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
