Wednesday, September 21, 2011

Hong Kong Stock Market Wrap Sept. 20th, 2011

Standard & Poor's lowered its long-term corporate credit rating on China Lumena New Materials (67 HK) to 'B+' from 'BB-' yesterday. The outlook is stable. The shares ended at HK$1.53 each. (SingTao Daily B4)

CITIC Securities (6030 HK) will open its retail book tomorrow to raise up to 15.1 billion. It has introduced 6 cornerstone investors including Waddel & Reed. (SingTao Daily B3)

CK life Sciences (775 HK) announced the purchase of Qualco West, a vineyard in Australia. (Hong Kong Economic Journal A7)

(938) Man Sang international limited Mr. Zhang Huaqiao becomes the executive director and chief executive officer of the company and intends to develop the Micro Credit Business in Mainland. The company also invested 50 million shares, about 9% of the share capital of company to Mr. Zhang. (Hong Kong Economic Journal A10)

Nine Dragons paper (2689 HK) ANNUAL PROFIT DROPS 9% The net profit of the year had dropped 9.2%, which is about 19.68 million RMB, due to the increase of the prime cost. (Hong Kong Economic Journal A16)

Pearl Oriental Innovation (632 HK) announces a proposal to change its English and Chinese name to “Pearl Oriental Oil Limited” and “東方明珠石油有限公司” to better reflect its new focus of development of its oil business. (SingTao Daily B6)

As 99.99% of votes were cast in favour of the resolution to remove Lam Ping Cheung Andrew as executive director, Seamless Green China (8150 HK) announced yesterday that Lam was removed from the position with effect from 20 Sep. (SingTao Daily B5)

Skyworth Digital Holdings (751 HK) announced as the new products are the major requirements to the people; the rural subsidy program for home appliances will be over. (Hong Kong Economic Journal A16)

Trony Solar Holdings (2468 HK) said the price of the solar products dropped in the second season. The annual result of the year ended 30 June 2011shows the net profit raised 8.9%, 5.44 million dollars. (Hong Kong Economic Journal A10)

Market sources say Xiao Nan Guo (1147 HK) closed its retail book yesterday and the tranche is fully subscribed. The company will list on the bourse next Wednesday. (SingTao Daily B3)

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