Thursday, June 9, 2011

Hong Kong Stock Market Wrap June 8th, 2011

Boshiwa International (1698 HK) saw a good performance for the sales in May 2011. The sales increased by over 50 percent, staying in line with whole-year growth target. No selling prices changes will be made for the future. (Hong Kong Economic Times A12)

China Resources Power (836 HK) notes that after price increases in electricity for commercial and agricultural uses in China, the company is expected to record an extra income of RMB500 million to offset the pressure brought by fuel costs. (Hong Kong Economic Journal P12)

Easyknit Enterprises Holdings (616 HK) announces that its audited final results for the year ended 31 March 2011 are expected to record a profit as compared to a loss for the corresponding year ended 31 March 2010. (SingTao Daily B4)

Guangdong Tannery (1058 HK) announces that its interim results is expected to decline significantly due to a substantial increase in the cost of raw materials. The net profit is likely to be much lower or it may result in a net loss. (SingTao Daily B4)

Inno-Tech Holdings (8202 HK) places 316,000,000 new shares at a price of HK$0.031 per placing share. (SingTao Daily B4)

Lippo (226 HK) will focus its investment opportunities in Mainland China and Singapore over the next few years. The company will continue to develop its integrated model for property projects in Zhejiang. The DBS Tower Phase 1 & 2 and OUE Bayfront in Singapore are ready for rent. (Hong Kong Economic Journal P12)

Longrun Tea Group Company (2898 HK) expects to record a net profit for the year ended 31 March 2011 as compared to the net loss for the corresponding period in 2010. (SingTao Daily B4)

Pak Tak International (2668 HK) anticipates the profit to be recorded for the financial year ended 31 March 2011 will decrease substantially, mainly attributable to factors such as the increase in operating costs. (SingTao Daily B4)

Tencent (700 HK) plans to invest in a yuan fund started by Innovation Works, an incubation fund founded by Google China's former head Kai-Fu Lee. (Hong Kong Economic Times A12)

Top Spring International (3688 HK) sets its property turnovers targeting at HK$6 billion, representing a growth compared with the HK$5.1 billion last year. (Hong Kong Economic Times A12)

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