IPO: Australia's third-largest miner of iron ore, Fortescue Metals Group Ltd. (FMG.AU), is considering a listing in Hong Kong or Shanghai to entrench ties with Chinese steel mills, Chief Executive Andrew Forrest said Tuesday. (Xinhua.net)
Airport operator Beijing Capital International Airport Co. (694 HK) said Tuesday it expects its first-half results to "increase significantly" from a year earlier because of higher revenue and stringent cost controls. The Hong Kong-listed company didn't elaborate in its statement. Beijing Capital Airport is China's busiest airport in terms of passenger throughput. It overtook major airports such as Chicago's O'Hare and London's Heathrow to become the world's second-busiest airport by passenger traffic in 2010. (Xinhua. net)
BYD Company Ltd. (1211 HK) announced that the company expects to record its profit plunging 85 percent or even 95 percent at worst to RMB121 million-RMB363 million for the first half of 2011. The company notes that the decline in revenues of automobile and mobile phone businesses will affect its gross profit margin during this period. (Sing Tao Daily B1)
China Hongqiao Group Ltd. (1378 HK) plans to sell a three-year offshore yuan-denominated bond and a five-year U.S. dollar bond, according to a document seen by Dow Jones Newswires Tuesday. The proceeds will be used to expand the company's electricity production facilities, the document said, without stating the target size of the planned bonds. (Dow Jones Newswires)
China Shenhua Energy (1088 HK) plans to spend RMB25.5 million to form a joint venture with Anhui Province Energy Group reports China Securities Journal. The transaction is part of Shenhua Energy’s effort to accelerate its investment in the power generation field, as the new entity will be engaged in electric power and storage and sales of coal. (Sing Tao Daily B3)
China Taiping Insurance Company (966 HK) announced that accumulated premium income of Taiping Life Insurance Company Limited, a subsidiary of the company for the six months ended 31 June 2011 amounted to RMB17, 65 million. (Sing Tao Daily B3)
China Travel International Investment Hong Kong Ltd (308 HK) said on Monday that it was considering a spin-off for its hotel operations and expected its first half net profit to increase significantly. (China Industry Updates)
IRC Ltd. (1029 HK) announced that for the six months ended 30 June 2011, its total production increased by 142 percent, compared to the previous six-month period. The average realised prices for iron ore concentrate sales recorded an increase of 12 percent to US$147/t. (Hong Kong Economic Journal P7)
Jiangxi Copper Company Ltd. (358 HK) announced that the company’s net profit for the first half of 2011 will increase by over 50 percent to reach RMB3,186 million. The company noted that the improvement in copper output and rising selling prices of copper products pushed its main operating profits up. (Sing Tao Daily B2)
Longfor Properties Co. (960 HK) decided to cancel a share placement of around US$505 million due to market volatility. The Chinese property developer is the latest to postpone or abandon share sales because of choppy market conditions in Asia. In the past month at least five companies priced their Hong Kong initial public offerings at the lower end of their ranges, reduced the size of their offering or cancelled their IPOs altogether. (Dow Jones Newswires)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
