ABC Communications (30 HK) has entered into a MOU, planning to acquire the entire issued share capital of a target company at a total consideration of not exceeding HK$350,000,000, which is expected to be satisfied by cash and the issue of CBs and promissory notes. (SingTao Daily B6)
The director of BYD Company (1211 HK) admitted it is a bad decision in the 2009. This is the first time he admitted the fault and he claimed the reduction of the staff this time is to rebuilt BYD Company. (Hong Kong Economic Journal A6)
China Life Insurance (2628 HK) saw its accumulated premium income for the period from 1 January 2011 to 31 August 2011 increase by 4.1pc yoy to about RMB237.0 billion. (SingTao Daily B6)
China Modern Dairy (1117 HK) booked a profit attributable to equity shareholders of RMB224.6 million for the year ended 30 June 2011, soaring around 322.7pc yoy. EPS was RMB5.20 cents. (SingTao Daily B6)
IPO: Citic Securities had at least 7 major investors will invest in this new stock. It is believed that the total of the investors will buy 40% of the shares. (Hong Kong Economic Journal A8)
The executive direct of the Evergrande (3333 HK) said although this year is not as good as last year, they can still reach the year goal 70 billion RMB in October. There will be ten new projects promoted to the market in October. (Hong Kong Economic Journal A12)
Good Fellow Resources (109 HK) expects a profit for the year ended 30 June 2011, mainly attributable to revaluation gain recognised pertaining to an investment property which had been developed by its joint venture. (SingTao Daily B6)
Although Societe Generale rating had drop from Aa2 to Aa3, it is still far from losing the market as Hong Kong Exchanges and Clearing Limited (388 HK) except rating A3 or above. (Hong Kong Economic Journal A12)
Huadian Power International (1071 HK) has entered into an agreement to purchase 85% equity interest in Haoyuan Company from two independent third parties at a total consideration of approximately RMB715 million (SingTao Daily B6)
NWS Holdings (659 HK) announced to increase the shares of the Hangzhou raocheng super highway from 25% to 58.66% and might increase the share to 90.16% in the following three months. The executive direct of NWS Holdings said they have no decision whether they will increase the share any further yet, they do not have any raising finance problem and the repay could be very impressive. (Hong Kong Economic Journal A6)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
