China Yurun Food Group (1068 HK) announces that chairman Zhu Yicai has further bought 1,800,000 shares in the company on market. After the acquisition, Zhu’s interest in the company has risen to around 25.94% of the issued share capital of China Yurun Food. (Hong Kong Economic Journal 17)
China Zhongwang (1333 HK) says its 1H net profit is expected to drop sharply as compared to the same period last year, mainly attributable to the adverse impact of the outcome of the anti-dumping and countervailing duty investigations conducted by the US, which resulted in a substantial drop in its export sales to the US for the period. The expected decline is also owing to the lower average selling price for industrial aluminium extrusion products in the domestic market. (Hong Kong Economic Times A8)
CITIC Pacific (267 HK) announces a disposal of its 50% non-controlling interest in CITIC Guoan to a wholly-owned subsidiary of its parent. The consideration is RMB3.511 billion. (Hong Kong Economic Journal 17)
Hanny Holdings (275 HK) sells the sale note issued by ITC Properties Group to Chan Kwok Keung at the consideration of HK$311,850,000. The sale note is the 3.25% convertible note due 2013 issued in the principal amount of HK$297 million. (SingTao Daily B3)
Tibet 5100 Water Resources (1115 HK) has entered into a replacement procurement agreement with China Railway Express. The latter is required to buy 50,000 tonnes of bottled mineral water from it every year. The obligation of Tibet 5100 Water Resources under the current buy-one-get-one-free arrangement will be waived. The agreement has retroactive effect with the term commencing from Jan1, 2011 to Dec 31, 2013. (SingTao Daily B3)
China Overseas Land (688 HK) and Investment has set its profit target for the next two years. The company expects that its core net profit will amount to HK$20 billion. (Sing Tao Daily B12)
China Suntien Green Energy (956 HK) anticipates that for the six months ended June 30 2011, the company will record a 1x increase in profit compared with the same period last year. The significant increase of the operating capacity of the company’s wind farms and the addition of newly registered Clean Development Mechanism (CDM) projects help contribute to such an improvement. (Sing Tao Daily B12)
Petro China Company (857 HK) has to shut its crude distillation unit at its Dalian refinery after a fire on Saturday. The accident happened just two weeks after the CDU was restarted after it was shut for around 40 days for maintenance. The fire, caused by a leak at a heat exchanger in the CDU, started on Sunday evening and was put out (Hong Kong Economic Times A9)
IPO: Porda Havas says that its profit has met the requirement to be listed on the Mainborad in Hong Kong. The company’s initial public offering will be launched in 2012 or 2013. (Hong Kong Economic Journal P11)
Techtronic Industries (669 HK) is considering various strategic options in relation to its floor care business ranging from a possible divestment of the Floor Care Business to maintaining the status quo, with a view to enhancing shareholders’ value in the company. (Sing Tao Daily B12)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
