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Muse China & Hong Kong (Beta) - Old IssuesMuse China & Hong Kong
(beta version) - Daybreak 630am Beijing/HK time - Wednesday, 8
February, 2006
HEADS UP - Top - Next Gongxi Facai. The suspension of Sinopec's A share subsidiaries suggest that the A share subsidiaries may be privatized but the dual listed counters such as 338 HK Shanghai Petrol and 1033 HK Yizheng may be left out - watch these stocks today. (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 (919) Modern Beauty: Prospectus under-reports number of complaints The company admitted that it underreported the number of complain ts it received via the Consumer Council, Hong Kong's consumer protection body, with the firm receiving 303 complaints instead of the 260 mentioned in the prospectus. However, the company said its listing tomorrow would not be affected. Apple Daily reported without citing a source that the offering has been priced at HK$1m and the Hong Kong public offering was 9x oversubscribed. (1088) Shenhua Energy: NDRC revises coal demand forecast coal supply and demand Also: (1171) Yanzhou Coal (H). Xinhua reported The National Development and Reform Commission has revised its coal demand forecast to 2.25bn tonnes including 2.17 tonnes of domestic coal requirement (which in turn includes 1.2bn in coal for power use) and 80m exports but pointed out that China's official coal production capacity for all mines with approved safety certificates is 2.26bn, with 60m tonnes of new capacity but with production to be cut at the same time due to closures of 4000 unsafe small mines. (1088 HK) @ HK$9.95: market cap. US$21,104.6m, daily liquidity US$26.9m. Broker forecasts: 12 buys, 5 holds, 2 sells, 11.5x current year P/E, 1.9% yield. (2318) Ping An: Ping An reinvited into Guangdong Development Bank bidding The Beijing Times reported without citing a source that the Ping An consortium has been requested by the National Development and Reform Commission to re-submit its bid for Guangdong Development Bank at the same time as the SG consortium brings in Baosteel as a new partner in favour of Huawen to counter the supposedly leading Citigroup bid. (2318 HK) @ HK$16.3: market cap. US$12,588.7m, daily liquidity US$10.7m. Broker forecasts: 11 buys, 9 holds, 2 sells, 24.2x current year P/E, 1.0% yield. Stocks dual-listed in Hong Kong/Mainland China (386) Sinopec (H): Sinopec A share subsidiaries suspended Also: (956) Sinopec Zhongyuan Petroleum . (600002) Sinopec Qilu. (866) Sinopec Yangzi Petrochemical . Sinopec's four exclusively A share listed subsidiaries (Yangzi, Qilu, Zhongyuan and Sinopec Shengli Dynamic (000406 CH)) are suspended from trading today. Speculation is rife in a number of newspapers including the Modern Express and the National Business Daily that Sinopec will privatize the four A share listed subsidiaries but noted that those with H share listings namely Shanghai Petroleum (338 HK) and Yizheng Chemical Fibre (1033 HK) have not applied for suspension in the Mainland. (386 HK) @ HK$4.5: market cap. US$49,465.7m, daily liquidity US$60.0m. Broker forecasts: 14 buys, 6 holds, 3 sells, 10.3x current year P/E, 2.8% yield. SECTOR TALK - Table of Contents - Prev - Next Hong Kong Industries Hong Kong Finance: Brokerage lost HK$45m to fraud Oriental Daily reported without citing a source that a local broker had lost HK$45m due to employee fraud. The report said the claim for the maximum HK$15m in compensation under the HKSFC's insurance scheme may push up insurance prices for brokers. Mainland China Industries China Auto: Cars required to attach Chinese brand name Nanjing Modern Express reported without citing a source that the National Development and Reform Commission has moved to force all cars made in China to attach their trademarks in Chinese at a location above the bumper, blocking current practice for domestic luxury cars to use English brand names. China Insurance: Insurance Commission cracks down on accountability Shanghai Oriental Morning Post reported that the China Insurance Regulatory Commission has issued a notice known as the Procedures for Accountability for Leaders in Major Cases in State-owned I nsurance Institutions (trial) to all major insurance companies, holding relevant officers accountable on any convicted criminal fraud cases valued at more than RMB1m or any losses of RMB100k to the insurance company due to non compliance with laws and regulations. China Mining: Gold smelters and non-coal mines next up for safety crackdown China Business Times reported that the State Administration of Work Safety had issued a notice warning gold smelters and non-coal mines requesting strengthening of safety measures after a rise in the number of accidents at these mines and shelters. China Oils: More refined products pricing reform on the cards Also: (857) PetroChina. (386) Sinopec (H). 21st Century Business Herald reported citing an unnamed source at the National Development and Reform Commission that the commission is considering plans to change the mechanism for adjusting prices for refined oil p rices to one linked to West Texas Intermediate crude oil instead of refined product prices overseas. According to the report prices would be revised every 10 days instead of the current monthly revision, with domestic refined product prices adjusted simultaneously with global oil prices if oil prices are between US$18-50 per barrel and a separate mechanism if oil prices are beyond this range. (857 HK) @ HK$7.5: market cap. US$150,331.7m, daily liquidity US$99.1m. Broker forecasts: 17 buys, 8 holds, 0 sells, 9.9x current year P/E, 4.4% yield. (386 HK) @ HK$4.5: market cap. US$49,465.7m, daily liquidity US$60.0m. Broker forecasts: 14 buys, 6 holds, 3 sells, 10.3x current year P/E, 2.8% yield. China Retail: Jingkelong IPO in progress Also: (8277) Wumart. Beijing Business Today reported that Beijing state owned retailer Jingkelong's plans for an IPO in Hong Kong looks set to be launched in March. Jingkelong operates 150 supermarkets, hypermark ets and convenience stores in Beijing and is the number two in the Beijing market behind Wumart. (8277 HK) @ HK$16.3: market cap. US$0.0m, daily liquidity US$0.0m. Broker forecasts: 4 buys, 7 holds, 3 sells, 28.7x current year P/E, 1.3% yield. MANAGEMENT TALK - Table of Contents - Prev - Next Stocks listed in Hong Kong (577) Paul Y. Engineering: Management says current work in progress up 35% year on year Apple Daily interviewed the managing director of the company who said it had around HK$11bn worth of contracts at hand with HK$6.9bn in contracts in progress, up 35% year on year and that its Mainland joint venture has won a number of contracts worth HK$1.1bn from Beijing North Star (588 HK). DEAL TALK - Table of Contents - Prev - Next Transactions in the Hong Kong market (21) Beauforte: The company has placed 70m new shares at a price of HK$0.4, for a 5% discount to the last closing price. (681) Chinese People Gas: The company said it has issued 47.15m new shares at HK$0.33 as it received notice for converting US$2m in convertible bonds due in 2008. (8277) Wumart: Ming Pao reported that the company is placing 21.1m new H shares at a price of HK$21.4, a 1.4% discount to the last closing price of HK$21.7 in a deal led by Cazenove Asia. COMPANY NEWS IN BRIEF - Table of Contents - Prev - Next Stocks listed in Hong Kong (1) Cheung Kong: The company said it has guaranteed HK$660m in loans to a joint venture with Hutchison (13 HK) developing a property in Shenzhen. (68) Lee Hing development: The company said it has sold a property in Lyndhurst Terrace for HK$30m. (162) China Golden Development: The company said it is looking to acquire a stake in a Mainland department store chain held by its chairman. (175) Geely Automobile: The company said auto sales at two affiliates reached 18,708 vehicles in January, up 75% year on year. (316) Orient Overseas Intl: The company said it failed to disclose the acquisition of a 95% stake in a 242.8k sqm site in Shanghai despite signing agreements on the site despite winning the auction in October last year and signing the land contract in November. (503) Paradise Retail: Tianjin City Express reported that Paradise has signed a deal to EzPod home entertainment consoles from Shanda. (629) Yue Da: The company said its negotiations to acquire lead and zinc mining rights in China as disclosed in November were no longer exclusive as of 31 January but it is still conducting due diligence on the deal. (836) China Resources Power: The company said it has completed the acquisition of a 55% stake in a 24MW wind power facility in Shantou in Guangdong. (926) Egana Jewellery & Pearls: The company said Merrill Lynch had converted US$1.5m of convertible bonds to 12m shares at prices of around HK$0.95 per share. (1110) CNAC (HK): Company associate Dragonair said it wold start to run 3 flights a week between Shenyang and Hong Kong via Dalian. The company is 68.0% owned by (753 HK) Air China. (2883) China Oilfield Services: The company said it would issue RMB1bn in 1-year notes in the interbank market in China. Stocks dual-listed in Hong Kong and Mainland China (1055) China Southern Airlines: 21st Century Business Herald reported that the company will soon buy out the remaining 5% minority in Guangxi Airlines and take full control of the regional carrier. FINANCIAL RESULT ANNOUNCEMENTS - Table of Contents - Prev - Next No relevant entries in this section. SHARE BUYBACKS IN HONG KONG - Table of Contents - Prev - Next (1105) Singtao News bought back 1,036,000 shares on 06/02/2006 for HK$0.539 per share on average. (8161) Worldmetal bought back 6,120,000 shares on 07/02/2006 for HK$2.925 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. disclosed an interest in 13636000 shares on on 02/02/2006. The interest went from 88,881,000 (long) (9.99%), 31,980,000 (lending) (3.59%) shares to 102,517,000 (long) (11.52%), 39,830,000 (lending) (4.48%) shares. (694) Beijing Capital Airport shareholder Wellington Management Company, LLP disposed of an interest in 1788000 shares, ceasing to have a position of 5% on on 02/02/2006. The interest went from 67,641,600 (long) (5.02%) shares to 65,853,600 (long) (4.89%) shares. (1109) China Resources Land shareholde r China Resources Co., Limited varied the relevant percentage holding by a whole number on on 02/02/2006. The interest went from 2,019,232,263 (long) (65.48%) shares to 2,019,232,263 (long) (65.48%) shares. (1109) China Resources Land shareholder CRC Bluesky Limited varied the relevant percentage holding by a whole number on on 02/02/2006. The interest went from 2,019,232,263 (long) (65.48%) shares to 2,019,232,263 (long) (65.48%) shares. (1109) China Resources Land shareholder Gain Ahead Group Limited varied the relevant percentage holding by a whole number on on 02/02/2006. The interest went from 1,255,606,263 (long) (40.72%) shares to 1,255,606,263 (long) (40.72%) shares. (681) Chinese People Gas shareholder Deson Development Holdings Limited varied the relevant percentage holding by a whole number on on 02/02/2006. The interest went from 1,276,724,256 (long ) (48.64%) shares to 1,276,724,256 (long) (47.78%) shares. (681) Chinese People Gas shareholder Sparta Assets Limited varied the relevant percentage holding by a whole number on on 02/02/2006. The interest went from 1,276,724,256 (long) (48.64%) shares to 1,276,724,256 (long) (47.78%) shares. (681) Chinese People Gas shareholder Yuan Yakang varied the relevant percentage holding by a whole number on on 02/02/2006. The interest went from 1,326,798,538 (long) (50.55%) shares to 1,326,798,538 (long) (49.66%) shares. (991) Datang Intl Power shareholder Templeton Asset Management Limited varied the relevant holding by 3158000 shares, trigging a whole percentage number threshold on on 02/02/2006. The interest went from 85,174,320 (long) (5.95%) shares to 88,332,320 (long) (6.17%) shares. (926) Egana Jewellery & Pearls shareholder M errill Lynch & Co., Inc. exercised a right or an option for 4049603 shares on 27/01/2006. The interest went from 27,880,795 (long) (6.36%) shares to 27,880,795 (long) (6.36%) shares. (330) Esprit Holdings shareholder JPMorgan Chase & Co. disclosed an interest in 246000 shares on on 23/01/2006. The interest went from 157,328,427 (long) (13%), 63,764,634 (lending) (5.27%) shares to 157,082,427 (long) (12.98%), 63,892,134 (lending) (5.28%) shares. (493) GOME Electrical Appliances shareholder Real Succuess International Limited obtained an interest in 176680630 shares (triggering the 5% threshold) on on 28/01/2006. The interest went from (long) (0%) shares to 176,680,630 (long) (10.76%) shares. (493) GOME Electrical Appliances shareholder Warburg Pincus Private Equity IX, L.P. obtained an interest in 176680630 shares (triggering the 5% threshold) on on 28/01/2006. The interest went from (long) (0%) shares to 176,680,630 (long) (10.76%) shares. (3) HK & China Gas shareholder Macrostar Investment Limited varied the relevant holding by 2000000 shares, trigging a whole percentage number threshold on on 02/02/2006. The interest went from 440,055,946 (long) (7.99%) shares to 442,055,946 (long) (8.02%) shares. (279) Hansom Eastern shareholder Greatdeal Investments Limited disposed of an interest in 35000000 shares, ceasing to have a position of 5% on on 01/02/2006. The interest went from 35,000,000 (long) (13.2%) shares to (long) (0%) shares. (496) Kasen shareholder UBS AG disposed of an interest in 2383000 shares, ceasing to have a position of 5% on on 02/02/2006. The interest went from 51,802,999 (long) (5.11%) shares to 49,419,999 (long) (4.87%) shares. (191) Lai Sun Garment (I ntl) shareholder PMA Capital Management Ltd. varied the relevant holding by 6710000 shares, trigging a whole percentage number threshold on on 02/02/2006. The interest went from 106,748,000 (long) (6.6%) shares to 113,458,000 (long) (7.01%) shares. (1200) Midland Holdings shareholder Third Avenue Management LLC, on behalf of numerous portfolios varied the relevant percentage holding by a whole number on on 25/10/2005. The interest went from 51,756,000 (long) (6.99%) shares to 51,756,000 (long) (7.03%) shares. (234) New Century Group shareholder Kan Ka Chong, Frederick varied the relevant holding by 300000 shares, trigging a whole percentage number threshold on on 03/02/2006. The interest went from 738,500,773 (long) (65.98%) shares to 738,800,773 (long) (66.01%) shares. (2339) Norstar shareholder Century Founders Group Limited varied the relevant pe rcentage holding by a whole number on on 06/02/2006. The interest went from 600,000,000 (long) (60.46%) shares to 600,000,000 (long) (60.19%) shares. (498) Paul Y-ITC Construction shareholder Chinaview International Limited varied the relevant holding by 5486526 shares, trigging a whole percentage number threshold on on 02/02/2006. The interest went from 544,373,242 (long) (39.81%) shares to 549,859,768 (long) (40.21%) shares. (498) Paul Y-ITC Construction shareholder Hollyfield Group Limited varied the relevant holding by 5486526 shares, trigging a whole percentage number threshold on on 02/02/2006. The interest went from 544,373,242 (long) (39.81%) shares to 549,859,768 (long) (40.21%) shares. (498) Paul Y-ITC Construction shareholder ITC Investment Holdings Limited varied the relevant holding by 5486526 shares, trigging a whole percentage number threshold on on 02 /02/2006. The interest went from 544,373,242 (long) (39.81%) shares to 549,859,768 (long) (40.21%) shares. (2337) Shanghai Forte Land shareholder Peter Cundill & Associates (Bermuda) Ltd. disposed of an interest in 3000000 shares, ceasing to have a position of 5% on on 19/01/2006. The interest went from 44,000,000 (long) (5%) shares to 41,000,000 (long) (4.66%) shares. (1207) Shanghai Real Estate shareholder JPMorgan Chase & Co. disposed of an interest in 28968795 shares, ceasing to have a position of 5% on on 02/02/2006. The interest went from 81,113,974 (long) (5.37%), 2,400,000 (lending) (0.16%) shares to 52,145,179 (long) (3.45%), 2,400,000 (lending) (0.16%) shares. (1129) Sky Hawk Computer shareholder Ko Su Mei varied the relevant percentage holding by a whole number on on 02/02/2006. The interest went from 127,252,000 (long) (17.32%) sha res to 127,252,000 (long) (12.93%) shares. (125) Sun Hing Vision shareholder OCM Emerging Markets Fund, L.P. ("EMF") varied the relevant holding by 3000000 shares, trigging a whole percentage number threshold on on 02/02/2006. The interest went from 15,824,000 (long) (6.03%) shares to 18,824,000 (long) (7.17%) shares. (700) Tencent shareholder Best Update International Limited voluntarily disclosed an interest in 93085530 shares on on 03/02/2006. The interest went from 93,085,530 (long) (5.27%) shares to 93,085,530 (long) (5.27%) shares. Disclosures by directors and insiders (77) AMS Public Transport director Ng Sui Chun obtained an interest in 112000 shares on on 03/02/2006. The interest went from 156,100,000 (long) (68.62%) shares to 156,212,000 (long) (68.66%) shares. (1130) Benefit Intl director Tan Sim Chew obtained an interest in 280000 shares on on 02/02/2006. The interest went from 274,785,226 (long) (20.63%) shares to 275,065,226 (long) (20.65%) shares. (688) China Overseas director Wu JianBin exercised a right or an option in respect of 600000 shares on on 02/02/2006. The interest went from 6,250,000 (long) (0.1%) shares to 6,250,000 (long) (0.1%) shares. (291) China Resources Enterprise director Chen Shulin disposed of 192000 shares on on 01/02/2006. The interest went from 2,604,000 (long) (0.11%) shares to 2,412,000 (long) (0.11%) shares. (291) China Resources Enterprise director Kwong Man Him disposed of 96000 shares on on 01/02/2006. The interest went from 1,290,000 (long) (0.06%) shares to 1,194,000 (long) (0.05%) shares. (291) China Resources Enterprise director Qiao Shibo disposed of 128000 shares on on 01/02/2 006. The interest went from 1,528,000 (long) (0.07%) shares to 1,400,000 (long) (0.06%) shares. (291) China Resources Enterprise director Yan Biao disposed of 264000 shares on on 01/02/2006. The interest went from 2,864,000 (long) (0.12%) shares to 2,600,000 (long) (0.11%) shares. (681) Chinese People Gas director Liu Jing disclosed a transaction involving shares on on 02/02/2006. The interest went from 26,000,000 (long) (0.99%) shares to 26,000,000 (long) (0.97%) shares. (681) Chinese People Gas director Ong Chi King disclosed a transaction involving shares on on 02/02/2006. The interest went from 26,000,000 (long) (0.99%) shares to 26,000,000 (long) (0.97%) shares. (681) Chinese People Gas director Yan Wing Cheung disclosed a transaction involving shares on on 02/02/2006. The interest went from 26,000,000 (long) (0.99%) shares to 26,000,000 (long) (0.97%) shares. (681) Chinese People Gas director Zhu Peifung disclosed a transaction involving shares on on 02/02/2006. The interest went from 2,600,000 (long) (0.1%) shares to 2,600,000 (long) (0.1%) shares. (870) Hang Fung Gold director Lam Sai Wing obtained an interest in 1060000 shares on on 02/02/2006. The interest went from 308,418,432 (long) (40.42%) shares to 309,478,432 (long) (40.56%) shares. (3) HK & China Gas director Lee Ka Kit obtained an interest in 3584000 shares on on 27/01/2006. The interest went from 2,163,167,776 (long) (39.27%) shares to 2,166,751,776 (long) (39.33%) shares. (3) HK & China Gas director Lee Ka Shing obtained an interest in 2000000 shares on on 02/02/2006. The interest went from 2,167,751,776 (long) (39.35%) shares to 2,169,751,776 (long) (39.39%) shares. (3) HK & China Gas director Lee Ka Shing obtained an interest in 1000000 shares on on 01/02/2006. The interest went from 2,166,751,776 (long) (39.33%) shares to 2,167,751,776 (long) (39.35%) shares. (3) HK & China Gas director Lee Shau Kee obtained an interest in 2000000 shares on on 02/02/2006. The interest went from 2,170,977,950 (long) (39.41%) shares to 2,172,977,950 (long) (39.45%) shares. (5) HSBC director Geoghegan Michael Francis exercised a right or an option in respect of 533 shares on on 31/01/2006. The interest went from 553,598 (long) (0%) shares to 553,572 (long) (0%) shares. (279) Hansom Eastern director Yau Shum Tek Cindy disposed of 35000000 shares on on 01/02/2006. The interest went from 71,345,900 (long) (26.92%) shares to 36,345,900 (long) (13.71%) shares. (1050) Karrie director Fong Hoi Shing disclosed a transaction involving shares on on 31/01/2006. The interest went from 2,000 (long) (0%) shares to 2,000 (long) (0%) shares. (1050) Karrie director Ho Cheuk Ming disclosed a transaction involving shares on on 31/01/2006. The interest went from 180,300,000 (long) (43.96%) shares to 180,300,000 (long) (43.95%) shares. (1050) Karrie director Kwok Wing Kin Francis disclosed a transaction involving shares on on 31/01/2006. The interest went from 3,300,000 (long) (0.8%) shares to 3,300,000 (long) (0.8%) shares. (1050) Karrie director Tam Wing Hung disclosed a transaction involving shares on on 31/01/2006. The interest went from 1,100,000 (long) (0.27%) shares to 1,100,000 (long) (0.27%) shares. (148) Kingboard Chemical dire ctor Lum Gum Wun disposed of 182500 shares on on 02/02/2006. The interest went from 2,013,240 (long) (0.27%) shares to 1,830,740 (long) (0.23%) shares. (2331) Li Ning director Li Ning disclosed a transaction involving 174000 shares on on 03/02/2006. The interest went from 379,079,000 (long) (36.93%), 19,687,500 (short) (1.92%) shares to 378,905,000 (long) (36.91%), 19,513,500 (short) (1.9%) shares. (590) Luk Fook director Tse Moon Chuen entered into a contract to sell 100000 shares on on 16/01/2006. The interest went from 246,567,520 (long) (50.55%) shares to 246,467,520 (long) (50.51%) shares. (234) New Century Group director Ng Siew Lang, Linda obtained an interest in 300000 shares on on 03/02/2006. The interest went from 756,224,773 (long) (67.57%) shares to 756,524,773 (long) (67.6%) shares. (234) New Century Group director Ng Wilson obtained an interest in 300000 shares on on 03/02/2006. The interest went from 756,724,773 (long) (67.62%) shares to 757,024,773 (long) (67.64%) shares. (498) Paul Y-ITC Construction director Chan Kwok Keung Charles obtained an interest in 5486526 shares on on 02/02/2006. The interest went from 556,214,138 (long) (40.67%) shares to 561,700,664 (long) (41.07%) shares. (1129) Sky Hawk Computer director Wang Chia Chin disclosed a transaction involving shares on on 02/02/2006. The interest went from 127,252,000 (long) (17.32%) shares to 127,252,000 (long) (12.93%) shares. (1129) Sky Hawk Computer director Wu Chi Lok disclosed a transaction involving shares on on 02/02/2006. The interest went from 94,150,000 (long) (12.82%) shares to 94,150,000 (long) (9.56%) shares. (700) Tencent d irector Ma Huateng disclosed a transaction involving 232483080 shares on on 03/02/2006. The interest went from 232,483,080 (long) (13.16%) shares to 232,483,080 (long) (13.17%) shares. (850) Wing Shing International director Poon Sum obtained an interest in 2016000 shares on on 02/02/2006. The interest went from 285,555,341 (long) (51.81%) shares to 287,571,341 (long) (52.18%) shares. (259) Yeebo director Li Kwok Wai Frankie obtained an interest in 2000 shares on on 02/02/2006. The interest went from 722,106,381 (long) (69.2%) shares to 722,108,381 (long) (69.2%) shares. IMPORTANT DISCLAIMERS - Table of Contents - 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 r ead important disclaimers at http://www.oratio.com/muse/disclaimers.html.
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