Thursday, October 20, 2011

Hong Kong Stock Market Wrap Oct. 19th, 2011

China Coal Energy (1898 HK) announces that the Wangjialing Coal Mine, which involved in a flooding accident last year, has passed safety inspection by the relevant local authorities of Linfen City of Shanxi Province. It is expected to resume its construction. (Hong Kong Economic Times A12)

China Resources Cement (133 HK) acquires the entire equity interest in Fujian Zhangping Zhenhong Cement at a consideration of RMB292.0 million. The latter operates a 2500 ton per day clinker production line and 2 cement grinding lines with total annual production capacity of 1.0 million tons in Zhangping Municipality of Fujian Province. (Hong Kong Economic Times A14)

China Resources Gas (1193 HK) announces that it has proposed to privatize Zhengzhou China Resources Gas. (Hong Kong Economic Journal B2)

China State Construction International Holdings Limited (3311 HK) announced for the nine months ended 30 September 2011, the operating profit went up 30.7 pc year-on-year to around HK$1.2 billion. (Singtao Daily B6)

In September, China Unicom’s (762 HK) additions of 3G service subscriptions reached 2.362 million and the number of 3G service subscribers was over 30 million. (Singtao Daily B4)

Datang International Power Generation (991 HK) announces that its total power generation for the first three quarters was 150.9784 billion kWh as of 30 September, up 17.56pc yoy. (Hong Kong Economic Journal B2)

Haier Electronics (1169 HK), along with UK’s Home Retail Group, plans to set up a joint venture HH Retail in China to develop multi-channel general merchandise retailing business under the brand of “Argos”. Haier Electronics expects this JV will come into operation in the next year with an aim of expanding the model of multi-channel retailing business into major regions in China. (Singtao Daily B3)

HSBC (5 HK) German unit HSBC Trinkaus & Burkhardt AG said it has withdrawn from the bidding process for WestLB corporate financing businesses after it could not reach an agreenment on conducting exclusive talks with WestLB regarding this purchase. (Singtao Daily B6)

PICC Property and Casualty Company (2328 HK) announced for the first nine months, its premium income grew 12.03 pc from RMB118, 372 million in the same period last year to RMB132, 609 million.
(Singtao Daily B6)

Sichuan Expressway (107 HK) announces that it has won the tender for the project in connection with the investment in and construction of the Suining-Guang’an Expressway and Suining-Xichong Expressway to be situated in Sichuan Province with a total length of about 162.671km. (Hong Kong Economic Times A14)

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

Wednesday, October 19, 2011

Hong Kong Stock Market Wrap Oct. 18th, 2011

The turnover of China Overseas Land & Investment (688 HK) decreased by 18 pc in September. For the first three quarters, the operating profit reached HK$16.73 billion, up 46.8 pc year-on-year. (Singtao Daily B4)

China Pacific Insurance (2601 HK) announced for the third quarter this year, its net profit reached RMB1.2 billion, up 35.7 pc. The basic earnings per share were HK$0.14. (Singtao Daily B5)

Great Wall Motor Company (2333 HK) expects its net profit will record an increase of over 50 pc for the nine months ended 30 September 2011, benefiting from rising sales of automobiles during the period. (Singtao Daily B5)

Guoco Group (53 HK) bought a total of 19.8 million shares of the Bank of East Asia in less than one month, taking its shareholding in the bank to around 14.03pc, according to data from the HKEx. (Hong Kong Economic Times A11)

Qin Jia Yuan Media Services (2366 HK) is considering certain fund raising exercises but they may or may not proceed in the end. (Hong Kong Economic Journal A10)

Rosedale Hotel (1189 HK) has entered into a MOU involving a proposed disposal of its stake in Rosedale Hotel Kowloon and a proposed lease back of the hotel. The total consideration will be roughly HK$1,314,625,000. (Hong Kong Economic Journal A10)

Standard Chartered’s (2888 HK) biggest shareholder Temasek announces an issue of up to S$800 million zero-coupon bonds that can be exchanged into Standard Chartered shares. Temasek currently holds 18.2pc stake in the bank. (Hong Kong Economic Times A11)

Swire Pacific Ltd. (19 HK) announced to issue US$3.5 billion medium term notes and appointed HSBC and Morgan Stanley as arranging banks. (Singtao Daily B5)

Temujin International Investment (204 HK) expects a profit for the 6 months ended 30 September 2011 mainly on a gain on redemption of CBs during the period. (Hong Kong Economic Journal B1)

Lanson Place Hospitality Management Limited, (369 HK) a subsidiary of Wing Tai Properties Ltd., has singed a new contract to manage serviced apartments under the Luxiangyuan Project, Shanghai. Lanson Place manages and operates nine projects in Asia. (Singtao Daily B5)

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

Tuesday, October 18, 2011

Hong Kong Stock Market Wrap Oct. 17th, 2011

361 Degrees (1361 HK) announced yesterday its quarterly results ended September 30, 2011, the number of retail outlets increased to 7,810 with a total retail area of 784,745 square metres. Its same store sales growth went up 14.1 pc while the channel inventory ratio was 3.8 times. (Singtao Daily B4)

It is reported that Aluminum Corporation of China (2600 HK) plans to list its Peru copper mine assets in HK to raise up to about HK$7.8 billion in the 1H of next year. (Hong Kong Economic Journal A11)

Credit Suisse (2020 HK) lowered its rating on mainland sports product sector from Hold to Underweight. Rating and price target for ANTA Sports Products are cut to underperform and HK$6.8 respectively. (Hong Kong Economic Journal A4)

CM bank (3968 HK) has received an approval from the CBRC. The commission has in principle agreed on the bank’s plan for rights issue of its A and H shares and issued a regulatory letter of opinions. (Hong Kong Economic Journal B1)

Hebei Natural Gas (956 HK), 55 pc and 45 pc respectively owned by China Suntien Green Energy and the Hong Kong and China Gas (003), will tie up with PetroChina (857) and BE Group to set up a joint gas receiving terminal in Tangshan exploring markets in Beijing, Tianjin and Hebei Province. Hebei Natural Gas will contribute RMB520 million cash into this establishment. (Singtao Daily B5)

China Zhongwang (1333 HK) announces a purchase of equipment for production of aluminium flat rolled products from three companies China Machinery, CEIEC and Great Dynasty for a total of US 3.78 billion. (Hong Kong Economic Times A13)

For the third quarter this year, CLP’s (2 HK) energy business outside Hong Kong surged 100 pc to HK$43.8 billion. Such a significant increase was mainly contributed by revenue from the New South Wales (NSW) energy assets acquired in March and a 16.8 pc increase in the average exchange rate of the Australian dollar. CLP maintains a dividend payment of HK$0.52 per share in the third quarter. (Singtao Daily B4)

For the six months ending 30 September this year, Freeman Financial Corporation (279 HK) may record a significant decrease in profit, which is mainly due to the net realized and unrealized losses in investment for trading. (Singtao Daily B5)

IPE Group (929 HK) announces that owing to severe flooding its production factory in Thailand has been closed for the time being since 14 October, saying that at present it is not possible to evaluate the likely impact on its business. (Hong Kong Economic Times A13)

Shenzhen Development Bank Co., Ltd., (2318 HK) a subsidiary of Ping An Insurance (Group), expects the net profit for the third quarter to increase by 70-80 pc up to RMB3, 058 million. Such an increase is partly due to the effect from consolidated financial statements. (Singtao Daily B2)

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

Monday, October 17, 2011

Hong Kong Stock Market Wrap Oct. 14th, 2011

IPO: Technovator International kicks off the initial public offering today aiming for HK$122 million-HK$146.4 million. Investors should subscribe for HK$2,424.19 for a board lot and the issue is priced at HK$1-HK$1.20 per share. (Hong Kong Economic Journal A10)

Cheung Kong Infrastructure (1038 HK) has announced it completed the acquisition of British utility Northumbrian Water Group (NW). Cheung Kong Infrastructure expects the relevant acquisition to bring 2.5 months’ profit in this fiscal year. (Hong Kong Economic Times A12)

Sources said that HSBC (5 HK) in India has asked at least 15 middle and senior-level employees to leave. (Singtao Daily B14)

Ming Fai International (3828 HK) announced its first-half net profit surged nearly 40 pc this year and the company plans to expand its “Seven-Color Flower” businesses by increasing 100-200 stores to contribute up to 30 pc of business revenue next year. (Singtao Daily B14)

Zijin Mining (2899 HK) is said to have sold around US$175 million of Glencore convertible bonds. Goldman Sachs Group Inc. managed the sale. (Singtao Daily B14)

Agritrade Resources (1131 HK) announces a disposal of 2 tugs and a barge for a consideration of approximately HK$18,822,000. The group estimates that it will book a loss from the disposal of roughly HK$6,486,000. (Hong Kong Economic Journal B1)

China Forestry (930 HK) says its independent board committee has appointed a major accounting firm to carry out a forensic review for the period from 2006 to 2010 on irregularities and other matters as well as an internal control review of its financial, operational and management aspects. (Hong Kong Economic Times A10)

Geely Automobile Holdings (175 HK) announces that its total sales volume for September was 32,430 units, up around 0.5% yoy and up around 26.7% mom. The total sales volume in the 1st 3Qs of 2011 was 293,232 units, up 6.6% yoy. (SingTao Daily B3)

Northeast Electric Development (42 HK) expects its results to return to the black with a net profit of approximately RMB14,000,000 and EPS of RMB0.016 for the first 3Qs this year. (SingTao Daily B3)

Qin Jia Yuan Media Services (2366 HK) issues a profit warning, saying that it is likely to register a considerable drop in the profit for the 2H of the year ended 30 September 2011. (Hong Kong Economic Journal B1)

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

Hong Kong Stock Market Wrap Oct. 13th, 2011

China Boon Holdings (922 HK) plans to acquire 43.35pc of the entire equity interest of Chongqing Bai Ta Yuan Funeral Services at a consideration of RMB66,800,000. China Boon will inject after the acquisition a sum of RMB30,000,000 in the latter, which will take its shareholding in Chongqing Bai Ta Yuan Funeral Services to 51pc. (SingTao Daily B5)

After 9 months’ suspension, China Coal Energy (1898 HK) released the first three-quarter productive and operational data. Its January-September coal output grew 8 pc to 77.48 million tons and sales rose 13.4 pc to 99.71 million tons. The September production volume declined over 7 pc because of partial suspension of coalmines for inspection and weather factors. (Hong Kong Economic Times A13)

China Overseas Grand Oceans (81 HK) booked turnovers of HK$1,180.1 million and HK$3,234.3 million for the 3 months and 9 months ended 30 September 2011 respectively. Operating profits were HK$720.7 million and HK$2,080.9 million respectively for the relative periods. (SingTao Daily B6)

Chuang’s Consortium International (367) and Chuang’s China Investments (298 HK) both issue a positive profit alert, expecting a substantial yoy rise in profit for the 6 months ended 30 September 2011 mainly on an increase in the revenues and gross profit on sales of properties recognised. (SingTao Daily B6)

The third-quarter same store sales of Daphne International Holdings Limited (210 HK) went up 23 pc. The first three quarter growth rate was 19 pc. Daphne International added up to 461 selling points, including 398 directly managed stores and 63 franchised stores, as of the end of September. (Hong Kong Economic Times A13)

According to a market research agency IDC, Lenovo (992 HK) has ranked as the No.2 PC producer worldwide in the third quarter with around 13.7 pc market share over Dell’s. Sales of Lenovo have outperformed the market for the ninth quarter in a row. (Hong Kong Economic Times A14)

IPO: China’s insurer New China Life Insurance Co. Ltd. plans to kick off its public hearing for the initial public offering this month to further advance its A+H share public listing plan worth of US$4 million, according to Thomson Reuters IFR Markets, the insurer has gained promise from several cornerstone investors for share subscription. (Hong Kong Economic Journal A14)

After a number of directors have resigned over the past few months, Real Gold Mining (246 HK) announces again that Deloitte Touche Tohmatsu resigned as its auditors with effect from 12 October 2011. (SingTao Daily B6)

Stella International Holdings Ltd. (1836 HK) announced its first three-quarter revenue grew 17.2 pc to US$1,138 million, comparing with that of the same period last year, which was mainly benefited from the strong growth in manufacturing and retail operations. (Hong Kong Economic Times A13)

Walker Group Holdings (1386 HK) shares have been dropping since it issued a profit warning last week. The company says a substanital shareholder has informed that he plans to decrease its stake in the company.
(SingTao Daily B4)

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

Thursday, October 13, 2011

Hong Kong Stock Market Wrap Oct. 12th, 2011

In September 2011, Air China’s (753 HK) passenger traffic increased by 5.8 pc to 4.206 million and airfreight traffic went down by 2.5 pc year-on-year to 103,000 tons. (Hong Kong Economic Times A17)

David LI Kwok-po, chairman of the BEA (23 HK), bought 100,000 shares of the bank at HK$24.458 each on average on Monday, taking its shareholding in the bank to 2.96pc. (SingTao Daily B7)

Belle International (1880 HK) announced its shoe business recorded an increase of 18.5 pc in same store sales for this third quarter. Its sportswear business reported 2.5 pc same store sales for the same period. (Hong Kong Economic Times A17)

Mainland sources reported that CSR (1766 HK) and CNR’s parent companies will receive RMB2 million cash injections respectively from the government. Shares in CSR surged 14 pc to HK$3.44 yesterday. (Hong Kong Economic Times A17)

CST Mining (985 HK) announced yesterday a discovery of a new copper deposit “Lady Colleen” at its Lady Annie Copper Operation in northwest Queensland, Australia, which sent its share price up 25pc to end at HK$0.125 yesterday. (SingTao Daily B4)

Evergrande Real Estate (3333 HK) said its contract sales for the first nine months this year increased by 79.4 pc year-on-year to RMB9.16 billion, approaching its whole-year sales target of RMB70 billion. The company is confident that it will realize this target within this year and considers price markups to slow down the selling speed. (Hong Kong Economic Times A16)

Heng Xin China Holdings (8046 HK) announces that Tao Chi Keung has resigned as its CFO. Executive director Feng Yongming and financial controller Cheng Kit Sum Clara will take on certain major roles of the post until a full time replacement is hired. (SingTao Daily B7)

Huadian Power International Corporation (1071 HK) announces that, as at 30 September, the power generated for the 1st 3Qs amounted to 111.67 million MWh, surging around 16.82pc. The on-grid electricity sold reached 104.29 million MWh, up about 17.25pc. (SingTao Daily B7)

Shareholders of PCCW (8 HK) approved the spin-off of a telecommunications business trust yesterday, making a further step towards its separate listing in Hong Kong. The projected public offering will be proceeded if a minimum valuation of HK$28.6 billion is achieved for this trust. PCCW valued at HK$21 billion yesterday. (Hong Kong Economic Times A16)

Texhong Textile Group (2678 HK) expects its earnings for the year ending 31 December 2011 to plunge as the cotton price rose to exceptionally high level during the 2H of 2010 and then fell this year. (SingTao Daily B7)

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

Wednesday, October 12, 2011

Hong Kong Stock Market Wrap Oct. 11th, 2011

AIA (1299 HK) will inject over HK$100 million each year into its training program, AIA Premier Academy, to attract talents into the team. AIA Group will offer to grant share options to certain employees under its share option scheme adopted in August 2011. (Hong Kong Economic Times A12)

Changsha Zoomlion Heavy Industry Science and Technology Development (1157 HK) estimates that from 1 January 2011 to 30 September 2011 net profits attributable to the parent company amounted to RMB5,800 million to RMB6,000 million, up 86% to 92% yoy. (SingTao Daily B7)

Sinopec Corp., (386 HK) and Russia's top petrochemical holding company SIBUR signed a memorandum for two planned joint ventures for the production of butadiene nitrile rubber in the cities of Krasnoyarsk and Shanghai. The production capacity of the Krasnoyarsk rubber plant in Russia will be increased to 56,000 metric tons per year from 41,000 metric tons per year, while the Shanghai plant aims to expand an annual production of 50,000 metric tons. (Hong Kong Economic Times A12)

Emperor Watch & Jewellery (887 HK) has started discussion with independent third parties on possible investment opportunities to expand its existing business. With the talk being at a preliminary stage, no formal written agreement has been entered into. (SingTao Daily B7)

Hidili Industry International Development (1393 HK) announces that, for the three months ended 30 September 2011, the sales volume of clean coal rose 21% to 443 thousand tonnes while that of coke slid 55% to 40 thousand tonnes. (SingTao Daily B7)

Maoye International (848 HK) recorded a significant increase in concessionaire sales of 49.45 pc including a 23 pc growth in same store sales for the first three quarters this year. (Hong Kong Economic Times A12)

Before gaining the approval from shareholders on a separate listing of its Business Trust, PCCW (8 HK) chairman Richard Li injected HK$11.92 million to overweigh 4.14 million shares in the company yesterday. (Hong Kong Economic Journal A8)

Tianneng Power International Ltd. (819 HK) slashed the selling price of its battery products by 6-7 pc in average. The company noted that the decline in cost far exceeded the decrease in selling prices and expected its profitability will not be affected. (Hong Kong Economic Times A8)

Unity Investments announces (913 HK) a rights issue at a subscription price of HK$0.1 a rights share on the basis of 2 rights shares for every share held to raise funds for general working capital and future investments. (SingTao Daily B7)

Vital Group Holdings (1164 HK) is engaged in negotiations regarding a potential continuing connection transaction in relation to trading of natural uranium materials with an associate of China Uranium Development. No written agreement or MOU has been entered into. (SingTao Daily B7)

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

Tuesday, October 11, 2011

Hong Kong Stock Market Wrap Oct. 10th, 2011

Alibaba Group (1688 HK) intends to buy back 40 pc stake, valued around US$13 billion, from Yahoo, a big shareholder of the group. Alibaba has talked with Singapore's Temasek Holdings Pte about providing financing to buy the stake and Temasek can overweigh its stake in the group after the close of this transaction. (Hong Kong Economic Journal A9)

Fiyta Holdings, subsidiary of CATIC Shenzhen (161 HK), announces that its earnings for the first 9 months this year amounted to RMB 137,000,000, up 10pc yoy. EPS was approximately RMB 0.34. (SingTao Daily B5)

CDC Corporation (8006 HK), controlling shareholder of Inc., has filed for bankruptcy protection in the US. The shares of Inc. ended at HK$2.04 each, falling 7.3pc. (SingTao Daily B5)

China New Town Development (1278 HK) announces that 2 land parcels for residential use in Shanghai Luodian project were listed by the Shanghai Municipal Bureau of Planning and Land Resources last Saturday. (SingTao Daily B5)

Sinopec (386 HK) agreed to buy a Canadian company, Daylight Energy Ltd. for C$2.2 billion (around HK$16,685 million). Daylight’s 69 oil and gas fields are located at the Northwest of Alberta and the Northeast of British Columbia and produce around 38,000 barrels of oil equivalent per day in the first half of 2011. (Hong Kong Economic Times A12)

Fairwood Holdings (52 HK) expects its same store sales in Hong Kong to grow 5-6 pc this year and its Mainland revenue to record a double-digit increase. The company plans to open around four new stores in Hong Kong and Mainland China. (Hong Kong Economic Times A12)

GCL-Poly Energy Holdings Ltd. (3800 HK) has signed a 5-year letter of intent of supply 1GW of “GCL Quasi-Mono Wafer” to Tainergy Tech. It is a part of the strategic cooperation for the both in priority purchase of raw materials and cooperative subcontracting on solar related areas. (Hong Kong Economic Times A12)

HSBC Holdings (5 HK) agreed to sell a 94 percent stake in its Hungarian consumer finance portfolio through its subsidiary HSBC Credit Zrt. to Cofidis Magyarországi Fióktelepe. The transaction, valuing the gross assets of the portfolio at US$27 million as of August 31, 2011, is expected to finish in first-quarter 2012. (Hong Kong Economic Journal A9)

Milan Station (1150 HK)announces that during the Golden Week it recorded an increase in sales of 36.2pc, reaching HK$22 million. (SingTao Daily B5)

Shandong Chenming Paper (1812 HK) announced yesterday that Wang Zaiguo and Zhao Liqun had resigned as its deputy general managers taking effect on yesterday by reason of family matters respectively. (SingTao Daily B5)

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

Monday, October 10, 2011

Hong Kong Stock Market Wrap Oct. 7th, 2011

Chanco International Group (264 HK) forecasts that for the six months ended 30 September 2011, its net profit may record losses compared with the net profit of HK$1.4 million for the same period last year. Losses are mainly due to the significant decrease in sales and profit margin caused by reduction of orders from overseas. (Singtao Daily B14)

After S& P downgraded the credit rating of Chaoda Modern (682 HK), Moody’s cut the company’s credit rating from Ba2 to Ba3. (Hong Kong Economic Journal A4)

Epicurean (8213 HK) and Company proposes to raise HK$32.9 million proceeds through rights issue of one rights share of HK 6 cents per rights share for every two existing shares of the company. (Singtao Daily B14)

ICube Technology Holdings Limited (139 HK) forecasts that the results of the company may record a substantial loss for the six months ended 30 September 2011, which is mainly due to an unrealized loss on the fair value changes on the listed securities of the company. (Singtao Daily B14)

MTR (66 HK) announced that CDC Corporation has filed for bankruptcy protection on 4 October 2011. The MTR Chairman, Dr. Raymond Ch’ien Kuo-fung, has resigned as the chairman and non-executive director of CDC on 3 October 2011. (Hong Kong Economic Journal A4)

China Environmental Energy Investment (986 HK) announces that the placing agent places on a best effort basis convertible notes up to an aggregate principal amount of HK$110,000,000. (Hong Kong Economic Journal B2)

China Longyuan Power Group (916 HK) announces that, according to preliminary statistics, its power generation for September on consolidated basis amounted to 1,989,200MWh, up 31.40% yoy. As at 30 September 2011, its total power generation for 2011 amounted to 18,582,170MWh, advancing 21.56% yoy. (Hong Kong Economic Times A16)

China Metal International (319 HK) announces that Ho Ming-Shiann has tendered his resignation as its chairman and executive director. Ho was convicted and sentenced to 6 months imprisonment, which can be commuted to a fine in lieu of imprisonment. (SingTao Daily B12)

Intime Department Store (Group) (1833 HK) announces that its total sales for the 9 months ended 30 September 2011 rose 37.7% yoy to RMB 7.805 billion. Same store sales surged 28.0% yoy to RMB 7.207 billion. (Hong Kong Economic Journal B2)

SIM Technology Group (2000 HK) announces that its unaudited monthly revenue for September is around HK$226.8 million and its unaudited revenue for the 9 months ended 30 September 2011 is roughly HK$1,867.8 million. (Hong Kong Economic Journal B2)

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

Friday, October 7, 2011

Hong Kong Stock Market Wrap Oct. 6th, 2011

Asia Cement (China) (743 HK) expects its net profit attributable to owners for the first 3Qs this year to skyrocket 450% from the RMB168.4 million of the corresponding period of the previous year. (Hong Kong Economic Times A10)

CITIC Securities (HK) (6030 HK) debuted on the bourse yesterday. The shares plunged to HK$11.9 each at one point but returned to HK$13.3 at the end of the day. (Hong Kong Economic Journal A10)

CLP Holdings Ltd.’s (2 HK) Jiangbian Hydro Power Project has officially entered operation, the latest asset added to the renewable energy portfolio in Chinese Mainland. The Jiangbian Hydro Power Station is expected to reach an annual output of 1,455 million kilowatt hours to provide clean energy to Sichuan’s provincial power grid. (Singtao Daily B5)

C Y Foundation (1182 HK) announces that the re-election of Cheng Chee Tock Theodore as director was voted down at its AGM yesterday and Cheng ceased to be its director at the conclusion of the meeting. His duties had been suspended since 8 April due to his involvement in ICAC investigation. (Hong Kong Economic Journal A10)

Dah Sing Bank (2356 HK) expects to issue up to nearly 100,000 brand new Dah Sing The Link Happy Visa Cards this year, which are jointly launched with Link Reit (823). (Singtao Daily B5)

Eternite International (8351 HK) plans to focus on Mainland market through its two high-end jewelry brands “Larry” and “Vera”. The company will open the first Mainland “Larry” store in Beijing next year as a step towards its goal of 2-3 stores there. The other new brand “Vera” is expected to show its first presence in Beijing at the end of the year. (Singtao Daily B3)

According to foreign sources, HSBC (5 HK) is in talks with Oman Intl Bank OIB.OM over a sale of its operations in the country. Reuters reported that HSBC has approached Japanese insurers on sale of non-life insurance unit. The companies, MS&AD Insurance, Tokio Marine and NKSJ Holdings, are studying the plan to determine whether they will participate in bidding. (Singtao Daily B5)

PCCW (8 HK) plans to list its telecom trust in Hong Kong in November if shareholders approve the plan at a meeting next Wednesday, two people with knowledge of the matter noted. The company is expected to kick off early contact with potential investors in Mid October. A spokesperson at PCCW declined to comment on the listing timetable. (Singtao Daily B4)

Sustainable Forest (723 HK) announces that a wholly owned subsidiary Amplewell Holdings disposes its Russian timber business for a consideration of HK$208,000,000. (Hong Kong Economic Journal B2)

VXL Capital (727 HK) says a claim has been filed in the Labour Tribunal against it by its former CEO for a sum of HK$30,000,000, alleging that it owes the former CEO payment of a discretionary bonus. (Hong Kong Economic Journal A10)

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

Thursday, October 6, 2011

Hong Kong Stock Market Wrap Oct. 4th, 2011

Government of Singapore Investment Corp. (1898 HK) has injected HK$102 million for 291 million shares in China Coal Energy Company. The company’s stake holding in China Coal Energy Company has increased to 7.09 pc. (Singtao Daily B4)

An outflow accident of high temperature molten iron of one of Fosun International’s (656 HK) furnaces happened in Nanjing in the morning on 5 August, causing 11 dead, 1 missing and 1 injured. (Hong Kong Economic Journal A7)

GLC-Poly Energy Holdings Ltd. (3800 HK) announces that it has developed a new type of wafer “GCL Quasi-Mono Wafer”, which contributes to a part of its technologically innovative blue ocean strategy. This wafer has already been utilised by Canadian Solar, the strategic cooperation partner of the company, in the manufacturing of the “GCL-CSI” co-brand high efficiency 265W solar modules. (Singtao Daily B4)

Government of Singapore Investment Corp. (GIC) has overweighed 1.88 million shares in Li Ning Company at a consideration of HK$15 million on 30 September. GIC currently holds 63.64 million shares in Li Ning. (2331 HK) (Singtao Daily B4)

Standard Chartered (2888 HK) plans to enhance its onshore presence in Africa through the set-up of private bank and other businesses. Shayne Nelson, the CEO of StanChart's private bank, said that the tough regulation standards have asked private banks for more operating costs. (Singtao Daily B4)

Standard & Poor's Ratings Services cuts its long-term corporate credit rating on Chaoda Modern Agriculture (682 HK) to “BB-“ from “BB” and places the rating on CreditWatch with negative implications. (SingTao Daily B2)

Kaisa Group Holdings (1638 HK) posted contracted sales of RMB 2 billion in September, an increase of 219 percent. (SingTao Daily B2)

Mascotte Holdings (136 HK) announces a purchase of 49.9pc of the issued shares of Sun Mass Energy for HK$2,500,000,000. The latter after the deal will become its wholly owned subsidiary. (SingTao Daily B2)

Sinotrans (598 HK) issues 3.3pc 3-year dim sum bonds to raise RMB 2.6 billion. Banks arranging for the issue include Wing Lung Bank. (Hong Kong Economic Journal A4)

Walker Group (1386 HK) expects a loss for the 6 months ended 30 September 2011 mainly on escalating operating costs in China and HK such as rental rise. (Hong Kong Economic Journal B1)

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

Tuesday, October 4, 2011

Hong Kong Stock Market Wrap Oct. 3rd, 2011

Burwill Holdings (24 HK) announces that Miao Gengshu and Sze Tsai Ping, Michael resigned as its independent non-executive director and non-executive director respectively, with effect from 1 October. (Hong Kong Economic Journal B1)

China Agrotech Holdings Ltd. (1073 HK) announced that for the six months ended 30 June 2011, its net profit increased by 325 pc to HK$127 million. The basic earnings per share were HK18.49 cents. No dividend was announced. (SingTao Daily B2)

China Everbright International (257 HK) said yesterday that both the Jinan Reusable Water Project and Zibo Reusable Water Project (“Zibo Project”) Phase I have commenced operation last month. These two projects reach daily water supply capacity of 47,000 m3 for industrial use. The company noted that the projects will serve as the profit driver as they progress from the internal water use to the external water supply. (SingTao Daily B3)

Dah Chong Hong (1828 HK) announces that, with effect from 1 January next year, chairman and executive director Hui Ying Bun will be re-designated as its non-executive director but will remain as its chairman. (Hong Kong Economic Times A12)

JP Morgan revises its price target for Hang Seng Bank (11 HK) down from HK$110 to HK$105. (Hong Kong Economic Times A12)

HSBC (5 HK) has agreed through HSBC Capital (Canada) to dispose its Canadian private equity fund management and mezzanine debt business. The business being sold had gross assets of roughly C$2m at the end of June this year. Completion of the deal is expected in the fourth quarter. (Hong Kong Economic Journal A7)

Silver Base Group (886 HK) forecasts a significant increase in its interim profit for the six months ended 30 September 2011 as compared with the corresponding period in last year. The company reported a profit of HK$215 million in the interim result in last year. (SingTao Daily B5)

Sinotrans Shipping (368 HK) has entered into an agreement with BOCI Asia, agreeing to purchase and pay for RMB280,000,000 aggregate principal amount of 3.3 per cent notes due 2014 issued by a wholly owned subsidiary of its parent. (Hong Kong Economic Times A12)

The Bank of East Asia (23 HK) said it has established a program allowing it to issue up to US$3 billion worth of medium term notes. The bank noted in a statement yesterday that this issuance “as a platform will enable it to achieve greater flexibility and diversity in asset and liability management” in a medium to long term. (SingTao Daily B4)

Yorkey Optical International (Cayman) (2788 HK) will establish a Joint Venture (JV) with PBL in Brazil. The JV intends to engage in the manufacture and sale of optical and opto-electronic products. (SingTao Daily B5)

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

Monday, October 3, 2011

Hong Kong Stock Market Wrap Sept. 30th, 2011

Ma Yun, chairman of (1688 HK), says the company is “very interested” in buying Yahoo!. The two companies have had discussions regarding the matter but fail to give any timetable. (Hong Kong Economic Times A12)

China Coal Energy Company Ltd (1898 HK). announced that its two underground mines located at Anjialing in Shanxi Province resumed production after a two-week suspension of production. The other three mines are commencing their safety inspection. (Hong Kong Economic Times A12)

CHIHO-TIANDE Group (976 HK) has received US$70 million worth of mid-term working capital loans from China Development Bank at the end of September. The amount will be mainly applied in corporate business expansion and daily business turnovers such as purchase of raw materials. (SingTao Daily B12)

Chu Kong Petroleum And Natural Gas Steel Pipe Holdings Ltd. (1938 HK) has received new orders of 186,000 tonnes of steel pipes in this third quarter, in addition to the total orders of 355,000 tonnes as at December 31, 2010 and the total orders of 215,000 tonnes for the first half of 2011. The company has received orders of 755,000 tonnes as at September 30, 2011. (Hong Kong Economic Journal A14)

Hang Seng Bank (11 HK) introduces a preferential interest rate for Hong Kong dollar time deposits. Banking customers may enjoy a preferential annual interest rate of 1.8-2.2 pct for 4-month, over HK$200,000 savings accounts. (Hong Kong Economic Times A12)

Carry Wealth Holdings (643 HK) announces its decision to temporarily cease the operation of its factories in Indonesia. (SingTao Daily B3)

China Aoyuan Property (3883 HK) acquired through public auction a parcel of land with a site area of 66,700 sqm at Pengjiang District, Jiangmen through a subsidiary owned as to 51pc by it at the minimum bidding price of RMB203,000,000. (SingTao Daily B3)

Kingsoft Corporation (3888 HK) announces that Donghui Wang has resigned as its executive director and chief financial officer and Shun Tak Wong has been appointed as its chief financial officer. (Hong Kong Economic Journal B1)

Newtree Group Holdings (1323 HK) announces that Able Bright has entered into a share charge, creating a charge over 276,666,200 shares out of 476,666,000 shares held by it in favour of Sun Finance Company as security for a 6-month term loan of HK$150,000,000 to independent third parties. (Hong Kong Economic Times A14)

Yanzhou Coal Mining Company (1171 HK) announces that its transaction to acquire through a subsidiary 19 potash mineral exploration permits in the Province of Saskatchewan, Canada for US$260 million has been approved by the two relevant countries. (Hong Kong Economic Times A14)

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