Muse China & Hong Kong

Muse China & Hong Kong (beta version) - Daybreak 630am Beijing/HK time - Tuesday, 7 February, 2006

HEADS UP - Top - Next
Gongxi Facai. The Mainland newspaper were euphoric after the sharp rise in A and B shares after the Chinese New Year and this led most headlines in China. Two Shanghai newspapers, the Shanghai Securities News and Oriental Morning Post as well as Beijing newspapers led with Bank of China facing prosecution in the US over the Kaiping branch incident. In Hong Kong, Joseph Yam's report to LegCo led most Hong Kong newspapers both English and Chinese. (Denise Andersen).

TABLE OF CONTENTS - Prev - Next

Top | Heads Up | Table of Contents | Hot off the Press this Morning | Sector Talk | Management Talk | Deal Talk | Company News in Brief | Results Announcements | Share Buybacks | Event Calendar | Disclosures | Copyright Notices and Important Disclaimers |

HOT OFF THE PRESS THIS MORNING - Table of Contents - Next

Stocks listed in Hong Kong

(297) Sinochem HK: Placement to satisfy free float requirement
Wen Wei Po reported that the company is placing 174m shares at a price of between HK$1.73 and HK$1.83, 5-10% below the last closing price of HK$1.93 and asserted citing an unnamed source that the placement was done purely to increase free float to meet the Exchange's 25% free float requirement. The report said Deutsche Bank is handling the transaction.
(297 HK) @ HK$1.64: market cap. US$1,161.6m, daily liquidity US$1.1m. Broker forecasts: 2 buys, 0 holds, 0 sells, 11.8x current year P/E, 0.0% yield.

(392) Beijing Enterprises: Management to inject natural gas assets into listco
Wen Wei Po interviewed the chairman of the company who mentioned that its parent group company had a net profit of RMB1.38bn last year and said that it plans to inject the parent group's natural gas assets, the biggest retailer of gas in China by volume (3bn cubic meters last year) into the listed company although no timetable has been set. Other natural gas assets held by the group include joint ventures with HK & China Gas (3 HK) and China National Petroleu m's affiliates.
(392 HK) @ HK$14.45: market cap. US$1,133.3m, daily liquidity US$2.6m. Broker forecasts: 3 buys, 3 holds, 1 sells, 16.0x current year P/E, 2.2% yield.

(728) China Telecom (H): IPTV contracts awarded to Alcatel and Huawei
China Business News asserted that the company has awarded contracts to upgrade ADSL lines to 12Mbps ADSL2+for IPTV use with 1m lines going to Huawei, and 800k to Alcatel and an unreported amount for ZTE. Alcatel said in a press release that it has won contracts in 26 provinces without disclosing the amount.
(728 HK) @ HK$2.975: market cap. US$30,868.4m, daily liquidity US$36.0m. Broker forecasts: 13 buys, 12 holds, 0 sells, 9.9x current year P/E, 2.3% yield.

Stocks dual-listed in Hong Kong/Mainland China

(763) ZTE (H): ZTE sponsors China Super League
Beijing Daily asserted without citing a source that ZTE has won the naming rights to the China Super League soccer tournament, the highest ranked tournament in China for 3-years at a price of RMB50m per year with an annual step-up mechanism. The tournament has gone without a sponsor for a year and the deal will include naming rights, along the lines of the "Barclays Premiership" in England.

SECTOR TALK - Table of Contents - Prev - Next

Hong Kong Industries

Hong Kong Finance: Monetary Authority discloses bank and property statistics
Joseph Yam of the Hong Kong Monetary Authority commented to the Legislative Council in Hong Kong that overall pretax operating profits at retail banks rose 8% year on year last year, with cost-to-income of 42% and net interest margin of 1.68%. Yam also mentioned that the number of negative equity mortgages rose by 1,927 or around HK$3bn.

Mainland China Industries

China Co al: NDRC official starts to guide for higher coal prices
An official at the price control centre of the National Development & Reform Commission told the China News Agency that coal demand is expected to be around 2.1bn tonnes this year, up only 5% and believes that coal prices will remain high and volatile and "sensitive to market moves".

China Finance: QFII reached US$5.6bn last year; relaxation of requirements on track
The State Administration of Foreign Exchange said 32 QFIIs have been approved to invest US$5.6bn in domestic RMB-denominated shares and bonds as of the end of last year, with 15 approvals granted in the first 11 months of this year and plans remain afoot to allow institutions that have operated for only 5 years (as opposed to 30 currently) and managing US$5bn of assets (down from US$10bn) to apply for QFII status.

MANAGEMENT TALK - Table of Con tents - Prev - Next

Stocks listed in Hong Kong

(2618) TCL Communication: Management forecasts turnaround this year
Apple Daily interviewed the new chief executive of the company who said fourth quarter 2005 results improved over third quarter 2005 and the company should be able to turnaround and report a profit this year.
(2618 HK) @ HK$0.237: market cap. US$81.1m, daily liquidity US$0.2m. Broker forecasts: 0 buys, 1 holds, 3 sells, 0.0x current year P/E, 0.0% yield.

DEAL TALK - Table of Contents - Prev - Next

Transactions in the Hong Kong market
(439) Climax: The company is conducting a 1 for 2 rights issue at a price of HK$0.01 to raise HK$19m; the shares fell 18% after the announcement.

(766) Sino Prosper: The company has issued 49.8m new shares at a price of HK$0.8 to raise HK$39m; the shares rose 34% after the announcement.

(8128) IIN International: The company has issued 85m new shares at a price of HK$0.078 to raise HK$6m; the shares rose 18% after the announcement.

COMPANY NEWS IN BRIEF - Table of Contents - Prev - Next

Stocks listed in Hong Kong

(40) Gold Peak: The company's Singapore-listed affiliate GP Industries has announced plans to privatize CIH and stands to gain HK$141m in special dividends under CIH's dividend plan, according to Apple Daily.

(127) Chinese Estates: The company said it plans to spin off certain of its property assets in a real estate investment trust.

(156) Lippo China Resources: The company's Singapore-listed subsidi ary Auric Pacific has scrapped plans to acquire residential properties in Singapore.

(175) Geely Automobile: China Business News reported that the automaker's stillborn project to export whole cars to Malaysia may be revived in a different form, citing the chairman of its local partner IGC.

(178) Sa Sa: The company confirmed that sales in Hong Kong and Macau rose 20% by value year on year during the Chinese New Year golden week with value per transaction of around HK$300, up 10%.

(562) Baltrans: The company said it would acquire 52% of Clover Cargo Holdings for an undisclosed sum; it currently owns 10% of this company which operates logistics services in South Africa.

(731) Samson Paper: The company said it would formal a 70:30 joint venture with affiliate United Pulp and Paper to run a paper factory in Malaysia, investing HK$5m in equity and HK$8m in a shareholder's loan.

(981) SMIC: South China Morning Post reported that the company's fourth quarter results were inadvertently sent out as they were deleted but kept inside the Microsoft Word attachment announcing conference call details for the release.

(1051) Credit Card DNA Security: The company said it would acquire a 10% stake in Madagascar Petroleum International which has a production sharing agreement on an on shore block of land in Madagascar for HK$40m.

(1111) Liu Chong Hing Bank: Ming Pao interviewed a senior manager at the bank who denied that the majority shareholder is interested in selling the bank. The company is 45.0% owned by (194 HK) Liu Chong Hing Investment.

(1114) Brilliance China Auto: Xcar.com.cn interviewed a salesman of Zhonghua sedans who claimed that weekly sales have risen to nearly match previous monthly sales figures since Brilliance moved to cut prices in mid January. &nbs p;

(3328) Bank of Communications: The bank said its dual currency credit card issued in conjunction with HSBC had now issued 650k cards.

(3330) Lingbao Gold: The company said stabilization post-IPO had ended on 4 February and the greenshoe had been exercised, issuing 39m shares.

(8056) Greencool Technology: The company said its independent non-executive directors have once again resigned en masse and its first half 2005 and subsequent results will remain delayed.

(8222) CK Life: The company said it would spend HK$1.29bn to acquire 80% of Vitaquest International; the shares rose 7% after the announcement.

Stocks dual-listed in Hong Kong and Mainland China

(670) China Eastern Airlines (H): The company said it has completed its runs of Chinese New Year cross straits charter flights.

FINA NCIAL RESULT ANNOUNCEMENTS - Table of Contents - Prev - Next

Financial results for the following widely held Hong Kong listed stocks:

Financial results for the following Hong Kong listed stocks:

(8082) Info Communication: 3rd quarter results ended March: revenue of HK$42.9m (-9%), net profit of HK$9.372m (-24%), EPS of HK$0.0111(-24%) and DPS of HK$0.01.

SHARE BUYBACKS IN HONG KONG - Table of Contents - Prev - Next

(1105) Singtao News bought back 732 shares on 2006/2/3 for HK$0.529 per share on average.

(700) Tencent bought back 408 shares on 2006/2/3 for HK$0.010 per share on average.

EVENT CALENDAR FOR TODAY - Table of Contents - Prev - Next
No relevant entries in this section.

DISCLOSURES BY MAJOR SHAREHOLDERS & DIRECTORS - Table of Contents - Prev - Next

Disclosures by major shareholders

(347) Angang New Steel (H) shareholder JPMorgan Chase & Co. varied the relevant holding by 3000000 shares, trigging a whole percentage number threshold on on 01/02/2006. The interest went from 91,881,000 (long) (10.32%), 31,980,000 (lending) (3.59%) shares to 88,881,000 (long) (9.99%), 31,980,000 (lending) (3.59%) shares.

(588) Beijing North Star shareholder Chen Chu Hui varied the relevant holding by 12116000 shares, trigging a whole percentage number threshold on on 27/01/2006. The interest went from 60,626,000 (long) (8.58%) shares to 48,510,000 (long) (6.86%) shares.

(359) Haisheng Juice shareholder BNP Paribas Asset Management varied the relevant holding by 3800000 shares, trigging a whole percentage number threshold on on 01/02/2006. The interest went from 73,444,000 (long) (6.01%) shares to 69,644,000 (long) (5.7%) shares.

(2628) China Life shareholder JPMorgan Chase & Co. disclosed an interest in 16549000 shares on on 01/02/2006. The interest went from 580,420,577 (long) (7.8%), 310,888,000 (lending) (4.18%) shares to 596,969,577 (long) (8.02%), 318,248,000 (lending) (4.28%) shares.

(8161) Worldmetal shareholder Chan Shing varied the relevant percentage holding by a whole number on on 27/01/2006. The interest went from 530,986,884 (long) (37.13%) shares to 530,986,884 (long) (32.98%) shares.

(1088) Shenhua Energy shareholder Alliance Capital Management L.P. varied the relevant holding by 944000 shares, triggin g a whole percentage number threshold on on 01/02/2006. The interest went from 407,159,761 (long) (11.98%) shares to 408,103,761 (long) (12.02%) shares.

(1124) Coastal Greenland shareholder Mellon HBV Alternative Strategics LLC disposed of an interest in 260000000 shares, ceasing to have a position of 5% on on 05/08/2005. The interest went from (long) (0%) shares to (long) (0%) shares.

(362) Daqing Petroleum & Chemical shareholder Deutsche Bank Aktiengesellschaft varied the relevant holding by 2504771 shares, trigging a whole percentage number threshold on on 01/02/2006. The interest went from 115,050,000 (long) (6.91%) shares to 118,060,000 (long) (7.09%) shares.

(109) Wonderful World shareholder Lam Ada obtained an interest in 14097500 shares (triggering the 5% threshold) on on 28/07/2003. The interest went from (long) (0%) shares to 1 4,097,500 (long) (9.96%) shares.

(109) Wonderful World shareholder Lam Ada disclosed an interest in 31557053 shares on on 04/08/2003. The interest went from 41,097,500 (long) (29.02%) shares to 72,654,553 (long) (51.31%) shares.

(489) Dongfeng Motor shareholder JPMorgan Chase & Co. disclosed an interest in 16688000 shares on on 01/02/2006. The interest went from 244,866,100 (long) (8.57%), 145,328,100 (lending) (5.09%) shares to 261,554,100 (long) (9.16%), 150,822,100 (lending) (5.28%) shares.

(586) Goldwiz shareholder Open Mission Assets Limited disposed of an interest in 200000000 shares, ceasing to have a position of 5% on on 27/01/2006. The interest went from 200,000,000 (long) (18.84%), 50,036,000 (short) (4.71%) shares to (long) (0%), 50,036,000 (short) (4.71%) shares.

(2777) R&F Properties share holder Ospraie Holding I, L.P. varied the relevant holding by 200000 shares, trigging a whole percentage number threshold on on 03/02/2006. The interest went from 12,700,000 (long) (6%) shares to 12,500,000 (long) (5.91%) shares.

(2777) R&F Properties shareholder Ospraie Management, LLC varied the relevant holding by 200000 shares, trigging a whole percentage number threshold on on 03/02/2006. The interest went from 12,700,000 (long) (6%) shares to 12,500,000 (long) (5.91%) shares.

(8196) Launch Tech shareholder GAM Hong Kong Limited varied the relevant percentage holding by a whole number on on 11/01/2006. The interest went from 12,140,000 (long) (6.39%) shares to 12,140,000 (long) (5.32%) shares.

(8080) North Asia Strategic shareholder Timeless Enterprises Limited obtained an interest in 99106003 shares (triggering the 5% threshold) on on 26/09/2005. The inte rest went from (long) (0%) shares to 99,106,003 (long) (103.46%) shares.

(304) Peace Mark shareholder Arisaig Greater China Fund Limited varied the relevant holding by 6720000 shares, trigging a whole percentage number threshold on on 02/02/2006. The interest went from 84,800,119 (long) (9.43%) shares to 78,080,119 (long) (8.68%) shares.

(304) Peace Mark shareholder Cheah Cheng Hye obtained an interest in 19170000 shares (triggering the 5% threshold) on on 01/02/2006. The interest went from 44,890,000 (long) (4.99%) shares to 64,060,000 (long) (7.12%) shares.

(304) Peace Mark shareholder Value Partners Limited obtained an interest in 19170000 shares (triggering the 5% threshold) on on 01/02/2006. The interest went from 44,890,000 (long) (4.99%) shares to 64,060,000 (long) (7.12%) shares.

(2337) Shanghai Forte Land share holder JPMorgan Chase & Co. disclosed an interest in 3040000 shares on on 01/02/2006. The interest went from 55,068,000 (long) (6.26%), 26,324,000 (lending) (2.99%) shares to 52,028,000 (long) (5.91%), 23,324,000 (lending) (2.65%) shares.

(983) Shui On Construction shareholder Penta Investment Advisers Ltd obtained an interest in 300000 shares (triggering the 5% threshold) on on 01/02/2006. The interest went from 13,499,000 (long) (4.93%) shares to 13,799,000 (long) (5.04%) shares.

(297) Sinochem HK shareholder Potash Corporation of Saskatchewan Inc. exercised a right or an option for 581375779 shares on 27/01/2006. The interest went from 5,051,829,080 (long) (86.98%) shares to 5,051,829,080 (long) (86.98%) shares.

(547) Sun Innovation shareholder Station Investments Limited exercised a right or an option for 2000000 shares on 25/01/2006. The intere st went from 13,354,366 (long) (16.91%) shares to 13,354,366 (long) (16.91%) shares.

(693) Tan Chong Intl shareholder HL Holdings Sdn Bhd varied the relevant holding by 54000 shares, trigging a whole percentage number threshold on on 27/01/2006. The interest went from 140,886,000 (long) (7%) shares to 140,940,000 (long) (7%) shares.

(693) Tan Chong Intl shareholder Quek Leng Chan varied the relevant holding by 54000 shares, trigging a whole percentage number threshold on on 27/01/2006. The interest went from 140,886,000 (long) (7%) shares to 140,940,000 (long) (7%) shares.

(2338) Weichai Power shareholder Government of Singapore Investment Corporation Pte Ltd varied the relevant holding by 508000 shares, trigging a whole percentage number threshold on on 02/02/2006. The interest went from 10,003,000 (long) (7.91%) shares to 10,511,000 (long) (8.31%) share s.

(109) Wonderful World shareholder Winning Concept Investments Limited disclosed an interest in 111898117 shares on on 05/03/2004. The interest went from 355,896,876 (long) (83.77%) shares to 243,998,759 (long) (57.44%) shares.

(2088) Xiwang Sugar shareholder China Construction Bank Corporation disposed of an interest in 38448000 shares, ceasing to have a position of 5% on on 25/01/2006. The interest went from 62,448,000 (long) (7.77%), 38,448,000 (short) (4.78%) shares to 24,000,000 (long) (3%), (%) shares.

Disclosures by directors and insiders

(77) AMS Public Transport director Ng Sui Chun obtained an interest in 18000 shares on on 02/02/2006. The interest went from 156,082,000 (long) (68.61%) shares to 156,100,000 (long) (68.62%) shares.

(519) Applied International director Hung Kai Mau Marcus obtaine d an interest in 60000 shares on on 02/02/2006. The interest went from 1,600,000 (long) (0.17%) shares to 1,660,000 (long) (0.18%) shares.

(682) Chaoda Agriculture director Ip Chi Ming exercised a right or an option in respect of 600000 shares on on 02/02/2006. The interest went from 34,600,000 (long) (1.46%) shares to 35,200,000 (long) (1.49%) shares.

(291) China Resources Enterprise director Chen Shulin disposed of 720000 shares on on 27/01/2006. The interest went from 3,324,000 (long) (0.14%) shares to 2,604,000 (long) (0.11%) shares.

(291) China Resources Enterprise director Kwong Man Him disposed of 360000 shares on on 27/01/2006. The interest went from 1,650,000 (long) (0.07%) shares to 1,290,000 (long) (0.06%) shares.

(291) China Resources Enterprise director Qiao Shibo disposed of 480000 shares on on 27/01/2006. The interest went from 2,008,000 (long) (0.09%) shares to 1,528,000 (long) (0.07%) shares.

(291) China Resources Enterprise director Yan Biao disposed of 240000 shares on on 27/01/2006. The interest went from 3,104,000 (long) (0.14%) shares to 2,864,000 (long) (0.12%) shares.

(586) Goldwiz director Liu Xue Lin disclosed a transaction involving 200000000 shares on on 27/01/2006. The interest went from 200,000,000 (long) (18.84%), 50,036,000 (short) (4.71%) shares to (long) (0%), 50,036,000 (short) (4.71%) shares.

(111) Hantec director Tang Ping Sum disclosed a transaction involving 700000 shares on on 02/02/2006. The interest went from 1,200,000 (long) (0.31%) shares to 500,000 (long) (0.13%) shares.

(412) Heritage International director Ong Peter obtained an interest in 5140000 shares on on 01/02/2006 . The interest went from 17,500,000 (long) (0.27%) shares to 22,640,000 (long) (0.34%) shares.

(683) Kerry Properties director Ho Shut Kan exercised a right or an option in respect of 30000 shares on on 02/02/2006. The interest went from 1,001,044 (long) (0.08%) shares to 1,001,044 (long) (0.08%) shares.

(9) Mandarin Entertainment director Wan Ngar Yin, David entered into a contract to sell 70000 shares on on 02/02/2006. The interest went from 3,292,000 (long) (1%) shares to 3,222,000 (long) (0.98%) shares.

(234) New Century Group director Ng Siew Lang, Linda obtained an interest in 16000 shares on on 01/02/2006. The interest went from 756,208,773 (long) (67.57%) shares to 756,224,773 (long) (67.57%) shares.

(234) New Century Group director Ng Wilson obtained an interest in 16000 shares on on 01/02/2006. The inter est went from 756,708,773 (long) (67.61%) shares to 756,724,773 (long) (67.62%) shares.

(2339) Norstar director Huang Lilly disclosed a transaction involving shares on on 06/02/2006. The interest went from 600,000,000 (long) (60.46%) shares to 600,000,000 (long) (60.19%) shares.

(808) Prosperity REIT director - ARA Asset Management (Prosperity) Limited obtained an interest in 360,501 shares on on 27/01/2006. The interest went from (long) (0.00%) shares to 360,501 (long) (0.03%) shares.

(00297) Sinochem Hong Kong Holdings Ltd. director Du Ke Ping obtained an interest in 5,213,000 shares on on 23/01/2006. The interest went from (long) (0.00%) shares to 5,213,000 (long) (0.09%) shares.

(00297) Sinochem Hong Kong Holdings Ltd. director Song Yu Qing obtained an interest in 1,582,000 shares on on 23/01/2006. ;The interest went from (long) (0.00%) shares to 1,582,000 (long) (0.03%) shares.

(00700) Tencent Holdings Ltd. director Ma Huateng disclosed a transaction involving 232,483,080 shares on on 02/02/2006. The interest went from 232,483,080 (long) (13.16%), (short) (0.00%) shares to 232,483,080 (long) (13.16%), (short) (0.00%) shares.

(08282) TOM Online Inc. director Wang Lei Lei disposed of 600,000 shares on on 27/01/2006. The interest went from 144,664,000 (long) (3.41%) shares to 144,064,000 (long) (3.40%) shares.

(00109) Wonderful World Holdings Ltd. director Lam Ada disclosed a transaction involving 11,898,117 shares on on 05/03/2004. The interest went from 355,896,876 (long) (83.77%) shares to 243,998,759 (long) (57.44%) shares.

IMPORTANT DISCLAIMERS - Table of C ontents - Prev
Copyright (C) 2006. All rights reserved. Sub-editors: Theresa Neale, Gregory Xiao, Denise Andersen. For subscription or editorial enquiries please email us at hkg@oratio.com. Please read important disclaimers at http://www.oratio.com/muse/disclaimers.html.

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