Monday, July 11, 2011

Hong Kong Stock Market Wrap July 8th, 2011

China Solar Energy (155 HK) plans to acquire the entire equity interests in Solar Market at a consideration of HK$160 million. (Hong Kong Economic Times A12)

Honghua Group (196 HK) announced that the company is expected to record an improvement in its profit this year, turning around to profit after a loss for 2010. This change is mainly due to a substantial increase of sales in land drilling rigs and components. (Sing Tao Daily B14)

After Hua Xia Healthcare (8143 HK) acquired Huihao Group in Fujian Province, the company has focused on pharmaceutical wholesale, distribution, and retail businesses instead of general hospital services. The company has announced that its pharmaceutical business has gained 92 percent of its total revenue and it will further seek opportunities in Fujian Province, China. (Sing Tao Daily B14)

Li Ning (2331 HK) issued a profit warning saying that the company’s same store sales have significantly slowed down and its growth of quarterly orders has sharply dropped. The company will likely record a loss in annual profit this year. (Hong Kong Economic Journal P5)

Standard Chartered PLC (2888 HK) plans to close around 43 branches in South Korea. Workers at SC First Bank have launched an indefinite strike over wage plan in South Korea and the strike has affected the bank’s normal operation. (Hong Kong Economic Times A12)

Angang Steel (347 HK) expects its net profit attributable to shareholders to drop to around RMB220 million for the six months ended 30 June, a yoy decrease of about 92%, primarily due to the jump in the prices of raw materials and fuels. (Hong Kong Economic Times A8)

BaWang International (1338 HK) preliminarily estimates that its results for the first half would book a loss, which is mainly in connection with the “dioxane incident”. (Hong Kong Economic Journal P17)

China Dongxiang (3818 HK) expects its revenue for the six month period ended 30 June to decline by approximately 45% as compared with the corresponding period in 2010 and the margin of profit attributable to shareholders to retreat to roughly 17–19% owing to excess inventory. (Hong Kong Economic Journal P17)

China ITS (1900 HK) says, with the investors’ best interests in mind, it has decided to postpone a plan to issue CNY denominated bonds but will closely monitor the development of market conditions and revisit the bonds issue as soon as appropriate. (SingTao Daily B3)

Yue Yuen Industrial (551 HK)announces that its net consolidated operating revenue in June amounted to USD628,824,000. Net consolidated accumulative operating revenue for the six months ended 30th June amounted to USD3,487,506,000. (SingTao Daily B3)

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