Thursday, September 8, 2011

Hong Kong Stock Market Wrap Sept. 7th, 2011

AMS Public Transport (77 HK) announces that a wholly owned subsidiary will acquire the entire issued share capital of Central Maxicab, currently running the Scheduled PLB Routes, at a consideration of HK$215,000,000. (Hong Kong Economic Journal 26)

The chairman Deng Yao and management at Belle International Holdings Ltd. (1880 HK) sold 285 million existing shares in the company for HK$4.35 billion-HK$4.475 billion yesterday. The shares were sold at HK$15.28 to HK$15.7 apiece. (SingTao Daily B3)

Glorious Property Holdings (845 HK) posted August sales of RMB1.11b, surging 64.69pc. Sales from January to August hit RMB9.126b, soaring 118.13pc yoy. (Hong Kong Economic Journal 8)

The passenger vehicle subsidiary of Guangzhou Automobile Group (2238 HK) said that, for the period between January and July this year, the passenger vehicle brands recorded a sale of around 10,000 units. The company targets a whole-year sale of 20,000 units. But due to unstable oil prices in Mainland China, the gross profit margin of relevant businesses is expected to go down by 5 percent this year. (SingTao Daily B4)

Lenovo (992 HK) plans to introduce tablet PCs into the Indian market over the next three months. According to Wall Street Journal, the company is in the process of obtaining permission from the local government to launch the devices, said Amar Babu R.K., managing director of Lenovo India Pvt. Ltd. Apple iPad and Samsung Galaxy Tab have been in the Indian market for selling.(SingTao Daily B3)

Pou Sheng International’s (3813 HK) profit attributable to owners rose 219pc to US$ 45.956 million for the nine months ended June 30. (Hong Kong Economic Journal 26)

Shui On Construction and Materials Ltd. (983 HK) announced to restructure the company by focusing on property development supplemented with construction businesses. The company also considers a timely sale of cement business to take back capital from the market. (SingTao Daily B3)

Sunac China (1918 HK) announces that its wholly-owned subsidiary Sunac Zhidi will establish a JV company engaged in property development in China with Poly Tianjin. The company will be set up with a registered capital of RMB2 billion, which will be contributed by Sunac Zhidi as to RMB980,000,000. (Hong Kong Economic Journal 8)

V.S. International Group (1002 HK) expects a jump in its loss for the year ended 31 July 2011 as compared to that for the same period last year, mainly attributable to the substantial increase in the cost of sales and administrative expenses. (Hong Kong Economic Journal 26)

Yue Yuen Industrial (Holdings) Ltd. (551 HK) announced that for the nine months ended June 30, 2011, its net profit went up 1.23 percent to US$350 million (approximately HK$2.73 billion). (SingTao Daily B4)

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