Friday, May 6, 2011

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