Tuesday, July 19, 2011

Hong Kong Stock Market Wrap July 18th, 2011

Billion Industrial (2299 HK) expects a jump in its unaudited profit after taxation for the six months ended 30 June 2011, primarily attributed to a rise in average selling price and sales volume of its products. (SingTao Daily B3)

China Financial International Investments (721 HK) sets up 2 JV companies, one in Donghu District, Nanchang City and one in Yushui District, Xinyu City. It holds 30% of equity interests in both JV companies. (SingTao Daily B3)

China Unicom (Hong Kong) (762 HK) saw its 3G service subscribers go up in June with a net addition of 1.855 million, exceeding 6.7 percent as compared to that in May. This increase is mainly attributable to the lowering sale price of Android mobile phones. (Hong Kong Economic Journal P6)

TRUenergy, a wholly owned subsidiary of CLP Holdings (2 HK), plans to buy 20 percent equity interest in Gunnedah Basin from Santos for A$284 million. Australian energy group Santos Ltd agreed to buy smaller peer Eastern Star Gas Ltd in an all-share deal. (Hong Kong Economic Journal P10)

Cosway Corporation (288 HK) has been informed by its controlling shareholder CCB that it is presently considering the privatisation of Cosway Corporation and it is envisaged that it would be at a cash consideration of HK$1.10 per share. (SingTao Daily B3)

Glencore International PLC (805 HK) agreed to acquire 70 percent equity interest in Mina Justa Project from CST Mining Group at a consideration of US$475 million (HK$3.71 billion), subject to closing adjustments. (Hong Kong Economic Times A9)

Le Saunda Holdings Ltd (738 HK) announced that for the first four months (March-June) in 2011, its sales grew by 30 percent. Its Hong Kong and Macau same store sales are expected to record double-digit increase. (Hong Kong Economic Times A9)

Opes Asia Development (810 HK) says that it is expected to record a significant loss for the six months ended 30 June 2011. (SingTao Daily B3)

World Wide Touch Technology (1282 HK) announced that its profit for the six months ended 30 June 2011 is expected to decline as compared with that for the corresponding period in 2010. This decline of profit was mainly attributable to the decrease in gross profit margin as a result of the change in product portfolio, increase in production costs, and the appreciation of Renminbi. (Hong Kong Economic Times A9)

Zhaojin Mining Industry (1818 HK) says, in accordance with the Administration of Work Safety of Shandong Province, it has suspended production of its mines within Shandong province for rectification since 11 July 2011. On 16 July, it received from the local government a notice stating that all the its mines within Shandong province have passed the inspection for resumption of production and have been approved for resumption of production. (SingTao Daily B3)

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