Tuesday, July 12, 2011

Hong Kong Stock Market Wrap July 11th, 2011

Mobile Market (MM) (941 HK), the online application store of China's leading telecom operator China Mobile, recorded a total of 70,000 applications and more than two million developers as of end June. (Xinhua Electronic News)

China Travel International Investment Hong Kong (308 HK) announced that the company is expected to record a significant increase in its net profit for the six months ended 30 June 2011, which is mainly due to the continuous improvement of travel business benefiting from economic recovery, no further provision for impairment of investment and some shortened fixed assets in the resort operations of the company. (Hong Kong Economic Times A12)

Cheung Kong Infrastructure Holdings Limited (1038 HK) plans to acquire the U.K’s Northumbrian Water Group PLC, which could value this water supplier at £2.4 billion. The two sides have entered into talks concerning this offer. (Hong Kong Economic Journal P6)

China's Social Security Fund (SSF) (1398 HK) has cut its H-shares holding in the Industrial and Commercial Bank of China to 16.98 pc from 17.99 pc. On June 28, the SSF sold 35 million ICBC H-shares at price of 5.882 Hong Kong dollars a share. (Xinhua China Money)

Kingway Brewery (124 HK) says the its beer sales for the first half of 2011 have recorded an increase but affected by the rising raw materials cost and the newly imposed city construction tax and education surcharge to the company’s subsidiaries in mainland China, the profit will experience a sharp drop for the first half of 2011. (Hong Kong Economic Times A12)

Lerado Group (Holding) Company (1225 HK) announced that due to increased material cost, labour shortage and continuous appreciation in Renminbi, the company expects that its profit will see a significant drop for the six months ended 30 June 2011 as compared to the corresponding period last year. (Hong Kong Economic Journal P5)

Maoye International Holdings Limited (848 HK) announced that for the second quarter ended 30 June 2011, the company recorded an increase of total sales proceeds from concessionaire sales of 57.6 percent, of which the same-store sales proceeds increased by 23.3 percent. (Hong Kong Economic Journal P6)

China Metallurgical Group Corporation (1618 HK) denied a newspaper report that it was being investigated by Chinese authorities. Shares of the listed unit MCC fell nearly 5 percent on Monday after Ming Pao Daily News quoted unidentified sources as saying China Metallurgical was being investigated by the Communist Party's Central Commission for Discipline Inspection. (Ming Pao Daily News)

Sino-Ocean Land Holdings Ltd. (3377 HK) has announced that the company and two units of China Life Insurance (Group) Co. had jointly won a bid for a commercial site in Beijing for 2.66 billion Yuan, according to a company filing. (China Economic Information Service)

TCL Communication technology Holdings Limited (2618 HK) announced that its mobile phones and other products have witnessed sales increasing by 29 percent year-on-year to 3.785 million sets for the six months ended 30 June 2011. (Sing Tao Daily B4)

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