Thursday, May 26, 2011

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