Tuesday, June 7, 2011

Hong Kong Stock Market Wrap June 1st, 2011

China Sanjiang Fine Chemicals (2198 HK) has entered into Memorandum of Understanding with the Management Committee of Haiyan Economic Development Zone of Zhejiang Province, PRC. The two sides have reached an agreement concerning the company’s future investment project in Haiyan Economic Development Zone of Zhejiang Province, PRC. (Sing Tao Daily B2)

Chongqing Rural Commercial Bank (3618 HK) announces that its total loans and advances to customers saw an increase of around RMB6,956 million or 5.69%. (Hong Kong Economic Times A11)

Global Bio-Chem Technology Group (809 HK) notes that the company is expected to record earnings growth for the six months ended 30 June 2011 due to the increases in the sales volume, the average selling price and gross profit margin of the company’s downstream products. (Sing Tao Daily B2)

Intime Department Store (Group) Company (1833 HK) agreed to invest not more than RMB300 million into Zhejiang Fuqiang and Hangzhou Intime for the construction and development of the department store property of the Chengxi Project. (Sing Tao Daily B2)

Hong Kong Resources (2882 HK) released that its net profit for the year ended 31 March 2011 amounted to HK$30 million, or down 86 percent year-on-year. No dividend is announced. (Sing Tao Daily B2)

Huaneng Power International (902 HK) says, as a result of an adjustment of on-grid tariff, the estimated on-grid tariff for its generation units in 2011 will be increased by RMB0.93 cent/kWh. The company has received the Notice from National Development and Reform Commission on Relevant Issues regarding Proper Adjustment of Electricity Tariff, stating that the State has decided to make proper adjustment to electricity tariff in order to partially make up for the costs incurred by thermal power generation enterprises due to increase in thermal coal prices, and to reduce the difficulties that power generation enterprises have in operation and ensure normal and reasonable power supply. (Hong Kong Economic Journal 6)

Shenguan (829 HK) agreed to buy the entire equity interests in Wuzhou Xiansheng at the consideration of RMB372 million. (Sing Tao Daily B2)

SOHO China (410 HK) announces a proposed acquisition of land located at Sichuan North Road Station on Subway Line 10, Hongkou District, Shanghai at an aggregate consideration of RMB1.5 billion. (Hong Kong Economic Journal 4)

The Link Management’s (823 HK) distributable income rose 15.2% from a year ago to HK$2,458 million for the financial year ended 31 March 2011. Distribution per unit in total increased by 13.4% year-on-year to HK110.45 cents, which includes final DPU of HK57.59 cents. (Hong Kong Economic Journal 4)

The Grande Holdings (186 HK) announces that an order was granted by the High Court of the Hong Kong Special Administrative Region on 31 May 2011 appointing Fok Hei Yu and Roderick John Sutton, both of FTI Consulting (Hong Kong) Limited, to act as its provisional liquidators. (Hong Kong Economic Times A11)

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