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
