

New World China Land (917 HK) obtained yesterday term loan facilities of up to an aggregate principal amount of HK$1,000,000,000 from a bank to finance its general working capital requirements. The facilities comprise a 5-year term loan facility of up to a principal amount of HK$500,000,000 and a 3-year term loan facility of up to a principal amount of HK$500,000,000. (SingTao Daily B2)

The controlling shareholders of the Hong Kong Parkview Group (207 HK) have received an indication of interest in possible acquisition of 73.5 percent equity interest in the company. (Hong Kong Economic Journal P6)

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

Hong Kong Stock Market Wrap May 20th, 2011

China Mobile’s 3G (941 HK) service subscribers increased by 2.23 million in April, compared with 2.45 million of increase in March 2011. (Hong Kong Economic Journal P4)

Li Xiaolin, CEO of China Power International Development Ltd (2380 HK) , noted yesterday that electricity shortage has seriously affected enterprises in Mainland China, especially in cities in the East and Central China and suggested that China should raise power prices at the point to cope with rising coal costs. (Sing Tao Daily B14)

China Telecom (728 HK) plans to issue RMB30 billion corporate bonds in Mainland China and considers issuing offshore RMB60 billion bonds in Hong Kong. (Sing Tao Daily B14)

Fosun International (656 HK) plans more overseas M&A projects focusing on consumer enterprises in mature markets in Europe and the U.S. and resources enterprises in Australia, Africa, South America and Canada. (Sing Tao Daily B13)

A large explosion at the Hongfujin Precision Electronics plant in Chengdu, the capital of Sichuan province, killed two people and injured 16 others. The plant, owned by Foxconn International Holdings Ltd (2038 HK), is said to produce iPad2. (Hong Kong Economic Times A10)

Huadian Power International (1071 HK) plans to issue at most 600 million new A shares at a subscription price of not less than RMB3.69 per A share. The expected proceeds from this issuance will not exceed RMB2.1 billion. (Hong Kong Economic Times A12)

Sinotrans (0598 HK) has agreed to subscribe for 165 million new ordinary shares of InterBulk at a total subscription price of £18.15 million (approximately HK$228 million) by a way of placing. (Hong Kong Economic Times A12)

21 Holdings (1003 HK) announces that a former director Kwok Chin Wing has issued legal proceedings against the company, claiming a sum, and judgment was awarded in favour of the plaintiff. It has filed an appeal against the judgment. (SingTao Daily B13)

Agricultural Bank of China (1288 HK) has received approvals from the China Banking Regulatory Commission and the People’s Bank of China to publicly issue subordinated bonds of not exceeding RMB50 billion in the national inter-bank bond market. (Hong Kong Economic Journal 19)

IPO: Beijing Jingneng Clean Energy plans to float its shares on the bourse in early July. (Hong Kong Economic Journal 6)

China Financial International Investments (721 HK) has agreed to allot and issue 60,000,000 shares at a subscription price of HK$0.5 apiece to Zhang Huaqiao. (Hong Kong Economic Journal 19)

China Molybdenum (3993 HK) posted Q1 net profit of RMB267m, down 74pc yoy. (Hong Kong Economic Journal 19)

Maoye International (848 HK) has agreed to place up to 273,000,000 shares at a placing price of around HK$3.81 each. The net proceeds are estimated to be about HK$1,019.5 million. It intends to use such proceeds for store network expansion. (Hong Kong Economic Times A10)

MGM China (2282 HK) kicks off its IPO today. The maximum offer price a board lot of 400 shares amounts to roughly 6197.9. (SingTao Daily B12)

IPO: Shunfeng Photovoltaic plans to kick start its IPO on 31 May and list on the bourse on 13 June. (Hong Kong Economic Journal 6)

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

Hong Kong Stock Market Wrap May 19th, 2011

Anhui Conch Cement Company Limited (914 HK) announced that the Company will issue up to RMB 9.5 billion worth of bond with a term of five years and seven years respectively. (Sing Tao Daily B5)

China Mobile (941 HK) had reached consensus with Apple on introducing TD technology iPhones into China’s market. China Mobile will be this 4G-iPhone services provider. (Sing Tao Daily B4)

China Resources Enterprise (291 HK) announced the company’s net profit for the first quarter in 2011 decreased by almost 78 percent to HK$826 million. This drop is due to the suspension of fashion products distribution. (Sing Tao Daily B3)

China Unicom (762 HK) announced that the company’s net additions of 2G service subscribers in April 2011 increased by 659,000, a drop of nearly 40 percent as compared with the number of 1.08 million in March 2011. (Sing Tao Daily B4)

China Water Affairs Group (855 HK) has agreed to issue new shares at the price of HK$3.4 per share to raise net proceeds of roughly HK$798.5 million. (Hong Kong Economic Journal P30)

China Zhongwang Holdings’ (1333 HK) shareholder Liu Zhongtian has purchased 4,200,000 shares of the company at an average price of HK$3.37 per share. The shareholding of Liu in the company increased from about 73.99% to around 74.07%. (Hong Kong Economic Journal P30)

Elegance International (907 HK) announced that the company’s profit may see a substantial drop for the year ended 31 March 2011. The drop is mainly due to the increase in labour costs caused by the jump of minimum wages in Mainland China and the increase in production costs brought by high inflation rate and Renminbi appreciation. (Sing Tao Daily B3)

Giordano International’s (709 HK) sales for the first quarter of 2011 increased by 26.0% to HK$1,415 million. Gross margin for the quarter increased by 1.7 percentage points to 58.2%. (Hong Kong Economic Times A12)

Melco Crown Entertainment (200 HK), a 33.36% owned associate of Melco International Development, booked net income of US$7.152m for the first quarter ended 31 March 2011. (Hong Kong Economic Times A12)

Parkson Retail’s (3368 HK) 1Q net profit saw an increase of 21.6 percent year-on-year in 2011 to RMB328 million, benefiting from the increase in business operating revenue and the decrease in financing costs. (Sing Tao Daily B4)

Paul Y. Engineering (577 HK) is in preliminary discussions which may lead to a very substantial acquisition financed by a placement of shares. No transaction agreements have been entered into yet. (Hong Kong Economic Journal P30)

Royale Furniture (1198 HK) seeks the acquisition of two pieces of lands in Nanchang, Jiangxi Province with a site area of 430,000 square meters at a cash consideration of approximately HK$63.6 million. The lands will be used for the construction of new plants. (Sing Tao Daily B3)

Semiconductor Manufacturing International Corporation (981 HK) announced that the company’s net profit for 1Q 2011 reached US$10.2 million, or down 84 percent as compared with the previous quarter. (Sing Tao Daily B4)

Shanghai Pharmaceuticals (2607 HK) shares closed at 23.4 each at the gray market yesterday. (Hong Kong Economic Journal P30)

Xinyi Glass Holdings (868 HK) plans to place shares at 8.35-8.6 each to raise up to 860m. (Hong Kong Economic Journal P30)

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

Hong Kong Stock Market Wrap May 17th, 2011

IPO: Guangdong Development Bank is planning a RMB35 billion initial public offering in Hong Kong in the third quarter this year. Guangdong Development Bank has chosen ten banks to manage this A-share and H-share offering. (Sing Tao Daily B2)

Radford Capital Investment Limited (0901) and Capital VC Limited (2324) plan to subscribe for at most HK$60 million worth of shares in 3D-Gold Jewellery Holdings Limited (870 HK), which may form part of the resumption proposal for 3D-Gold. (Sing Tao Daily B5)

Billion Industrial (2299 HK) shares closed at HK$5.31 in the gray market yesterday, up 2.51pc. (Hong Kong Economic Journal P6)

Bingo Group (8220 HK) announces acquisition of 4 cinema projects in the PRC. (Hong Kong Economic Journal P25)

CNNC International (2302 HK) solds its metal casting business for HK$159 million. Proceeds will be used in exploration of mines and trade in uranium resources. (Sing Tao Daily B6)

CLP Holdings (2 HK) reported revenue of HK$16,482m for the three months ended 31 March 2011, up 23.1% yoy. (Hong Kong Economic Times A10)

Dalian Port (PDA) (2880 HK) has been approved by the CSRC to issue the domestic corporate bonds with an aggregate principal amount of not more than RMB2.35 billion to the public in the PRC within 6 months of the approval. (Hong Kong Economic Times A11)

MGM China (2282 HK) kicked off the roadshow yesterday for its global offering aiming to raise proceeds of HK$11.6 billion at between HK$12.36 and HK$15.34 per share. John Paulson, one of the four cornerstone investors, plans to invest US$75 million (around HK$580 million) in the company. (Sing Tao Daily B2)

Netdragon Websoft (777 HK) announced that the company is expected to see a significant increase in its profit for the three months ended 31 March 2011. This increase is mainly due to the increase in the company’s revenue and no tax impacts for these three months. (Sing Tao Daily B6)

Silver Base Group (886 HK) has been appointed as the sole worldwide distributor of 55% (alcoholic degree) 40-year Qinghua Fen Wine (500ml x 6) and 55% (alcoholic degree) Classic Guocang Fen Wine (660ml x 2) of Shanxi Xinghuacun Fen Wine for a term commencing from 6 May 2011 to 25 December 2015. (Hong Kong Economic Journal P25)

SJM Holdings (880 HK) announced its net profit for the first quarter 2011 amounted to HK$1,407 million, representing an annual increase of 85 percent. (Sing Tao Daily B4)

Tai Shing International Holdings Limited (8103 HK) entered into an addendum to the memorandum with Gold Tycoon. Tai Shing International has provided for HK$25 million as interest-free refundable earnest money for the proposed acquisition of a mining right of a gold mine located in Guizhou Province, PRC. (Sing Tao Daily B6)

Tingyi (Cayman Islands) (322 HK) announces its 5-year plan. JP Morgan revises up its price target for the company to HK$20.3. (Hong Kong Economic Times A11)

The Wharf Holdings (4 HK) plans to issue US$800 million (around HK$6.22 billion), three-year convertible bonds. (Sing Tao Daily B5)

Yuanda China (2789 HK) shares finished at HK$1.66 each, up 10.67pc. (Hong Kong Economic Journal P6)

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

Hong Kong Stock Market Wrap May 16th, 2011

AV Concept (595 HK) plans to acquire the whole equity interest in P&S Semiconductor at a consideration of not more than 6.8 billion won (around HK$48 million). (Sing Tao Daily B4)

Capital VC (2324 HK) and Radford Capital announce that they have entered into an exclusivity and escrow agreement with the provisional liquidators of 3D-GOLD, planning a subscription of new shares of and resumption proposal for 3D-GOLD. (Hong Kong Economic Journal P22)

China Mandarin Holdings (9 HK announces that Jin Lei, an executive director, has been appointed as the chairman of the board with effect from 16 May. (Hong Kong Economic Journal P8)

Chinese Estates (127 HK) bought 49 percent equity interest in Grandday Group Ltd., an Evergrande’s wholly-owned unit whose sole asset is a plot of land in Jiangsu Province, China, at a consideration of almost HK$3.9 billion. (Sing Tao Daily B2)

CITIC Resources Holdings (1205 HK) will sell an 8% interest in the Codrilla Project to CMJV for an aggregate consideration of A$51.2 million. (Hong Kong Economic Journal P9)

Due to less satisfying results from its customers’ shipping companies, COSCO Pacific (1199 HK) decided to postpone its price increase pace. The company hopes to improve its handling rate by a double-digit increase this year. (Sing Tao Daily B5)

CST Mining Group (985 H) announced that the company’s Australian project, Lady Annie operations, has experienced growth in revenue to US$45.35 million (HK$354 million) for the first quarter this year. (Sing Tao Daily B3)

EPI (Holdings) proposes (689 HK) to implement a share consolidation involving the consolidation of every ten existing shares into one new share. The board lot for trading in its shares will be changed from 20,000 existing shares to 5,000 new shares per board lot. (Hong Kong Economic Journal P22)

Evergrande Real Estate (3333 HK) will sell 49 shares in Grandday, representing 49% of the issued share capital of Grandday, to Loyal Pride for a consideration of US$500 million. (Hong Kong Economic Journal P22)

Lee & Man Holding (746 HK) proposes to spin off Lee & Man Handbags Holding on the main board by way of introduction. The spin-off group will focus on the manufacture and sale of handbags. (Hong Kong Economic Times A12)

Minmetals Resources (1208 HK) withdrew the offer to acquire Equinox. The company announced that they will continue to look for not less than US$1.5 billion M&A projects in the future. (Sing Tao Daily B3)

BEA Trustees, subsidiary of BEA (23 HK), will lower management fees for three MPF constituent funds starting from 1 June. The management fees for two MPF Conservative Funds under the BEA (MPF) Master Trust Scheme and Industry Scheme will be reduced from 1.20% to 0.79% per annum, while the management fee for the BEA (MPF) Global Bond Fund under BEA (MPF) Master Trust Scheme will be reduced from 1.45% to 0.99% per annum. This translates into a management fee reduction of up to 34% for the MPF Conservative Funds and 32% for the Global Bond Fund. (Hong Kong Economic Times A10)

The Hong Kong and Shanghai Hotels (45 HK) announced that the company’s profit will suffer a loss due to the influence brought by Japan’s tsunami and earthquakes this year. The company’s Peninsula Tokyo has cut its daily operating spending, including unpaid leave for some staff and the close of some floors in hotels. (Sing Tao Daily B4)

Xinyi Glass (868 HK) announced that the company has decided to spin off its solar energy business for a separate listing. The company has submitted A1 application form and now wait for the specific listing time. This separate listing will help the company to improve its balance situation. (Sing Tao Daily B4)

Z-Obee (948 HK) expects that the company’s net profit will see a markedly increase in 2011 as compared with last year. This increase is mainly due to an exceptional profit resulting from the recognition of a one-off gain on fair value of the financial assets of the company. (Sing Tao Daily B4)

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

Hong Kong Stock Market Wrap May 13th, 2011

Ajisen (China) (538 HK) has witnessed its high growth in profit by increasing the number of branches last year. The company plans to open medium and small-size branches and prune menu plans to further improve the turnover rate. (Hong Kong Economic Times A12)

China Flooring (2083 HK) kicks off its global public offering today. Its offer price is set between HK$2.95 and HK$4.2 apiece. A board lot of 1,000 shares will cost as much as HK$4,242. (Sing Tao Daily B6)

Galaxy Entertainment (27 HK) opened its door yesterday after five-year’s preparation for the big day. The 550,000 square metre property is well capable of catering for up to 30,000 – 40,000 customers a day. Apart from ten VIP sectors, Galaxy Macau is allocating 450 gaming tables to the mass market. (Hong Kong Economic Times A12)

Longlife Group (8037 HK) announced that, for the six months ended 31 March 2011, the company recorded losses of HK$649,000, a sharp decrease in losses as compared with the HK$3.068 million for the corresponding period last year. No interim dividend is declared. (Sing Tao Daily B3)

Mudan Automobile (8188 HK) Shares Company announced that for the three months ended 31 March 2011, the company recorded losses of RMB7.66 million. No interim dividend is declared. (Sing Tao Daily B3)

Orient Day (632 HK) disposed of over 710 million Shares held by it to certain independent third parties, including Mr. Ma Yueng-Lin, whose family owns Yuanta Financial Holding Co., Ltd. Mr. Ma subscribed for 560 million shares in Orient Day. (Sing Tao Daily B4)

PICC (2328 HK) sets its plan to get into the list of the world top 5 non-life insurance companies in five to ten years’ time. The premium scale is expected to increase to RMB280 billion – RMB300 billion. (Hong Kong Economic Times A12)

Shengli Oil & Gas Pipe Holdings Limited (1080 HK) announced that the company and its subsidiaries won a total of five open tenders for the supply of around 150,800 tons of oil and gas pipes, with total contract price expected to approximately RMB1.46 billion. (Hong Kong Economic Journal P8)

China Merchants China Direct Investments (133 HK) disposed of an aggregate of 8,000,000 A shares of Industrial Bank Co., Ltd and the net proceeds arising from the disposal amounted to RMB240.38 million during the period from13 Dec 2010 up to 30 Apr 2011.(Hong Kong Economic Journal P17)

Sinopec Corp (386 HK) announces that Fu Chengyu has been elected as chairman of its fourth session of the board at the fourteenth meeting of the fourth session of the board held yesterday with immediate effect. (SingTao Daily B14)

GCL-Poly Energy (3800 HK) proposes to conduct an international offering of senior notes and will commence a series of roadshow presentations beginning next week. (SingTao Daily B14)

Lonking Holdings (3339 HK) proposes to issue senior notes and will commence a series of presentations beginning next week. (SingTao Daily B14)

Midas Holdings (1021 HK) announces that 1Q2011 ended with profits attributable to shareholders of roughly RMB60.4 million which represented a 25.4% rise over the corresponding 1Q2010. (SingTao Daily B14)

Shenguan Holdings (Group) (829 HK) has resolved to recommend a bonus issue of new shares on the basis of ten bonus shares for every ten existing shares.
(Hong Kong Economic Journal P17)

Shinhint Acoustic Link (2728 HK) says it is expected that the group may record a loss for the six months ending 30th June 2011 as compared with a profit recorded for the corresponding period in 2010, which is mainly attributable to the expected drop in sales revenue and the continuous increase in production costs as a result of the surge in labour costs, rise in raw material prices and appreciation of RMB. (Hong Kong Economic Times A11)

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

Hong Kong Stock Market Wrap May 11th, 2011

AAC Acoustic Technologies (2018 HK) reported profit for the period of RMB271,447,000. Earnings per share amounted to RMB22.14 cents. (SingTao Daily B4)

China Chengtong Development (217 HK) has signed an agreement to issue RMB600,000,000 4.5% bonds due 2014. The estimated net proceeds are around RMB589,000,000. (SingTao Daily B3)

Rumours (2083 HK) spread that China Flooring Holding’s placing was oversubscribed. (SingTao Daily B2)

China Longyuan Power (916 HK) announced that, benefiting from the healthy development of wind power generation, the company’s net profit attributable to the shareholders amounted to RMB635 million, or up 61 percent year-on-year, for the first quarter ended 31 March 2011. (Hong Kong Economic Times A14)

EPRO (8086 HK) announced that for the nine months ended 31 March 2011, the company’s unaudited consolidated revenue was around HK$124 million, up about 58.3 percent over the same period in 2010. (Hong Kong Economic Journal P6)

The total sales volume of Geely Automobile Holdings (175 HK) for April was 34,902 units, an increase of some 7.6% over the same period last year, but was down about 13.3% from March. The total sales volume in the first 4 months was 152,600 units, up 12.8% from the same period last year. (SingTao Daily B3)

Gome (493 HK) announced that, concerning the article entitled “國美事件再露面 陳曉大爆國美財務漏洞” published in the 21st Century Business Herald on 10 May 2011, since Mr. Chen Xiao is no longer with the company, any statement from or any act of Mr. Chen would not represent the position of the company. All of the Company’s rights in relation to the article are expressly reserved. (Hong Kong Economic Times A14)

HKEX (388 HK) recorded a profit attributable to shareholders of $1,238 million in the first quarter of 2011. An average daily turnover value of $75.9 billion was recorded, an increase of 17 per cent against the corresponding period last year. (SingTao Daily B3)

PICC P&C (2328 HK)announced that the company’s premium income in April 2011 reached RMB15,502 million, representing a monthly dip of 9 percent. The premium income for the period from 1 January 2011 to 30 April 2011 was around RMB59,610 million, (Hong Kong Economic Times A14)

In the first quarter, new business profit across Prudential (2378 HK) was £498 million, an increase of 17 per cent over 2010, and APE new business was £888 million, an increase of 10 per cent over 2010. (SingTao Daily B3)

Real Gold Mining Ltd. (246 HK) announced that, for the first quarter ended 31 March 2011, the company’s profit and total comprehensive income for the period attributable to owners reached RMB178 million, up 39.7 percent year-on-year. (Hong Kong Economic Journal P6)

Skyworth Digital (751 HK) announced that in April, the company’s flat panel TV business experienced total sales volume growth of 20 percent year-on-year. (Hong Kong Economic Times A14)

Sparkle Roll Group (970 HK) says, based on the preliminary review, it may record a significant increase in profit for the year ended 31 March 2011 as compared to the profit recorded in the last financial year ended on 31 March 2010. (SingTao Daily B3)

Profit attributable to equity holders of Tencent Holdings (700 HK) for the first quarter of 2011 was RMB2,870.4 million, an increase of 61.0% over the same period in 2010. EPS was RMB1.575. (SingTao Daily B5)

Viva China (8032 HK) won the bid for the land located in Changbai Dao of the Heping District, Shenyang City, Liaoning Province, China at a price of RMB1,006 million in an open auction. The site area is approximately 117,000 sq.m. The residential and commercial development of this land project will be developed based on the ratio of 90 percent and 10 percent respectively. (Hong Kong Economic Times A14)

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

Hong Kong Stock Market Wrap May 29th, 2011

China Communications Services (552 HK) revised rights issue of domestic shares and H shares. The proposed issue, which was originally stated as “no more than four rights shares for every ten existing shares”, is revised as “up to two rights shares for every ten existing shares”. The proposed fund raising size should not exceed RMB4 billion. (Sing Tao Daily B9)

ENN Energy (2688 HK) announced that the unit of gas sold by the company has reached around 1.6 billion cubic meters for the first quarter in 2011, or up almost 60 percent year-on-year, priced RMB2.3-RMB2.4 per cubic meter. (Sing Tao Daily B9)

Hopewell Highway Infrastructure (737 HK) plans to issue its second RMB corporate bonds. The company kicked off a road show yesterday. This 3-year bond issuance aims to raise proceeds of RMB600 million for the project development in Phase III of the Western Pearl River Delta Route. (Hong Kong Economic Times A6)

The cntainer shipper Orient Overseas (316 HK) agreed to buy four vessels from Samsung Heavy Industries Co. for US$544 million (HK$4.24 billion). (Hong Kong Economic Journal P5)

Sincere Watch (Hong Kong) Limited (444 HK) announced that the company is expected to see a remarkable increase in its net profit for the year ended 31 March 2011 as compared with the last corresponding period. This progress benefits from the boom of Hong Kong retail market. (Sing Tao Daily B9)

Tencent Holdings Limited (700 HK) has bought 4.6 percent equity interests in Huayi Brothers for RMB 450 million, becoming the biggest shareholder of this China’s first entertainment corporation. Tencent hopes to build a closer strategic relationship with Huayi Brothers in the progress of more attempts made for the combination of movies and new media. (Sing Tao Daily B9)

Zhejiang Expressway Co., Ltd. (576 HK) announced that the company’s net profit increased by 1.56 percent year-on-year to RMB425 million for the first quarter 2011. (Sing Tao Daily B9)

IPO: China Flooring Holding will open its retail book on 16 May. Its IPO price is between HK$2.95 and 4.2 a share. (Hong Kong Economic Times A14)

China Power New Energy Development (735 HK) has entered into a strategic cooperation framework agreement with First Solar, Inc. The company will actively assist the latter in the promotion and application of its advanced thin-film photovoltaic module technology in the PRC and the latter will actively assist the company in the investment and construction of photovoltaic power generation projects in the USA and other markets, support and assist the company in acquiring project resources, policy study and project management. (Hong Kong Economic Times A14)

First Pacific Company (142 HK) announces that SIMP will issue up to 3,163,260,000 new ordinary shares, roughly 20% of its enlarged issued share capital. The target indicative price range is expected to be between Rp 1,060 and Rp 1,700. (Hong Kong Economic Times A14)

Global Green Tech Group (274 HK) has entered into a non-binding Memorandum of Understanding to dispose of the 100% equity interests in Dongguan Proamine, engaged in the manufacturing and sale of household products and industrial products, for a total consideration of HK$100,000,000.00. As Dongguan Proamine has recorded continuing loss for more than two years, Global Green Tech Group believes the proposed disposal will be in its best interest. (Hong Kong Economic Times A14)

Morgan Stanley (5 HK) and Credit Suisse maintain their rating on HSBC Holdings at overweight and outperform respectively. (Hong Kong Economic Journal P8)

Shandong Weigao Group Medical Polymer (1066 HK) booked net profit attributable to equity holders of around RMB183,555,000 for the three months ended 31 March 2011. There were no dividends declared. (SingTao Daily B4)

Shanghai Fudan-Zhangjiang Bio-Pharmaceutical (8231 HK) posted a loss attributable to shareholders of some RMB1,163,000 for the three months ended 31 March 2011. It does not recommend the payment of an interim dividend. (SingTao Daily B4)

Shirble Department Store Holdings (China) (312 HK) will acquire a property situated at the junction of Beihuan Road and Zhongxin Road, Shajing Town, Bao’an District, Shenzhen. The amount of the purchase price is RMB262.5 million. (Hong Kong Economic Journal P21)

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

Hong Kong Stock Market Wrap May 6th, 2011

China Resources Enterprise (291 HK) has entered into term loan facility agreements with five banks respectively in the aggregate amount of HK$2.7 billion. Four out of these five loan facility agreements have a term of five years. The remaining one is for a term of 18 months. (Sing Tao Daily B4)

Global Bio-Chem Technology Group (809 HK) announced to issue RMB450 million, 7 percent guaranteed bonds due 2014. The estimated net proceeds from this issuance will amount to RMB440 million. (Hong Kong Economic Journal P6)

Greentown China’s (3900 HK) contract sales amounted to HK$13.2 billion for the first four months in 2011 and the sales in April reached HK$1.9 billion. (Hong Kong Economic Times A10)

Poly (Hong Kong) Investments (119 HK) announced that the company’s sales reached HK$3.2 billion for the first four months in 2011. The sales in April were almost HK$1.1 billion. (Hong Kong Economic Times A10)

Shimao Property (813 HK) announced that the company’s total contract sales amounted to RMB8,542 million for the first four months in 2011, with a sales area of 682,000 square meters, or up 6.7 percent and down 7.5 percent year-on-year respectively. (Hong Kong Economic Times A10)

Tech Pro Technology Development (3823 HK) and the subscriber entered into the subscription agreement in respect of the issue of convertible notes in the principal amount of RMB84 million. The proceeds are expected to reach HK$98 million through this issuance. (Hong Kong Economic Journal P6)

ZTE (763 HK) and Huawei, China’s big two telecom companies, embarked on two-way patent suits. Both companies did not signal any concession in the matter. ZTE has filed a lawsuit against Huawei in China for alleged LTE patent infringement. This suit came after Huawei, filed lawsuits against ZTE in Germany, France and Hungary for patent and trademark infringement. (Hong Kong Economic Journal P6)

IPO: Glencore will kick off its IPO on 13 May, Friday. Rumours spread that its maximum offer price per board lot of 100 shares amounts to around HK$7517. (SingTao Daily B18)

21 Holdings (1003 HK) proposes a consolidation of every 10 issued existing shares into 1 issued consolidated share and a change in the board lot size for trading in its shares from 10,000 existing shares to 20,000 adjusted shares. (SingTao Daily B16)

China Life Insurance Company (2628 HK) will acquire from Ningbo Jinghe Property Development Sanbao Century Plaza in Ningbo at a total purchase price of RMB920,461,815. (Hong Kong Economic Times A10)

Ping An Insurance (Group) (2318 HK) announces that Shenzhen Development Bank has received a notice from China Securities Regulatory Commission. The Merger & Acquisition Committee of CSRC would soon review its major asset restructuring, that is the major asset restructuring and connected transaction of the bank by way of non-public issuance of shares to Ping An Insurance (Group) by it as the issuer for its acquisition of assets. (Hong Kong Economic Journal P9)

Shenzhen International Holdings (152 HK) has entered into an acquisition agreement with Shenzhen Huirun Investment to acquire the 24% equity interest in Shenzhen Airlines from the latter for a consideration of RMB788,632,500. Its equity interest in Shenzhen Airlines will increase from 25% to 49% after the deal. (Hong Kong Economic Times A10)

Sino-Ocean Land Holdings (3377 HK) will issue US$400 million perpetual subordinated capital securities callable 2016. The estimated net proceeds of the issue amount to some US$388 million. (Hong Kong Economic Times A10)

Winsor Properties (1036 HK) has entered into a share purchase agreement with sellers including Morgan Stanley Real Estate Investors IV International and a supplemental deed with Wing Tai Properties. It has agreed to purchase the sellers’ entire interest in Dragon Eye for a consideration of HK$229,096,628. (Hong Kong Economic Journal P10)

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

Hong Kong Stock Market Wrap May 5th, 2011

BYD Company (1211 HK) announced its plan of returning to A shares listed on the Shenzhen Stock Exchange. The company has applied to China Securities Regulatory Commission for permission to issue A shares. No more than 79 million A shares will be issued. (Sing Tao Daily B4)

Morgan Stanley sets an overweight rating on CCB (939 HK), ICBC and AgBank. (Hong Kong Economic Times A3)

China Resources Land Limited (1109 HK) entered into two facility agreements concerning an aggregate of HK$1.3 billion term loan facilities including a HK$1 billion dual currency term loan facility and a HK$300 million term loan facility. (Sing Tao Daily B4)

Convenience Retail Asia Limited (8052 HK) announced that the company’s net profit was HK$39.8 million for the first quarter in 2011, or up almost 18 percent year-on-year. (Sing Tao Daily B4)

JP Morgan revises down its price target for Esprit Holdings (330 HK) to HK$36, maintaining a neutral rating, sending the shares down 2.5pc. (Hong Kong Economic Times A12)

Fantasia Holdings (1777 HK) announced that the company’s contract sales increased by 1.5x year-on-year to RMB730 million in April 2011. (Sing Tao Daily B4)

Far East Global Group (830 HK) announced that FE BVI Co and FE US Co, both indirect wholly-owned subsidiaries of the company, entered into the agreement to acquire 55 percent equity interest in Red Holdings at a consideration of US$28 million (around HK$218 million). (Sing Tao Daily B4)

Fosun International (656 HK) is weighing to buy some 9.5 percent equity interest in Folli Follie, a Greek jewellery retailer. (Hong Kong Economic Journal P10)

Manulife Financial (945 HK) booked in the first quarter of 2011 net income attributed to shareholders of C$985 million, dipping 20pc yoy. (Hong Kong Economic Times A12)

Shanghai Pharmaceuticals (2607 HK) kicks off its IPO today to raise 17.2 billion. Sources say its international placing was 3x oversubscribed. (Hong Kong Economic Times A10)

The Hong Kong Parkview Group Limited (207 HK) announced that the company is expected to record a positive profit for the year ended 31 March 2011 as compared to the last year. This growth is mainly attributable to the fair value gain on valuation on the company’s property interests benefiting from the boom in the property market in Hong Kong. (Sing Tao Daily B4)

Up International Investments has placed 78m existing shares in Trony Solar Holdings (2468 HK) at 4.6-4.65 a share. (Hong Kong Economic Journal)

Beijing Business Today reported that Tsingtao Brewery Company Limited (168 HK), Dutch major Heineken, Japan's Asahi and North American group Molson Coorshave are all been named as potential buyers for brewery assets of Foster’s Group. (Sing Tao Daily B5)

Wumart Stores, Inc. (8277 HK) announced that the company has been awarded the approval from China Securities Regulatory Commission (CSRC) of the transfer of listing on the Main Board. The company has applied to the Stock Exchange for listing on the Main Board yesterday. (Sing Tao Daily B4)

Yuanda China (2789 HK) announces that its final IPO price is 1.5. (Hong Kong Economic Journal P2)

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

Hong Kong Stock Market Wrap May 4th, 2011

China Aoyuan Property Group (3883 HK) has acquired a land in Panyu, Guangzhou at a consideration of RMB522,900,000, the land with a site area of some 48,189 square meters and the plot ratio of not more than 2.6. (Hong Kong Economic Journal P12)

China Forestry (930 HK) signs a non-binding letter of intent with the Government of Qiandongnan Perfecture, Guizhou province. It will invest in and develop three million mu (about 200,000 hectares) of renewable raw material forestry base land, and provide environmentally friendly forestry products processing, wood (bamboo) and seed cultivation, new varieties of polyploidy trees as well as cultivating new varieties of genetically modified trees, and the sales and research and development of related products. (Hong Kong Economic Journal P8)

China Gogreen Assets Investment (397 HK) intends to seek shareholders’ approval for a proposal which involves a possible disposal of all 1,000,000,000 Apollo Solar Energy shares it holds. The aggregate gross proceeds are estimated to be HK$576 million and the net proceeds, around HK$573.5 million. (Hong Kong Economic Journal P10)

HSBC revised down its price target for China Railway Construction Corp (1186 HK) from HK$9.1 to HK$7.4 yesterday. Shares dipped 3pc. (Hong Kong Economic Times A14)

HSBC cut its price target for China Railway Group (390 HK) from HK$5 to HK$4.5 yesterday. Shares slid 1pc. (Hong Kong Economic Times A14)

CITIC Resources Holdings Limited (1205 HK) proposed rights issue on the basis of three rights shares for every ten existing shares at the subscription price of HK$1.38 per rights share to raise HK$2,505 million. (Sing Tao Daily B3)

CT Holdings (International) Limited (1008 HK) announced the memorandum of understanding in relation to the acquisition of around 47 percent equity interests in BB Jinhuangshan. (Sing Tao Daily B2)

A number of railway stocks went down yesterday, among which CSR Corporation (1766 HK) shares suffered the greatest drop of over 6pc. (Hong Kong Economic Times A14)

Sources say that the contract sales of Evergrande Real Estate Group (3333 HK) saw a growth of 63 percent year-on-year, or an increase of 11 percent month-on-month, to around RMB6.1 billion in April 2011. (Sing Tao Daily B2)

Huiyin Household Appliances (1280 HK) announced that sales of the company surged 1.12x for the Golden Week Holiday in May. The same store sales went up 36 percent during the Holiday. (Sing Tao Daily B2)

Ping An Insurance (Group) Company (2318 HK) of China announced that the company will allocate the most part of capital for fixed income investment products. Stocks-related equity assets accounted for 10 percent of the company’s investment portfolio during the past two years. (Sing Tao Daily B2)

Proview International Holdings Limited (334 HK) announces that Ms. Hui Siu-ling, Elina will cease to be the Acting Chairman and CEO of the company; Ms. Sun Min, an Executive Director, will be appointed as the Chairman and Mr. Yu Genming, an Executive Director, will be appointed as the CEO of the company with effect from 20 April 2011. (Sing Tao Daily B2)

Sino-Life Group Limited (8296 HK) announced that the company may experience a loss in profit for the first quarter in 2011. Factors such as the increase in expenses for the expansion of business in China and the promotion expenses for the commencement of business operation in Hong Kong contributed to such a loss. (Sing Tao Daily B2)

Sinopharm Group (1099 HK) saw profit in Q1 jump 27.6pc yoy to RMB402m. The shares finished at HK$27 each yesterday. (Hong Kong Economic Times A14)

Sunevision Holdings Ltd. (8008 HK) announced the third quarterly results for the nine months ended 31 March 2011. The profit attributable to the owners of the company dropped 16 percent year-on-year to HK$196 million. (Sing Tao Daily B2)

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

Hong Kong Stock Market Wrap May 3rd, 2011

361 Degrees (1361 HK) announced that the company’s winter order book value rose 27 percent year-on-year along with the surge of selling prices and the order volume. (Sing Tao Daily B5)

Ausnutria Dairy Corporation (1717 HK) has entered into an entrusted fund management agreement with Yunnan International Trust, entrusting a fund in the amount of RMB200 million to the latter for the purchase of the financial assets held by CMB (Changsha). (Hong Kong Economic Journal P3)

China Properties Investment (736 HK) says it has noted the decrease in the price and increase in the trading volume of its shares and are not aware of any reasons for such movement. (Hong Kong Economic Times A11)

Fortune Real Estate Investment Trust’s (778 HK) total revenue for 1Q 2011 was HK$218.8 million, 4.6% higher year-on-year. (Hong Kong Economic Journal P11)

Guangzhou R&F Properties (2777 HK) announced that the company’s contract sales in April restored to the upward trend with RMB2,636 million, or up 7 percent year-on-year. (Sing Tao Daily B5)

Hang Seng Bank (11 HK) has declared a 1st interim dividend in respect of the year ending 31 Dec 2011 of HK$1.10 per share, which will be payable on 2 Jun, to shareholders whose names appear on the register of shareholders on 19 May. (Hong Kong Economic Journal P6)

Hengxin Technology Ltd. (1085 HK) announced that, for the first quarter ended 31 March 2011, the company, the company’s profit will experience a decrease of 25 percent to 35 percent as compared to that for the corresponding period in the last financial year. (Sing Tao Daily B4)

HSBC Holdings (5 HK) has declared a first interim dividend of US$0.09 per ordinary share in respect of the year ending 31 Dec 2011. The 1st interim dividend will be payable on 6 Jul. (Hong Kong Economic Journal P6)

QPL International Holdings Limited (243 HK) announced that the company’s annual profit ended 30 April 2011 will experience a loss as compared to that for the previous corresponding financial year. (Sing Tao Daily B4)

Sands China (1928 HK) shares shares rose to HK$22.4 each yesterday. Melco International (200) shares finished at HK$6.82 each. (Hong Kong Economic Journal P6)

Sa Sa International (178 HK) announced that during the three holidays in May 2011, the company’s operating revenue in Hong Kong and Macau increased by 28 percent over the same period last year. (Sing Tao Daily B4)

TLT Lottotainment Group (164 HK) entered into the Amendment Agreement with the placing agent to amend the placing price. The new placing price is HK$0.245 per placing share. (Sing Tao Daily B4)

Up Energy Development Group Limited (307 HK) received the judgment from the High Court. The Court of First Instance dismissed the appeal lodged by the plaintiff against Up Energy Development Group Limited for damages of approximately HK$76.86 million for breach of agreements. (Sing Tao Daily B4)

Zijin Mining Group (2899 HK) released an announcement in regard of the leakage of wastewater at Zijinshan Gold and Copper Mine copper hydro-metallurgical plant of the company in July 2010. Fujian Province Longyan City Xinluo District People’s Court rejected the appeal made by Zijin Ming Group and sustained the original judgment. (Sing Tao Daily B4)

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

Hong Kong Stock Market Wrap May 29th, 2011

Agritrade Resources Limited (1131 HK) is building a GEO-COAL production line in Indonesia. This is the first time for the company to put the new technology of coal production into the industry. The company expects that this optimization will lift the company’s gross profit by over three times and it bears revolutionary results for coal utilization. (Hong Kong Economic Journal P5)

Aluminum Corporation of China (Chalco) (2600 HK), along with GIIG Holdings, plans to jointly develop and operate an electrolytic aluminum plant in Malaysia. The project is expected to involve a total investment of over US$1 billion. Chalco plans to invest US$350 million to US$400 million (around HK$3.1 billion). This project is scheduled to come into operation in 2013 with an annual output capacity of 370,000 tonnes. (Sing Tao Daily B3)

China Gas Holdings (384 HK) announced that Mr. Mark Douglas Gelinas was appointed as an alternate director to Mr. Al Jarf, a non-executive director of the Company, with effect from 20 April 2011. (Sing Tao Daily B2)

China Kangda Food Company (834 HK) released its financial results for the first quarter in 2011. For the period ended 31 March 2011, the company recorded a profit of RMB3.49 million, or up over 20 percent year-on-year, with basic earnings per share of RMB0.89 cents. (Sing Tao Daily B2)

Dalian Port (PDA) Company (2880 HK) has entered into acquisition of 17.5 percent of equity interests in SBTF at a cash consideration of RMB274.5 million. (Hong Kong Economic Times A14)

Renhe Commercial Holdings Company (1387 HK) announced the progress of construction of four projects this year. The company’s four projects, with a total floor area of 892,000 square meters, have come into construction. (Hong Kong Economic Times A14)

Shanghai Shimao Co., Ltd., (813 HK) a subsidiary of Shimao Property Holdings, announced that the company’s unaudited consolidated financial results. Its net profit for the first quarter in 2011 experienced a year-on-year increase of 100 percent to RMB177 million. The company’s operating income dropped 0.4 percent year-on-year to RMB990 million for the first quarter 2011. (Hong Kong Economic Times A14)

Sino Union Energy Investment Group (346 HK) has granted a 24-month option to Yanchang Petroleum, who holds 14.51 percent interests in Sino Union, to subscribe for 1 billion shares at an exercise price of HK$0.716 apiece. (Hong Kong Economic Times A14)

Buildmore International (108 HK) recorded a loss for the year attributable to owners of HK$56,430,000. The company does not recommend the payment of a final dividend. (SingTao Daily B2)

Changsha Zoomlion Heavy Industry (1157 HK) saw net profit attributable to equity shareholders go up 175.46% to 2,023,637,292.86. Operating income rose 82.00%. (Hong Kong Economic Times A10)

Profit attributable to owners of Fountain Set (Holdings) (420 HK) amounted to roughly HK$154.1 million, a substantial increase of 36.3% over the same period last year. It has resolved not to pay any interim dividend. (SingTao Daily B2)

Guangzhou Automobile (2238 HK) announces its financial results for the 3 months ended 31 Mar prepared in accordance with the PRC GAAP. It booked net profit of 4,294,117,700, surging almost 2 times. (Hong Kong Economic Times A10)

Hang Lung Properties (101 HK) announces that application has been made to the Stock Exchange of Hong Kong for the listing of a US$2,000,000,000 medium term note programme. The listing of the programme is expected to become effective on 6 May. (Hong Kong Economic Journal P7)

SITC International Holdings (1308 HK) announces that profit for the 3 months ended 31 March 2011 was about US$25.1 million, an increase of 7.3%. (SingTao Daily B2)

Vietnam Manufacturing and Export Processing (422 HK) recorded net profit of US$8.18 million in Q1, dipping 1% yoy. (SingTao Daily B2)

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