Foreign media citing China Minsheng Banking (1988 HK) says the CBRC has in principal approved its plan of public offering of A share convertible bonds and issuance of new H shares. (SingTao Daily B6)
Esprit Holdings Ltd. (330 HK) announced that for the six months ended June 30, 2011, its net profit may suffer a great loss due to the implementation of a strategic plan including the restructuring of its store operations. The revenue for the period is expected to remain similar to the revenue for the same period last year. (Hong Kong Economic Journal P7)
In his interview with Reuters, Mr. Zhang Dazhong, Chairman of Gome Electrical Appliances Holdings Ltd. (493 HK), noted that the U.S. private equity firm Bain Capital has no plan to sell its 9.9 percent stake in Gome. Gome also aimed to add about 260 retail outlets per year. (Hong Kong Economic Journal P7)
HSBC Holdings (5 HK) announces that the Hongkong and Shanghai Banking Corporation has sold its 8.1pc stake in Tradelink Electronic Commerce to TAL Apparel for roughly US$10m. The sale represents the disposal of a non-core investment, HSBC says. (SingTao Daily B6)
MGM China (2282 HK) announces that it has granted to eligible employees 830,000 share options to subscribe for shares of HK$1 each in its capital under its share option scheme adopted on 11 May, subject to their acceptance. (SingTao Daily B6)
Sino Land (83 HK) reported an underlying net profit from operations of HK$4,401.4 million, up 25.5%, with a net profit attributable to shareholders reaching a record high of HK$10,544.3 million. A final dividend of 35 cents a share was recommended. It proposes a bonus issue of shares on the basis of 1 new ordinary share for every 10 ordinary shares held. (SingTao Daily B3)
Sinotrans Ltd. (598 HK) will cooperate with Yang Ming Marine Transport Corporation for further development in domestic market in following areas: traditional businesses including shipping agency, freight forwarding and yard business; logistics solution in China and inter-Asia, Yangtze River and Pearl River liner services. (Hong Kong Economic Times A11)
S&P revised the rating outlook of the Texhong Textile Group (2678 HK) from stable to negative and lowered the credit scale ratings on the Group from ‘‘cnBBB-’’ to ‘‘cnBB+’’. In the report, S&P said that the profitability of Texhong Textile will deteriorate in the second half of 2011. Texhong Textile announced in its report that the product selling prices face pressure after the cotton price keeps going down since 2Q. Its sales volume and product selling prices have rebounded from the trough and the inventory level has also dropped. (Hong Kong Economic Times A11)
Xiangyu Dredging (871 HK) plans to acquire a cutter suction dredger at the purchase price of RMB145 million from Jiangsu Tongyang Shipping Co. Ltd. The company will apply the proceeds of the Global Offering to this acquisition. (Hong Kong Economic Times A11)
Viva China Holdings (8032 HK) announces that, due to the recent changes in market conditions, the parties to the MOU have agreed not to proceed with the proposed acquisition of the shares in Li Ning Company. (SingTao Daily B3)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
