Wednesday, May 18, 2011

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