AV Concept (595 HK) recorded a net profit of HK77 million for the year ended March 31 this year, turning losses into gain. Earnings per share were 17.8 HK cents. A final dividend of 4 HK cents was paid. (SingTao Daily B4)
BYD (1211 HK) has signed with French Compagnie Générale de Location De Equipements for setting up a joint venture company to engage in financing business for purchase of cars, which includes providing loans for new-car end users. BYD share price closed at HK$63.2 yesterday, rising 5.25 per cent. (SingTao Daily B4)
China Construction Bank (939 HK) has received an undertaking to subscribe rights shares to be issued by it from controlling shareholder Central Huijin. The latter committed to subscribe in cash in proportion to shareholding ratio all offered rights shares to be allotted to it under rights issue plan passed at the former’s 3rd board meeting in 2010. (Hong Kong Economic Journal P8)
China Mobile (941 HK) reported figures of new subscribers in May. It added 917,000 new 3G users, higher than the 713,000 new users in April. Over 10 million new users are expected this month. (Hong Kong Economic Journal P7)
China Resources (1313 HK) signed a deal with Universal Cement to acquire several subsidiaries of Universal Cement for a total consideration of HK$820 million in cash through bank credit line and internal resources. The subsidiaries are engaged in the production of clinker, cement and concrete in Huizhou and Ningbo. (SingTao Daily B5)
China Strategic Holdings (235 HK) and Primus’s acquisition of Nan Shan Life is still under the process of approval by the Taiwan regulatory authorities. China Strategic Holdings announced yesterday an agreement with AIG to extend the long stop date of the share purchase agreement from the original 12 July to 12 October. (Hong Kong Economic Times A13)
China Telecom Corporation’s (728 HK) number of new users becomes stable. It added 3.02 million new users in May, making the total number go up to 71.5 million users. (Hong Kong Economic Times A13)
Golik Holdings (1118 HK) chairman Pang Tak Chung said the company will adjust investment proportion and focus on Hong Kong market, expecting construction industry in Hong Kong to head to a 5-year golden period. (Hong Kong Economic Journal P7)
Hong Kong Economic Times (423 HK) posted a net profit over HK$85 million for the year ended 31 March 2010, up 37.7 per cent year-on-year. Earnings per share were 19.8 HK cents. A final dividend of 8.9 HK cents was declared. (SingTao Daily B4)
Hutchison Telecommunications (215 HK) major shareholder Li Ka-shing increases 1.16 million shares at an average price of HK$1.641 on June 15, amounting to HK$1.91 million. (SingTao Daily B4)
Kaisa Group Holdings (1638 HK) announces a transfer of 566 million shares as the IPO shortfall shares to investors on 10 June pursuant to a share purchase agreement with certain institutional investors, including Temasek and Credit Suisse, in 2007. (Hong Kong Economic Times A13)
K.P.I. Company (605 HK) will concentrate on developing convenience stores business in Beijing. General manager Tao Ye said the company will put more resources in businesses in Beijing such as fast food and electronic commerce service businesses, adding that 30 convenience stores will be opened in Beijing this year. (Hong Kong Economic Journal P8)
Lee & Man Paper (2314 HK) reported a net profit of HK$1.833 billion for the ended 31 March, 2010, surging over 5 times, mainly due to the increase of both production capability and income. Earnings per share were 40.3 HK cents. A final dividend of 8 HK cents was declared. (SingTao Daily B5)
Link Real (823 HK) will appoint Andy Cheung Lee Ming as its executive director next Monday. The compensation payable to Cheung will be HK$3 million per annum together with a discretionary bonus in the range of 30-75 per cent of his base salary. (SingTao Daily B4)
Xiwang Sugar (2088 HK) first 5-month net profit jumped 70-fold from first 6-month in the previous year. It is expected that net profit for the first half this year will have substantial growth. (SingTao Daily B4)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
Tuesday, June 22, 2010
Monday, June 21, 2010
Hong Kong Stock Market Wrap June 18th, 2010
IPO: Sources says Shirble of Shenzhen plans to start its IPO on 25 June, issuing 375 billion shares at 2.11 to 2.81 per share to raise up to 1.05 billion. Revenue this year would climb 20 per cent to 1.372 billion yuan, BNP Paribas forecasts. (Hong Kong Economic Times A12)
Artini China (789 HK) plans to place shares at a price of HK$0.53 per placing share to raise net proceeds of HK$42.5 million. The placing price represents a discount of approximately 17.19 per cent to the closing price on June 18. (SingTao Daily B14) (SingTao Daily B14)
China Railway (3900 HK) has approved a private placement to issue a maximum of 1.518 billion new A shares for subscription. The issue price of the A shares will be not less than 4.11 yuan, raising a maximum total amount of 6.239 billion yuan. CRECG, China Railway controlling shareholder, plans to subscribe around 852 million shares at an amount not exceeding 3.5 billion yuan. (Hong Kong Economic Times A10)
The number of China Unicom’s (762 HK) new 3G subscribers in May reached 1 million, first in this year, suggesting that its fee cut promotion scheme is effective. The aggregate number of its 3G service subscribers is 6.528 million. Tencent stock price went up 1.8 per cent, ended HK$9.61, being the worst blue chip on Friday. (Hong Kong Economic Times A10)
Huabao International (336 HK) posted a net profit of HK$1.34 billion for the year ended March 31 this year, rising 20.7 per cent. Earnings per share is 43.15 HK cents, up 19.6 per cent. Apart from recommending a final dividend of 6.78 HK cents per share, special dividend of 5.5 HK cents per share was also declared. (SingTao Daily B14)
Oriental Press (18 HK) recorded a net profit of HK$307.49 million for the year ended Mar 31, with earnings per share at 12.8 HK cents. No final dividend was recommended. (SingTao Daily B14)
Tencent (700 HK) has been plummeting recently, but it made a late rebound on June 18, surging to HK$135.5 from HK$120, the whole day volatility being over HK$10, ended up HK$129.7, rising 3.76 per cent or HK$4.7, with turnover as much as HK$3.24 billion to become the most active stocks again. (Hong Kong Economic Journal P4)
Theme International (990 HK) plans to place 70 million shares to Suen Cho Hung, the major shareholder of several companies including China Yunnan Tin Minerals Group. The placing price will be HK$1, representing a discount of 13.79 per cent to the closing price on Friday, raising net proceeds of HK$69.90 million. (SingTao Daily B14)
Century Sunshine Group (509 HK) acquires Sunshine Partners from Yang Yuchuan and Zou Li for HK$87.75 million. The consideration is satisfied partially in cash and partially by issuing 226 million new shares at HK$0.3 each. (Hong Kong Economic Times A14)
China Everbright International (257 HK) signs two framework agreements with Anhui province and Jiangsu province respectively to develop biomass power generation, involving 640 million yuan in total. (SingTao Daily B13)
China Sci-Tech Holdings (985 HK) places shares at HK$0.2 per share for US$600 million. Trading of its shares resumes today. (SingTao Daily B13)
HSBC Holdings (5 HK) may acquire Royal Bank of Scotland’s business in India. According to a media report, the 2 banks have been in talks regarding the acquisition for months. The deal is expected to confirm within several weeks. (Hong Kong Economic Journal P4)
HALF YEAR NET DOWN 73.3% Huafeng Group Holdings (364 HK) posted turnover of HK$360 million for the six months ended 31 March 2010, up 11.5 per cent over the same period last year. Profit attributable to equity shareholders was HK$31 million, down 73.3 per cent over the same period last year. (Hong Kong Economic Journal P4)
King Stone Energy (663 HK) places up to 2.673 billion new shares, 14.42 per cent of its issued share capital as enlarged, at HK$0.195 each for HK$521 million. It has applied to resume trading in its shares today. (Hong Kong Economic Times A14)
Wah Nam International (159 HK) places up to F185 million shares, 4.96 per cent of its issued share capital as enlarged, at HK$1.11 each for HK$199 million. It has applied to resume trading in its shares today. (Hong Kong Economic Times A14)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
Artini China (789 HK) plans to place shares at a price of HK$0.53 per placing share to raise net proceeds of HK$42.5 million. The placing price represents a discount of approximately 17.19 per cent to the closing price on June 18. (SingTao Daily B14) (SingTao Daily B14)
China Railway (3900 HK) has approved a private placement to issue a maximum of 1.518 billion new A shares for subscription. The issue price of the A shares will be not less than 4.11 yuan, raising a maximum total amount of 6.239 billion yuan. CRECG, China Railway controlling shareholder, plans to subscribe around 852 million shares at an amount not exceeding 3.5 billion yuan. (Hong Kong Economic Times A10)
The number of China Unicom’s (762 HK) new 3G subscribers in May reached 1 million, first in this year, suggesting that its fee cut promotion scheme is effective. The aggregate number of its 3G service subscribers is 6.528 million. Tencent stock price went up 1.8 per cent, ended HK$9.61, being the worst blue chip on Friday. (Hong Kong Economic Times A10)
Huabao International (336 HK) posted a net profit of HK$1.34 billion for the year ended March 31 this year, rising 20.7 per cent. Earnings per share is 43.15 HK cents, up 19.6 per cent. Apart from recommending a final dividend of 6.78 HK cents per share, special dividend of 5.5 HK cents per share was also declared. (SingTao Daily B14)
Oriental Press (18 HK) recorded a net profit of HK$307.49 million for the year ended Mar 31, with earnings per share at 12.8 HK cents. No final dividend was recommended. (SingTao Daily B14)
Tencent (700 HK) has been plummeting recently, but it made a late rebound on June 18, surging to HK$135.5 from HK$120, the whole day volatility being over HK$10, ended up HK$129.7, rising 3.76 per cent or HK$4.7, with turnover as much as HK$3.24 billion to become the most active stocks again. (Hong Kong Economic Journal P4)
Theme International (990 HK) plans to place 70 million shares to Suen Cho Hung, the major shareholder of several companies including China Yunnan Tin Minerals Group. The placing price will be HK$1, representing a discount of 13.79 per cent to the closing price on Friday, raising net proceeds of HK$69.90 million. (SingTao Daily B14)
Century Sunshine Group (509 HK) acquires Sunshine Partners from Yang Yuchuan and Zou Li for HK$87.75 million. The consideration is satisfied partially in cash and partially by issuing 226 million new shares at HK$0.3 each. (Hong Kong Economic Times A14)
China Everbright International (257 HK) signs two framework agreements with Anhui province and Jiangsu province respectively to develop biomass power generation, involving 640 million yuan in total. (SingTao Daily B13)
China Sci-Tech Holdings (985 HK) places shares at HK$0.2 per share for US$600 million. Trading of its shares resumes today. (SingTao Daily B13)
HSBC Holdings (5 HK) may acquire Royal Bank of Scotland’s business in India. According to a media report, the 2 banks have been in talks regarding the acquisition for months. The deal is expected to confirm within several weeks. (Hong Kong Economic Journal P4)
HALF YEAR NET DOWN 73.3% Huafeng Group Holdings (364 HK) posted turnover of HK$360 million for the six months ended 31 March 2010, up 11.5 per cent over the same period last year. Profit attributable to equity shareholders was HK$31 million, down 73.3 per cent over the same period last year. (Hong Kong Economic Journal P4)
King Stone Energy (663 HK) places up to 2.673 billion new shares, 14.42 per cent of its issued share capital as enlarged, at HK$0.195 each for HK$521 million. It has applied to resume trading in its shares today. (Hong Kong Economic Times A14)
Wah Nam International (159 HK) places up to F185 million shares, 4.96 per cent of its issued share capital as enlarged, at HK$1.11 each for HK$199 million. It has applied to resume trading in its shares today. (Hong Kong Economic Times A14)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
Friday, June 18, 2010
Hong Kong Stock Market Wrap June 17th, 2010
China Coal Energy Company (1898 HK) recorded raw coal production volume of 51.96 million tons in the first 5 months this year, up 32 per cent year on year. Coal sales volume was 49.56 million tons, up 53 per cent year on year. (Hong Kong Economic Journal P12)
ENTERS WORLD'S TOP 20 DAIRY RANKING Rabobank of the Netherlands yesterday announced Top 20 Global Dairy Companies 2009. China Mengniu Dairy (2319 HK), with annual turnover of US$3.77 billion, ranked the 16th. (Hong Kong Economic Times A10)
China South City (1668 HK) expects to have a substantial growth in net profit for the year ended 31 March 2010, as the sales of property increases. (SingTao Daily B4)
Coslight Technology International (1043 HK) denies that it will produce battery electric vehicles within 2 years, saying that the date of production has not been decided although it having the relevant licenses and know-how to do so. (Hong Kong Economic Times A10)
Easyknit International Holdings (1218 HK) President and CEO Kwong Jimmy Cheung Tim was arrested by the Commercial Crime Bureau on 15 June and has been released on bail of HK$20,000. The company said the Bureau took away books and records belonging to Planetic International Ltd from its premises on the same day. (Hong Kong Economic Times A10)
TO INVEST IN 2 US SOLAR PHOTOVOLTAIC PROJECTS GCL-Poly Energy (3800 HK) will invest in two American solar photovoltaic projects through its wholly owned subsidiary GCL Solar. The investment amounts are $50 million and $5 million respectively. (SingTao Daily B4)
Grand T G Gold (8299 HK) recorded a full year loss narrowed to 36.53 million, down 60 per cent over the same period last year, with basic loss 0.8 HK cents per share. No final dividend was declared. (SingTao Daily B4)
L'Occitane (973 HK) International one of the joint sponsors of its listing CLSA sets rating for the company at “outperform”, with target price at 20. CLSA expects CAGR of its net profit to reach 26 per cent in the next 3 years. (Hong Kong Economic Times A10)
A 50% indirectly owned subsidiary of Phoenix Satellite Television (2008 HK) has signed main contractor agreements for the development and construction of the Land and Phoenix International Media Centre, for a total budget of 850 million yuan inclusive of the land price. (SingTao Daily B4)
Real Gold (246 HK) is planning to acquire the remaining 2.86 per cent of the equity interest in its indirect wholly owned subsidiary Fubon Industrial, at the amount of 194 million yuan satisfied in cash. (SingTao Daily B4)
UBS increased holding of shares in Sino-Ocean Land Holdings (3377 HK) by over 3.34 million shares at an average price of 5.78 each for almost 19.33 million on 11 June, taking its shareholding in the company from 4.94 percent to 5 percent, according to HKEx data. (Hong Kong Economic Journal P13)
TURNS LOSS INTO GAIN Sparkle Roll (970 HK) posted a net profit for the year ended 31 March 2010, recording 113 million of profit attributable to shareholders, with basic earnings 5.2 HK cents per share. A dividend of 0.3 HK cents per share was recommended. (SingTao Daily B4)
Tencent (700 HK) share price has faced pressure recently, even its then sponsor Goldman Sachs said that Tencent growth rate will slow, lowering its target price to HK$152 from HK$180 and setting the rating at “neutual”. Tencent went down nearly 2 per cent to close at HK$125, dropping for third straight day. (SingTao Daily B2)
The holding company of United Company Rusal (486 HK), En+ Group has invested in Hong Kong Mercantile Exchange by 10 per cent stake. En+ is the fourth consortium investing in HK Mercantile following Industrial and Commercial Bank of China (Asia), Cosco Group and Indian Reliance Money. (SingTao Daily B4)
Water Oasis Group (1161 HK) reported net profit of HK$24.2 million for the six months ended 31 March 2010, down 44 per cent year on year. Earnings per share were 3.3 HK cents. Interim dividend of 3 HK cents per share was declared.
(Hong Kong Economic Times A10)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
ENTERS WORLD'S TOP 20 DAIRY RANKING Rabobank of the Netherlands yesterday announced Top 20 Global Dairy Companies 2009. China Mengniu Dairy (2319 HK), with annual turnover of US$3.77 billion, ranked the 16th. (Hong Kong Economic Times A10)
China South City (1668 HK) expects to have a substantial growth in net profit for the year ended 31 March 2010, as the sales of property increases. (SingTao Daily B4)
Coslight Technology International (1043 HK) denies that it will produce battery electric vehicles within 2 years, saying that the date of production has not been decided although it having the relevant licenses and know-how to do so. (Hong Kong Economic Times A10)
Easyknit International Holdings (1218 HK) President and CEO Kwong Jimmy Cheung Tim was arrested by the Commercial Crime Bureau on 15 June and has been released on bail of HK$20,000. The company said the Bureau took away books and records belonging to Planetic International Ltd from its premises on the same day. (Hong Kong Economic Times A10)
TO INVEST IN 2 US SOLAR PHOTOVOLTAIC PROJECTS GCL-Poly Energy (3800 HK) will invest in two American solar photovoltaic projects through its wholly owned subsidiary GCL Solar. The investment amounts are $50 million and $5 million respectively. (SingTao Daily B4)
Grand T G Gold (8299 HK) recorded a full year loss narrowed to 36.53 million, down 60 per cent over the same period last year, with basic loss 0.8 HK cents per share. No final dividend was declared. (SingTao Daily B4)
L'Occitane (973 HK) International one of the joint sponsors of its listing CLSA sets rating for the company at “outperform”, with target price at 20. CLSA expects CAGR of its net profit to reach 26 per cent in the next 3 years. (Hong Kong Economic Times A10)
A 50% indirectly owned subsidiary of Phoenix Satellite Television (2008 HK) has signed main contractor agreements for the development and construction of the Land and Phoenix International Media Centre, for a total budget of 850 million yuan inclusive of the land price. (SingTao Daily B4)
Real Gold (246 HK) is planning to acquire the remaining 2.86 per cent of the equity interest in its indirect wholly owned subsidiary Fubon Industrial, at the amount of 194 million yuan satisfied in cash. (SingTao Daily B4)
UBS increased holding of shares in Sino-Ocean Land Holdings (3377 HK) by over 3.34 million shares at an average price of 5.78 each for almost 19.33 million on 11 June, taking its shareholding in the company from 4.94 percent to 5 percent, according to HKEx data. (Hong Kong Economic Journal P13)
TURNS LOSS INTO GAIN Sparkle Roll (970 HK) posted a net profit for the year ended 31 March 2010, recording 113 million of profit attributable to shareholders, with basic earnings 5.2 HK cents per share. A dividend of 0.3 HK cents per share was recommended. (SingTao Daily B4)
Tencent (700 HK) share price has faced pressure recently, even its then sponsor Goldman Sachs said that Tencent growth rate will slow, lowering its target price to HK$152 from HK$180 and setting the rating at “neutual”. Tencent went down nearly 2 per cent to close at HK$125, dropping for third straight day. (SingTao Daily B2)
The holding company of United Company Rusal (486 HK), En+ Group has invested in Hong Kong Mercantile Exchange by 10 per cent stake. En+ is the fourth consortium investing in HK Mercantile following Industrial and Commercial Bank of China (Asia), Cosco Group and Indian Reliance Money. (SingTao Daily B4)
Water Oasis Group (1161 HK) reported net profit of HK$24.2 million for the six months ended 31 March 2010, down 44 per cent year on year. Earnings per share were 3.3 HK cents. Interim dividend of 3 HK cents per share was declared.
(Hong Kong Economic Times A10)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
Hong Kong Stock Market Wrap June 15th, 2010
IPO: Trauson (325 HK) issues 212.828 million shares starting today at HK$2.38-3.57 each to raise HK$506.5 million to HK$760 million. UBS is the sponsor. Receiving bank is Bank of China (Hong Kong). Offer period is today to noon of 21 June. Expected listing date is 29 June. (Hong Kong Economic Journal P2)
Major shareholders of China Lilang (1234 HK) sold 60 million of old shares at HK$8.4-8.6 per share, with 8.5-10.6 per cent of discount from its closing price yesterday. They increased the placing scale to 80 million shares and increased to cash in HK$672 million at last. (SingTao Daily B2)
The deadline for China Strategic (235 HK) to acquire Nan Shan Life is less than a month away. Executive Director Or Ching Fai Raymond said yesterday that the company may discuss with AIG for an extension. It is said that the company has submitted insufficient documents to Taiwan authority. (Hong Kong Economic Times A14)
Fantasia Holdings Group (1777 HK) acquires a site in Dongguan for 317 million yuan. The site area is 96,900 sqm and total gross floor area is 242,100 sqm. The land price is around 1,300 yuan per floor area. The company says its land reserve is around 13.42 million sqm now, adequate for use the next 3-5 years. (Hong Kong Economic Times A14)
Global Bio-Chem Technology Group (809 HK) plans to issue rights shares at a price of HK$0.75 per share to raise around HK$696 million on the basis of 2 rights shares for every 5 shares. HSBC will be the underwriter of the rights issue. (Hong Kong Economic Times A14)
Greentown China (3900 HK) achieved 20 billion yuan of accumulated sales volume as of June 13 this year, rising 17 per cent from a year ago. Among the 20 billion sales amount, there are 17.4 billion yuan of contracted sales. (SingTao Daily B4)
Neo Telemedia (8167 HK) plans to acquire the entire issued share capital of Ease Ray Limited from the vendor at a consideration of HK$1.1 billion. Upon completion, the vendor will become the major shareholder of Neo Telemedia, holding 25 per cent of interest of the company. (SingTao Daily B3)
Pearl Oriental (632 HK) released an announcement about the warrant subscription by its chairman. It stated that due to an inadvertent mistake, the announcement about the issuance of the above-mentioned warrant subscription has not been filed to the Securities and Futures Commission for comment before its publication and thus the company is in breach of Takeovers and Mergers and Share Repurchases. It also clarified that its chairman will not apply for the whitewash wavier at this stage. (SingTao Daily B3)
Silver Base Group (886 HK) chairman Liang Guo Xing said the group is in talk with a long established Chinese herbal tea company for cooperation opportunities. If a deal is reached, he expects gross profit margin of the company to be 35 per cent. Furthermore, he expects sales to surge 60 per cent this year. (Hong Kong Economic Journal P8)
Suncorp Technologies (1063 HK) has signed a non-legally binding memorandum of understanding regarding a possible acquisition of the entire equity interest in a mainland company that owns a 50-year exclusive right to operate a fiber optic backbone network in China. The consideration would be around HK$4.99 billion by a combination of cash and convertible bonds to be issued by the company.
Vtech (303 HK) recorded around HK$1.605 billion of net profit for the year ended 31 March 2010, up 44 per cent year-on-year. Basic earnings per share are 83.7 US cents. A final dividend of 62 US cents per share is recommended. (SingTao Daily B2)
Chairman of Xinao Gas (2688 HK) bought 940,000 shares of the company last Tuesday and Wednesday at a consideration of HK$13.3 million, increasing his stake to 31.11 per cent. (SingTao Daily B3)
OPEN OFFER UNDER-SUBSCRIBED Xing Lin Medical (8130 HK) announced that the open offer was under-subscribed with only 0.38 per cent of its total offer shares. Its underwriter Kingston Securities Limited will subscribe the remaining shares, which is equal to nearly 20 per cent of its stake following the expansion. (SingTao Daily B3)
Zhong An Real Estate acquires an 158,000 sq.m. site in Hangzhou for 834 million yuan. The company will only pay 51 per cent of the price, around 425 million yuan, as the site will be developed jointly with a real estate firm.
Z-Obee Holdings (948 HK) appointed Polaris yesterday as financial consultant to provide financial advisory service for the proposed TDR Listing. The company believes the proposed listing can attract international investors. (Hong Kong Economic Times A14)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
Major shareholders of China Lilang (1234 HK) sold 60 million of old shares at HK$8.4-8.6 per share, with 8.5-10.6 per cent of discount from its closing price yesterday. They increased the placing scale to 80 million shares and increased to cash in HK$672 million at last. (SingTao Daily B2)
The deadline for China Strategic (235 HK) to acquire Nan Shan Life is less than a month away. Executive Director Or Ching Fai Raymond said yesterday that the company may discuss with AIG for an extension. It is said that the company has submitted insufficient documents to Taiwan authority. (Hong Kong Economic Times A14)
Fantasia Holdings Group (1777 HK) acquires a site in Dongguan for 317 million yuan. The site area is 96,900 sqm and total gross floor area is 242,100 sqm. The land price is around 1,300 yuan per floor area. The company says its land reserve is around 13.42 million sqm now, adequate for use the next 3-5 years. (Hong Kong Economic Times A14)
Global Bio-Chem Technology Group (809 HK) plans to issue rights shares at a price of HK$0.75 per share to raise around HK$696 million on the basis of 2 rights shares for every 5 shares. HSBC will be the underwriter of the rights issue. (Hong Kong Economic Times A14)
Greentown China (3900 HK) achieved 20 billion yuan of accumulated sales volume as of June 13 this year, rising 17 per cent from a year ago. Among the 20 billion sales amount, there are 17.4 billion yuan of contracted sales. (SingTao Daily B4)
Neo Telemedia (8167 HK) plans to acquire the entire issued share capital of Ease Ray Limited from the vendor at a consideration of HK$1.1 billion. Upon completion, the vendor will become the major shareholder of Neo Telemedia, holding 25 per cent of interest of the company. (SingTao Daily B3)
Pearl Oriental (632 HK) released an announcement about the warrant subscription by its chairman. It stated that due to an inadvertent mistake, the announcement about the issuance of the above-mentioned warrant subscription has not been filed to the Securities and Futures Commission for comment before its publication and thus the company is in breach of Takeovers and Mergers and Share Repurchases. It also clarified that its chairman will not apply for the whitewash wavier at this stage. (SingTao Daily B3)
Silver Base Group (886 HK) chairman Liang Guo Xing said the group is in talk with a long established Chinese herbal tea company for cooperation opportunities. If a deal is reached, he expects gross profit margin of the company to be 35 per cent. Furthermore, he expects sales to surge 60 per cent this year. (Hong Kong Economic Journal P8)
Suncorp Technologies (1063 HK) has signed a non-legally binding memorandum of understanding regarding a possible acquisition of the entire equity interest in a mainland company that owns a 50-year exclusive right to operate a fiber optic backbone network in China. The consideration would be around HK$4.99 billion by a combination of cash and convertible bonds to be issued by the company.
Vtech (303 HK) recorded around HK$1.605 billion of net profit for the year ended 31 March 2010, up 44 per cent year-on-year. Basic earnings per share are 83.7 US cents. A final dividend of 62 US cents per share is recommended. (SingTao Daily B2)
Chairman of Xinao Gas (2688 HK) bought 940,000 shares of the company last Tuesday and Wednesday at a consideration of HK$13.3 million, increasing his stake to 31.11 per cent. (SingTao Daily B3)
OPEN OFFER UNDER-SUBSCRIBED Xing Lin Medical (8130 HK) announced that the open offer was under-subscribed with only 0.38 per cent of its total offer shares. Its underwriter Kingston Securities Limited will subscribe the remaining shares, which is equal to nearly 20 per cent of its stake following the expansion. (SingTao Daily B3)
Zhong An Real Estate acquires an 158,000 sq.m. site in Hangzhou for 834 million yuan. The company will only pay 51 per cent of the price, around 425 million yuan, as the site will be developed jointly with a real estate firm.
Z-Obee Holdings (948 HK) appointed Polaris yesterday as financial consultant to provide financial advisory service for the proposed TDR Listing. The company believes the proposed listing can attract international investors. (Hong Kong Economic Times A14)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
Hong Kong Stock Market Wrap June 14th, 2010
On 10 June 2010, Chigo Holdings (449 HK) transferred about 46.4 million shares of the company by way of gifts to certain directors of the company, current and former employees, and customers of the Group. The beneficial shareholding of Li Hing Ho in the issued share capital of the company decreased to 57.94 per cent from from 67.02 per cent after the transfer of the relevant shares. Mr. Li remains the controlling shareholder of the Company. (Hong Kong Economic Times A12)
Henderson Land (12 HK) chairman Lee Shau Kee increased 190,000 shares of its stake in the company, at average 44.842 HK cents per share for a consideration of HK$8.52 million, hiking its stake in the company to 65.34 per cent from 65.33 per cent on Monday, according to HKEx news. (Hong Kong Economic Journal P6)
Netdragon Websoft (777 HK) announced that its net profit for the first quarter decreased around 56 per cen to 21.21 million yuan, basic and diluted earnings per share are RMB 4.03 cents. No dividend was declared. (SingTao Daily B3)
New World China Land (917 HK) redeemed 22,188 units of retail convertible bonds due in 2010 at a redemption price at $14,977.6 per unit for a consideration of over $332 million, involving over 2.2188 billion yuan of face value of bonds. (Hong Kong Economic Journal P6)
Playmates Toys (869 HK) plans to raise HK$104.3 million of rights shares at the subscription price of HK$0.30 per rights share on the basis of one rights share for every two existing shares, substantially discounted 38 per cent compared to HK$0.485 closed on Friday. (SingTao Daily B3)
The accumulated written premiums of Ping An Insurance (Group) (2318 HK) subsidiaries, namely Ping An Life Insurance Company of China, Ltd., Ping An Property & Casualty Insurance Company of China, Ltd., Ping An Health Insurance Company of China, Ltd. and Ping An Annuity Insurance Company of China, Ltd., for the first five months this year were 77.72 billion yuan, 24.74 billion yuan, 64.38 million yuan and 1.99 billion yuan respectively. (Hong Kong Economic Times A12)
Yuexiu Property’s (123 HK) contracted sales in May amounted to 529 million yuan, rising 1.71 times year-on-year. Its contracted sales in the first five months amounted to about 4.6 billion yuan, up 2.75 times year-on-year, equal to 58 per cent of its full-year target. (SingTao Daily B3)
Asia Cement (China) (743 HK) CEO Chang Tsai Hsiung said the company plans to acquire coal mines to increase gross profit margin and is seeking a project in Qinghai and Shangxi. The company expects capacity to go up 30 per cent this year to 17.04 million tonnes. (Hong Kong Economic Journal P4)
China Sci-Tech Holdings (985 HK) announced the completion of acquisition of the entire equity interest of a listed copper mining company in Canada Chariot for a consideration of around 1.8 billion on 11 June. The latter is a wholly owned subsidiary of the company now. (SingTao Daily B12)
E. Bon Holdings (599 HK) reported net profit of around HK$41 million for the year ended 31 March 2010, up 64 per cent. A final dividend of 3 HK cents per share and a bonus share issued on the basis of 3 bonus shares at par for every 10 shares were recommended. The company currently is the exclusive agent of famous brands B&B Italia and Poltrona Frau. It plans to open specialty showrooms for them in 2H.
(SingTao Daily B12)
Fosun International (656 HK) acquires from independent third parties 628,300 shares and 1.6166 million ORANE mandatorily convertible bonds of Club Med listed in Paris on 11 June, around 7.1 per cent of the share capital of the latter on a fully diluted basis. The latter develops and manages hotels, holiday centers and leisure and entertainment facilities. (Hong Kong Economic Times A10)
Maoye International Holdings (848 HK) granted share options to 411 individuals last Friday, including directors, management and employees and consultants with special contributions. They can subscribe for up to 126.30 million shares in total at a price of HK$2.81 per share. (SingTao Daily B12)
PICC Property and Casualty (2328 HK) recorded premiums income of 66.435 billion yuan for the first 5-month this year, up 24 per cent over the 53.572 billion yuan for the same period last year. (SingTao Daily B12)
Shanghai Industrial Holdings (363 HK) has basically finished selling its non-core businesses. The company now focuses on real estate, infrastructure and consumption businesses. It said capital spending on real estate business this year is around 5-7 billion, including at least 2.7 billion for acquiring Neo-China Land Group (0563). (Hong Kong Economic Journal P6)
Wang Sing International (2389 HK) announced a rights issue on the basis of 3 rights shares for every 2 shares at a price of HK$0.15 per rights share to raise up to HK$180 million for repaying shareholders’ loans and investing in a real estate project in Jiangsu. (SingTao Daily B12)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
Henderson Land (12 HK) chairman Lee Shau Kee increased 190,000 shares of its stake in the company, at average 44.842 HK cents per share for a consideration of HK$8.52 million, hiking its stake in the company to 65.34 per cent from 65.33 per cent on Monday, according to HKEx news. (Hong Kong Economic Journal P6)
Netdragon Websoft (777 HK) announced that its net profit for the first quarter decreased around 56 per cen to 21.21 million yuan, basic and diluted earnings per share are RMB 4.03 cents. No dividend was declared. (SingTao Daily B3)
New World China Land (917 HK) redeemed 22,188 units of retail convertible bonds due in 2010 at a redemption price at $14,977.6 per unit for a consideration of over $332 million, involving over 2.2188 billion yuan of face value of bonds. (Hong Kong Economic Journal P6)
Playmates Toys (869 HK) plans to raise HK$104.3 million of rights shares at the subscription price of HK$0.30 per rights share on the basis of one rights share for every two existing shares, substantially discounted 38 per cent compared to HK$0.485 closed on Friday. (SingTao Daily B3)
The accumulated written premiums of Ping An Insurance (Group) (2318 HK) subsidiaries, namely Ping An Life Insurance Company of China, Ltd., Ping An Property & Casualty Insurance Company of China, Ltd., Ping An Health Insurance Company of China, Ltd. and Ping An Annuity Insurance Company of China, Ltd., for the first five months this year were 77.72 billion yuan, 24.74 billion yuan, 64.38 million yuan and 1.99 billion yuan respectively. (Hong Kong Economic Times A12)
Yuexiu Property’s (123 HK) contracted sales in May amounted to 529 million yuan, rising 1.71 times year-on-year. Its contracted sales in the first five months amounted to about 4.6 billion yuan, up 2.75 times year-on-year, equal to 58 per cent of its full-year target. (SingTao Daily B3)
Asia Cement (China) (743 HK) CEO Chang Tsai Hsiung said the company plans to acquire coal mines to increase gross profit margin and is seeking a project in Qinghai and Shangxi. The company expects capacity to go up 30 per cent this year to 17.04 million tonnes. (Hong Kong Economic Journal P4)
China Sci-Tech Holdings (985 HK) announced the completion of acquisition of the entire equity interest of a listed copper mining company in Canada Chariot for a consideration of around 1.8 billion on 11 June. The latter is a wholly owned subsidiary of the company now. (SingTao Daily B12)
E. Bon Holdings (599 HK) reported net profit of around HK$41 million for the year ended 31 March 2010, up 64 per cent. A final dividend of 3 HK cents per share and a bonus share issued on the basis of 3 bonus shares at par for every 10 shares were recommended. The company currently is the exclusive agent of famous brands B&B Italia and Poltrona Frau. It plans to open specialty showrooms for them in 2H.
(SingTao Daily B12)
Fosun International (656 HK) acquires from independent third parties 628,300 shares and 1.6166 million ORANE mandatorily convertible bonds of Club Med listed in Paris on 11 June, around 7.1 per cent of the share capital of the latter on a fully diluted basis. The latter develops and manages hotels, holiday centers and leisure and entertainment facilities. (Hong Kong Economic Times A10)
Maoye International Holdings (848 HK) granted share options to 411 individuals last Friday, including directors, management and employees and consultants with special contributions. They can subscribe for up to 126.30 million shares in total at a price of HK$2.81 per share. (SingTao Daily B12)
PICC Property and Casualty (2328 HK) recorded premiums income of 66.435 billion yuan for the first 5-month this year, up 24 per cent over the 53.572 billion yuan for the same period last year. (SingTao Daily B12)
Shanghai Industrial Holdings (363 HK) has basically finished selling its non-core businesses. The company now focuses on real estate, infrastructure and consumption businesses. It said capital spending on real estate business this year is around 5-7 billion, including at least 2.7 billion for acquiring Neo-China Land Group (0563). (Hong Kong Economic Journal P6)
Wang Sing International (2389 HK) announced a rights issue on the basis of 3 rights shares for every 2 shares at a price of HK$0.15 per rights share to raise up to HK$180 million for repaying shareholders’ loans and investing in a real estate project in Jiangsu. (SingTao Daily B12)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
Hong Kong Stock Market Wrap June 11th, 2010
IPO: AgBank plans to initiate its first stage promotion schemes next week following the approval from the Hong Kong Listing Committee yesterday. The bank expects to sign deals with about 20 institutional investors, including Singapore's Temasek and Qatar's sovereign fund. (SingTao Daily B2)
China Wireless Technologies (2369 HK) expects to have a sharp rise in the profit for the six-month ending 30 June this year as compared to the profit for the corresponding period last year, mainly attributable to the swift growth of mainland 3G mobile phone market and the increased sales of its 3G mobile phone products. (Hong Kong Economic Times A12)
Tam Shing Chi, chief financial officer of Chow Sang Sang (116 HK), said that the company plans to establish 50 new stores in China after setting up 20 mainland branches early this year. He estimates that the full year expenditure for setting up new stores will be HK$400-$500 million. (SingTao Daily B3)
After Geely Automobile (175 HK) announcing its May sales figures, a report issued yesterday by Credit Suisse wrote that its May sales slowing down month over month is because of weakening wealth effect and that the firm feared this might have negative impact over its profit. The firm sets rating for the company at “underperform”, with target price at 1.92. (Hong Kong Economic Times A12)
New mortgage amount decreased for the past two months, but it is in question whether the land sale of Ho Man Tin site will boost the property market, according to Mrs. Margaret Leung, Vice-Chairman of Hang Seng Bank (11 HK). She added that buyers should be cautious about the affordability in the event of any shift in interest rate. (SingTao Daily B3)
Henderson (12 HK) chairman Lee Shau Kee increased 295,000 shares of Henderson Land Development on June 4 at a consideration of HK$13.71 million, with average price at HK$46.487 per share, according to the disclosure of interests of the major shareholders released yesterday. (SingTao Daily B3)
Kingboard Chemical Holdings (148 HK) dropped 8.96 per cent to 30.5 yesterday. Credit Suisse has lowered its rating for the company to “neutral” and target price to 35.5 as the company has been affected by European debt crisis and its May laminates production unexpectedly dropped by 16 per cent as compared to that in previous month. (Hong Kong Economic Times A10)
Kunlun Energy Company (135 HK) will focus on developing liquefied natural gas distribution business. Internal return on investment of LNG business will reach 12 per cent as the company doesn’t have to bear the price risk of importing LNG. The company also plans to use HK$5 billion for M&A relating to natural gas business. (Hong Kong Economic Journal P10)
Since Prudential (2378 HK) cancelled the AIA acquisition deal with AIG, the American insurer may sell parts of its Asian units through other channels, foreign media reported, citing sources from United States Department of the Treasury. It is said that AIG may reap proceeds as much as $35.5 billion from listing AIA, that is the reason AIG did not sell AIA at a low price. (SingTao Daily B2)
Shanghai Shimao under Shimao Property Holdings (813 HK) has cancelled its plan to raise funds via issuing shares on the changes in mainland housing policies. Its original plan was to issue not more than 150 million shares at a price no less than13.81 yuan per share to raise not more than 1.7 billion yuan for real estate development.
(Hong Kong Economic Journal P12)
Li Dongsheng, chairman of TCL Multimedia (1070 HK), sold yesterday 15 million of TCL shares by cash amounting to HK$84.75 million, with placing price at HK$5.65 per share. He is holding about 1.71 per cent of the total number of shares issued by the company. (SingTao Daily B3)
The price of aluminium went down in recent months because of European debt crisis. The chairman of United Company Rusal (486 HK) said that the company has no intention to reduce production. He added that the plunge of aluminium price may lead to the close of some aluminium factories.
(SingTao Daily B3)
Weichai Power Co., Ltd. (2338 HK) fell 7.15 per cent to 51.3 yesterday. Merrill Lynch rated the company “underperform” yesterday, with target price at 40, saying that its Q1 profit peaked and expecting the growth of heavy trucks sales to slow down in the second half of the year. (Hong Kong Economic Times A10)
Winsor Properties (1036 HK) has signed a provisional sales and purchase agreement selling a property located at San Po Kong at a consideration of HK$601 million. It is estimated that the company will cash in about HK$250 million for the transaction. (SingTao Daily B3)
A media report said Universal Entertainment Corp., major shareholder of Wynn Macau’s (1128 HK) parent Wynn Resorts, plans to spin off a casino project and list the operation in HK within 3 years after the opening of the first phase of the US$2.7 billion Manila casino resort project.
(Hong Kong Economic Times A12)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
China Wireless Technologies (2369 HK) expects to have a sharp rise in the profit for the six-month ending 30 June this year as compared to the profit for the corresponding period last year, mainly attributable to the swift growth of mainland 3G mobile phone market and the increased sales of its 3G mobile phone products. (Hong Kong Economic Times A12)
Tam Shing Chi, chief financial officer of Chow Sang Sang (116 HK), said that the company plans to establish 50 new stores in China after setting up 20 mainland branches early this year. He estimates that the full year expenditure for setting up new stores will be HK$400-$500 million. (SingTao Daily B3)
After Geely Automobile (175 HK) announcing its May sales figures, a report issued yesterday by Credit Suisse wrote that its May sales slowing down month over month is because of weakening wealth effect and that the firm feared this might have negative impact over its profit. The firm sets rating for the company at “underperform”, with target price at 1.92. (Hong Kong Economic Times A12)
New mortgage amount decreased for the past two months, but it is in question whether the land sale of Ho Man Tin site will boost the property market, according to Mrs. Margaret Leung, Vice-Chairman of Hang Seng Bank (11 HK). She added that buyers should be cautious about the affordability in the event of any shift in interest rate. (SingTao Daily B3)
Henderson (12 HK) chairman Lee Shau Kee increased 295,000 shares of Henderson Land Development on June 4 at a consideration of HK$13.71 million, with average price at HK$46.487 per share, according to the disclosure of interests of the major shareholders released yesterday. (SingTao Daily B3)
Kingboard Chemical Holdings (148 HK) dropped 8.96 per cent to 30.5 yesterday. Credit Suisse has lowered its rating for the company to “neutral” and target price to 35.5 as the company has been affected by European debt crisis and its May laminates production unexpectedly dropped by 16 per cent as compared to that in previous month. (Hong Kong Economic Times A10)
Kunlun Energy Company (135 HK) will focus on developing liquefied natural gas distribution business. Internal return on investment of LNG business will reach 12 per cent as the company doesn’t have to bear the price risk of importing LNG. The company also plans to use HK$5 billion for M&A relating to natural gas business. (Hong Kong Economic Journal P10)
Since Prudential (2378 HK) cancelled the AIA acquisition deal with AIG, the American insurer may sell parts of its Asian units through other channels, foreign media reported, citing sources from United States Department of the Treasury. It is said that AIG may reap proceeds as much as $35.5 billion from listing AIA, that is the reason AIG did not sell AIA at a low price. (SingTao Daily B2)
Shanghai Shimao under Shimao Property Holdings (813 HK) has cancelled its plan to raise funds via issuing shares on the changes in mainland housing policies. Its original plan was to issue not more than 150 million shares at a price no less than13.81 yuan per share to raise not more than 1.7 billion yuan for real estate development.
(Hong Kong Economic Journal P12)
Li Dongsheng, chairman of TCL Multimedia (1070 HK), sold yesterday 15 million of TCL shares by cash amounting to HK$84.75 million, with placing price at HK$5.65 per share. He is holding about 1.71 per cent of the total number of shares issued by the company. (SingTao Daily B3)
The price of aluminium went down in recent months because of European debt crisis. The chairman of United Company Rusal (486 HK) said that the company has no intention to reduce production. He added that the plunge of aluminium price may lead to the close of some aluminium factories.
(SingTao Daily B3)
Weichai Power Co., Ltd. (2338 HK) fell 7.15 per cent to 51.3 yesterday. Merrill Lynch rated the company “underperform” yesterday, with target price at 40, saying that its Q1 profit peaked and expecting the growth of heavy trucks sales to slow down in the second half of the year. (Hong Kong Economic Times A10)
Winsor Properties (1036 HK) has signed a provisional sales and purchase agreement selling a property located at San Po Kong at a consideration of HK$601 million. It is estimated that the company will cash in about HK$250 million for the transaction. (SingTao Daily B3)
A media report said Universal Entertainment Corp., major shareholder of Wynn Macau’s (1128 HK) parent Wynn Resorts, plans to spin off a casino project and list the operation in HK within 3 years after the opening of the first phase of the US$2.7 billion Manila casino resort project.
(Hong Kong Economic Times A12)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
Thursday, June 10, 2010
Hong Kong Stock Market Wrap June 9th, 2010
Niu, Gensheng, chairman of China Mengniu (2319 HK), said after the AGM that Shanghai Expo boosts sales on beverages. The sales condition in the first five months this year meets its expectation, and there is growth for Mengniu every year, he added. (SingTao Daily B4)
China Resources Power (836 HK) said accumulated electricity sales amounted to 25.85 million mwh in the first five-month, up 40.9 per cent year on year and May electricity sales was 7.038 million mwh , up 31.4 per cent year on year. (Hong Kong Economic Times A10)
CHANGE OF AUDITORS First Mobile Group (865 HK) has changed its auditors PricewaterhouseCoopers. The reason for PwC’s resignation is that there is a substantial part of the professional fee for the audit of First Mobile’s 2008 consolidated financial statements has yet to be settled by the company, and this may potentially affect their independence as auditors of the company. The Board had resolved to appoint ANDA CPA Limited as auditors of the company for the financial year ended 31 December 2009. (SingTao Daily B3)
Fulbond (1041 HK) plans to purchase interests of a Xi’an commercial and residential project from its chairman Zhang Xi at the consideration of 285 million yuan. Fulbond resumed trading yesterday and the share price ended up 30 per cent to 2.6 HK cents. (SingTao Daily B3)
Kingdee International Software (268 HK) plans to establish a service team with its strategic shareholder IBM, forming an operation model as “Kingdee software plus IBM service” to provide all-in-one software service for mainland companies. Kingdee International closed at HK$2.62 yesterday, edging down 1.5 per cent. (SingTao Daily B3)
(0175) GEELY AUTOMOBILE HOLDINGS LIMITED MAY SALES UP 14.6% The total sales volume of the Group in May was around 31,000 units of vehicles, an increase of 14.6 per cent over the same period last year, but down approximately 4.3 per cent from April 2010. The total sales volume in the first five months of 2010 was around 166,000 units of vehicles, up 45.5 per cent from the same period last year. (SingTao Daily B3)
Qingdao Haier (1169 HK), 51.05 per cent owned by Haier Electronics Group, plans to increase its shareholding in Haier Electronics Group via the secondary market within the next 12-month with the approval from the board and depending on Haier Electronics Group’s share price. (Hong Kong Economic Times A10)
King Stone Energy Group (663 HK) said a subsidiary Jetway Group has entered into a framework agreement with All Aces Investments regarding to the proposed acquisition. Pursuant to the agreement Jetway Group will acquire 60 per cent equity interest in Triumph Fund A1 from All Aces Investments for 3.6 billion. (Hong Kong Economic Journal P8)
Li Ning Company (2331 HK) chairman Li Ning and his brother have bought shares in Coolpoint Energy (8032) for a total consideration of 700 million. A report from Deutsche Bank wrote the business of the latter will not include the sales of sportswear, shoes and equipment. (Hong Kong Economic Times A10)
NWS Service (659 HK) plans to acquire 8 per cent equity interest of China United International Rail Containers Co., Limited from the vendor at the consideration of 350 million. Completion of the share transfer agreement will take place upon the obtaining of all necessary approvals from the relevant PRC governmental authorities. Upon completion, NWS Service will hold an aggregate of 30 per cent equity interest in CUIRC and will remain as the second largest hareholder of CUIRC. (SingTao Daily B3)
Qin Jia Yuan Media Services (2366 HK) reported turnover of HK$249 million for the six months ended 31 March 2010, up 1.15 times year on year. Net profit was over HK$40 million. It declared an interim dividend of 1.28 HK cents per share. (Hong Kong Economic Journal P6)
SouthGobi Energy Resources (1878 HK) plans to buy up to 2.5 million shares on the Toronto Stock Exchange and the Hong Kong Stock Exchange separately, in total up to around 5 million shares or 2.7 per cent of issued shares. (Hong Kong Economic Times A10)
Tencent Holdings (700 HK) has plummeted for three consecutive days to close at HK$137.4 yesterday, down nearly 10 per cent since last Friday. It is rumoured that fund companies sold Tencent shares by large lots. (SingTao Daily B2)
United Company RUSAL Plc (486 HK) is the first Russian company trying to list in Hong Kong. Its listing process is full of twists and turns. In the end only high net worth investors are allowed to subscribe. VTB bank said that its chairman Andrei Kostin said yesterday Hong Kong should loosen terms on public offering for Russian companies. (Hong Kong Economic Times A10)
Willie International (273 HK) plans to place as much as 171 million shares at a price of HK$0.255 per placing share. The placing price of HK$0.255 per placing share represents a discount of approximately 19 per cent. The net raising amount HK$425 million will be used for general operation capital. (SingTao Daily B3)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
China Resources Power (836 HK) said accumulated electricity sales amounted to 25.85 million mwh in the first five-month, up 40.9 per cent year on year and May electricity sales was 7.038 million mwh , up 31.4 per cent year on year. (Hong Kong Economic Times A10)
CHANGE OF AUDITORS First Mobile Group (865 HK) has changed its auditors PricewaterhouseCoopers. The reason for PwC’s resignation is that there is a substantial part of the professional fee for the audit of First Mobile’s 2008 consolidated financial statements has yet to be settled by the company, and this may potentially affect their independence as auditors of the company. The Board had resolved to appoint ANDA CPA Limited as auditors of the company for the financial year ended 31 December 2009. (SingTao Daily B3)
Fulbond (1041 HK) plans to purchase interests of a Xi’an commercial and residential project from its chairman Zhang Xi at the consideration of 285 million yuan. Fulbond resumed trading yesterday and the share price ended up 30 per cent to 2.6 HK cents. (SingTao Daily B3)
Kingdee International Software (268 HK) plans to establish a service team with its strategic shareholder IBM, forming an operation model as “Kingdee software plus IBM service” to provide all-in-one software service for mainland companies. Kingdee International closed at HK$2.62 yesterday, edging down 1.5 per cent. (SingTao Daily B3)
(0175) GEELY AUTOMOBILE HOLDINGS LIMITED MAY SALES UP 14.6% The total sales volume of the Group in May was around 31,000 units of vehicles, an increase of 14.6 per cent over the same period last year, but down approximately 4.3 per cent from April 2010. The total sales volume in the first five months of 2010 was around 166,000 units of vehicles, up 45.5 per cent from the same period last year. (SingTao Daily B3)
Qingdao Haier (1169 HK), 51.05 per cent owned by Haier Electronics Group, plans to increase its shareholding in Haier Electronics Group via the secondary market within the next 12-month with the approval from the board and depending on Haier Electronics Group’s share price. (Hong Kong Economic Times A10)
King Stone Energy Group (663 HK) said a subsidiary Jetway Group has entered into a framework agreement with All Aces Investments regarding to the proposed acquisition. Pursuant to the agreement Jetway Group will acquire 60 per cent equity interest in Triumph Fund A1 from All Aces Investments for 3.6 billion. (Hong Kong Economic Journal P8)
Li Ning Company (2331 HK) chairman Li Ning and his brother have bought shares in Coolpoint Energy (8032) for a total consideration of 700 million. A report from Deutsche Bank wrote the business of the latter will not include the sales of sportswear, shoes and equipment. (Hong Kong Economic Times A10)
NWS Service (659 HK) plans to acquire 8 per cent equity interest of China United International Rail Containers Co., Limited from the vendor at the consideration of 350 million. Completion of the share transfer agreement will take place upon the obtaining of all necessary approvals from the relevant PRC governmental authorities. Upon completion, NWS Service will hold an aggregate of 30 per cent equity interest in CUIRC and will remain as the second largest hareholder of CUIRC. (SingTao Daily B3)
Qin Jia Yuan Media Services (2366 HK) reported turnover of HK$249 million for the six months ended 31 March 2010, up 1.15 times year on year. Net profit was over HK$40 million. It declared an interim dividend of 1.28 HK cents per share. (Hong Kong Economic Journal P6)
SouthGobi Energy Resources (1878 HK) plans to buy up to 2.5 million shares on the Toronto Stock Exchange and the Hong Kong Stock Exchange separately, in total up to around 5 million shares or 2.7 per cent of issued shares. (Hong Kong Economic Times A10)
Tencent Holdings (700 HK) has plummeted for three consecutive days to close at HK$137.4 yesterday, down nearly 10 per cent since last Friday. It is rumoured that fund companies sold Tencent shares by large lots. (SingTao Daily B2)
United Company RUSAL Plc (486 HK) is the first Russian company trying to list in Hong Kong. Its listing process is full of twists and turns. In the end only high net worth investors are allowed to subscribe. VTB bank said that its chairman Andrei Kostin said yesterday Hong Kong should loosen terms on public offering for Russian companies. (Hong Kong Economic Times A10)
Willie International (273 HK) plans to place as much as 171 million shares at a price of HK$0.255 per placing share. The placing price of HK$0.255 per placing share represents a discount of approximately 19 per cent. The net raising amount HK$425 million will be used for general operation capital. (SingTao Daily B3)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
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