Thursday, July 7, 2011

Hong Kong Stock Market Wrap July 6th, 2011

Asia Cement (China) (743 HK) expects its net profit will see a remarkable increase of 3.5x to reach RMB600 million for the six months ended 30 June 2011. The improvement in output and sales and full production of plants in Sichuan, Jiangxi and Hubei Provinces help lift the profit up. (Hong Kong Economic Times A9)

China CITIC Bank Corporation (998 HK) announces the final results of its A share rights issue. A total of 99.01% of the total A shares available for subscription were validly subscribed for, raising proceeds with a total amount of RMB17,561,162,871.72. (SingTao Daily B4)

Chigo (449 HK) announced that the company’s net profit for the first half of 2011 will experience a significant loss as compared with the same period last year. The loss is mainly attributable to the decrease in subsidies from the government’s energy plan. (Hong Kong Economic Times A9)

Kam Hing International (2307 HK) says it is expected to record an increase in the net profit of more than double for the six months ended 30 June 2011, mainly due to the development and expansion of its distribution channel and network and the improvement of average selling price of its fabric. (SingTao Daily B3)

Lee & Man Holding (746 HK) expects its net profit for the first six months would increase significantly, mainly attributable to the commencement of operation for the 4th production line of chloromethane products as well as the increase in selling prices of its products. The shares rose over 4.25pc yesterday. (SingTao Daily B3)

NWS Holdings Ltd. (659 HK) plans to issue 3-year and around 3 percent offshore Renminbi bonds in Hong Kong. The aggregate amount of this issuance has yet to be announced. (Hong Kong Economic Times A9)

Rainbow Brothers (33 HK) expects its interim results for the 6 months ended June 30, 2011 may show a loss as compared to the profit booked for the 6 months ended June 30, 2010. Hui Kwan Wah, Hugo has resigned as its executive chairman. (SingTao Daily B4)

Tencent (700 HK) bought 15.68 percent equity interest in Kingsoft (3888) to expand online security business. Tencent is expected to become the biggest sole shareholder for Kingsoft after the completion of this trading. (Hong Kong Economic Times A9)

Xpress Group (185 HK) announced to offer shares based on three offer shares for every twenty existing shares held. The new shares issued will not be less than 396 million at a price of HK$0.11 per offer share. The company proposes to raise HK$43.57 million. (Hong Kong Economic Journal P8)

Zhuzhou CSR Times Electric (3898 HK) expects a significant increase in profit for the six months ended 30 June 2011 as compared to the profit recorded in the corresponding period in 2010, mainly attributable to the increase in its sales volume. (SingTao Daily B3)

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