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