Muse China & Hong Kong

Muse China & Hong Kong (beta version) - Daybreak 630am Beijing/HK time - Tuesday, 14 February, 2006

HEADS UP - Top - Next
Happy Valentine's Day. The Nine Dragons IPO looks set to become the hot IPO in February with several newspapers reporting keen interest from prominent local businessmen Drs Cheng Yu-tong and Dr Lee Shau Kee, chairmen respectively of (17 HK) New World and (12 HK) Henderson Land. The Hong Kong SFC chairman's claims that it is investigating five IPO sponsors for due diligence failures led Apple Daily and was third lead on SCMP. (Denise Andersen, Theresa Neale).

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

(203) Denway Motors: Guangzhou Auto sales fall to 9th place in January, says report
Also: (175) Geely Automobile. (927) F AW Xiali Auto. (489) Dongfeng Motor.
Nanfang Dushibao asserted that Guangzhou Honda (50% owned by Denway) sold 18,498 vehicles last month, plunge to 9th place in terms of sales and out of the top five for the first time in a long time. The article also said Shanghai GM sold 30,426 vehicles in the month, followed by Shanghai VW with 28,972, FAW VW with 24,572, Beijing Hyundai with 23,671, Chery with 22,500, Dongfeng Nissan wth 20,760, Geely with 20,282 (this has been confirmed by the company) and Xiali with 20,067.
(203 HK) @ HK$2.925: market cap. US$2,578.1m, daily liquidity US$9.8m. Broker forecasts: 12 buys, 7 holds, 5 sells, 10.6x current year P/E, 2.7% yield.

(2338) Weichai Power: Joint stock reform vote for Torch Auto shot down
Also: (549) Torch Auto.
Torch Auto's plan to compensate free float shareholders with 0.3 shares for every 10 shares (from its second biggest shareholder) plus put options with an exercise price of RMB3.86 (from Weichai), above the pre-suspension price of RMB2.92, was voted down by public shareholders yesterday. The proportion of shareholders voting yes (6.8%) was the lowest since shareholding reforms were first launched in China.
(2338 HK) @ HK$11.95: market cap. US$626.2m, daily liquidity US$1.8m. Broker forecasts: 2 buys, 4 holds, 6 sells, 9.1x current year P/E, 2.3% yield.

(3328) Bank of Communications: BoCom, HSBC and Jiangyin involved in Xiangcai restructuring
Also: (939) China Construction Bank. (5) HSBC.
China Business News reported that the restructuring of the heavily indebted Xiangcai Securities will involve bringing in three new shareholders, namely HSBC, BoCom and Jiangyin Investment, the parent of China Construction Bank, citing unnamed sources at Xiangcai. According to the newspaper the restructuring will involve introducing new capital with old shareholders heavily diluted and official announcement of the restructuring plan is due no later than May.
(3328 HK) @ HK$4.3: market cap. US$23,342.4m, daily liquidity US$40.0m. Broker forecasts: 1 buys, 5 holds, 14 sells, 21.8x current year P/E, 1.1% yield.

Stocks dual-listed in Hong Kong/Mainland China

(386) Sinopec (H): Privatization bids speculated
Also: (600002) Sinopec Qilu.
(866) Sinopec Yangzi Petrochemical .

Beijing Business Today asserted without citing a source unsubstantiated claims that Sinopec's privatization bids will be RMB9.9 for every share of Qilu (21% above last closing), and RMB13.2 for every share of Yangzi (19% above the last closing price).
(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

Mainland China Industries

China Auto: Chery to start assembling cars in Russia
The Beijing News reported that domestic carmaker Chery has selected a car assembler in Kalinigrad in Russia to assemble Chery's vehicles in Russia. The newspaper said citing an unnamed source that the investment in the new factory will amount to US$200m or more and will be capable of producing 150k vehicles each year.

China Finance: Launch of first ETF in Shenzhen due shortly
Shenzhen Economic Daily reported that with the launch of implementation rules for exchange-traded funds from the Shenzhen Stock Exchange, Shenzhen's first exchange-traded fund, an index fund linked to the Shenzhen 100 index from E Fund Management looks set to be launched shortly.

China Statistics: Trade statistics for January
The General Administration of Customs said China's imports amounted to U S$55bn in January, up 25.4% year on year while exports reached US$65bn, up 28%. Exports of processed products rose 29.4% and imports rose 28.7% year on year. China imported US$13.8bn of primary products in January, up 44% year on year, with imports of refined oil products down 22% year on year to 2.6m tonnes. Imports of automobiles rose 120% to 18k vehicles. Imports of steel fell 18% year on year to 1.57m tonnes in January.

MANAGEMENT TALK - Table of Contents - Prev - Next

Stocks listed in Hong Kong

(124) Kingway Brewery: Kingway sold 528k tonnes in beer last year guides for 700-800k tonnes this year
Apple Daily interviewed the chairman of the company at the opening ceremony of its Dongguan plant who said it sold 528k tonnes of beer last year, up 35% year on year and it aims to sell 700-800k tonnes this year, and that the company w ill propose building a new 200k tonnes beer plant in the southwestern region. He also said utilization this year looks set to improve to 90%.
(124 HK) @ HK$2.95: market cap. US$527.8m, daily liquidity US$0.6m. Broker forecasts: 3 buys, 0 holds, 1 sells, 22.0x current year P/E, 1.3% yield.

DEAL TALK - Table of Contents - Prev - Next

Transactions in the Hong Kong market
(2356) Dah Sing Banking Group: Ming Pao reported citing market speculation that parent Dah Sing Financial (440 HK) is placing 33.5m shares of Dah Sing Bank at HK$506m-520m to meet the 25% public float requirement for the banking subsidiary. The company is 80.0% owned by (440 HK) Dah Sing Financial.

(8192) Global Solution: The company said it had issued 59.5m new shares to Data Expert Ltd and 5.57m new shares to Peak Achieve Ltd at HK$0. 01 per share and raised a total of HK$1.85m; DEL and PAL will now hold 10% and 15% of the company respective after the subscription.

Transactions in the Hong Kong and Mainland China market

(187) Beiren Printing (H): The company proposed to allocate 3.1 non-circulating shares to each A shares shareholder for every 10 A shares held by such A shares shareholder as part of A share shareholding reforms.

(995) Anhui Expressway (H): Apple Daily reported the company proposed to compensate A share holders with 2 shares for every 10 share outstanding.

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

Stocks listed in Hong Kong

(41) Great Eagle: Ming Pao reported the company confirmed speculation of its consideration to spin off properties as a REIT but details s till under consideration.

(61) Technology Venture Holdings: The stock is suspended pending an announcement on issuing of securities.

(156) Lippo China Resources: The company and its affiliate (226 HK) Lippo Limited formed JV with ASM, Japan, each holding 90.5% and 9.5% respectively for a total of HK$448m initial capital.

(175) Geely Automobile: Shanghai Oriental Morning Post reported that the company says it wants to sell 200k vehicles this year and to maintain its market share of 5%.

(200) Melco: Apple Daily reported citing management that its JV with PBL of Australia, Crown Casino has not confirmed an opening date yet but is looking at the last quarter of 2006; the company has had signed a syndicated loan worth HK$1.28bn for a term of 7 years, the largest syndicated loan in the history of Macau.

(293) Cathay Pacific: The airline carried 1,388,800 pass engers in January, up 15% year on year, and 91,400 tonnes of cargo, a 21.9% rise. Passenger loan factor rose to 80.4%, a 0.8% rise year on year. Cargo load factor was 61.9%. The company is 46.0% owned by (19 HK) Swire (A).

(304) Peace Mark: The company has signed a non-legal binding agreement with Tourneau Investment and International Watch to form a company called Peace Mark Tourneau to operate "Tourneau" branded stores in China, Hong Kong and Taiwan's high fashion supply and sales; the plan is to open 30 shops in the first 5 years accoding to Ming Pao.

(662) Asia Financial Holdings: Apple Daily reported citing the chief executive that the sale of its bank division should be finalised sometime this week according to schedule but he is still unsure whether there will be a third round bidding or not.

(683) Kerry Properties: The company agreed to set up joint venture with a Malaysian company Chemquest Overse as Limited owned partly by the controlling shareholder of the company to invest in a Changzhou project. With the total investment of about HK$157m, the joint venture will be owned 51% by Kerry Properties and 49% by Chemquest Overseas.

(753) Air China: The airline acquired 10 Boeing 737-800 aircraft for US$655m.

(857) PetroChina: The company said its privatization of the A shares of Jilin Chemical and Industrial have been approved by 97% of the A share holders and will be delisted.

(2388) BOC Hong Kong: Apple Daily The bank rolled out a new mortgage rate offer of 5% for the first 6 months of the loan, or P-3%, below the current P-2.65% offered by other banks.

(2633) Nam Tai Electronic: The company said fourth quarter sales suffered due to the loss of Motorola account and that the company will continue to suffer from this in its 2006 year.

(3300) China Glass Holdings : The stock is suspended pending an announcement on very substantial acquisition.

(8031) Kinetana Intl: The Exchange proposed to cancel the listing the company in August 2006 since there had not been a valid resumption proposal to The Exchange within the 6 months after its suspension since April 2005.

FINANCIAL RESULT ANNOUNCEMENTS - Table of Contents - Prev - Next

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

(519) Applied International bought back 80,000 shares on 10/02/2006 for HK$0.368 per share on average.

(1037) Daiwa Associate bought back 20,000 shares on 10/02/2006 for HK$0.500 per share on average.

(566) RBI Holdings bought back 114,000 shares on 10/02/2006 for HK$1.200 per share on average.

(1105) Singtao News bought back 2,538,000 shares on 10/02/2006 for HK$0.586 per share on average.

(700) Tencent bought back 100,000 shares on 10/02/2006 for HK$9.900 per share on average.

EVENT CALENDAR FOR TODAY - Table of Contents - Prev - Next

The following widely held Hong Kong listed stocks report today:

The following Hong Kong listed stocks also report today:

(8017) Cymberm , (8023) Henderson Cyber , (8037) Longlife Group , (8075) Rojam Entertainment , (8128) IIN International ,

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

Disclosures by major shareholders

(2018) AAC Acoustic shareholder Shao Yangdong entered into a contract to sell 7247545 shares on on 09/02/2006. The interest went from 51,215,988 (long) (4.1%) shares to 43,968,443 (long) (3.52%) shares.

(632) China Merchants Dichain Asia shareholder Fan Di obtained an interest in 18000000 shares on on 09/02/2006. The interest went from 2,557,523,083 (long) (47.03%) shares to 2,539,523,083 (long) (46.7%) shares.

(362) Daqing Petroleum & Chemical shareholder Peng Zhanrong disposed of 13770000 shares on on 07/02/2006. The interest went from 13,770,000 (long) (0.81%) shares to (long) (0%) shares.

(1169) Haier Electronics shareholder Chai Yong Sen disposed of 15000000 shares on on 07/02/2006. The interest went from 25,000,000 (long) (0.15%) shares to 10,000,000 (long) (0.06%) shares.

(1169) Haier Electr onics shareholder Cui Shao Hua disposed of 15000000 shares on on 07/02/2006. The interest went from 25,000,000 (long) (0.15%) shares to 10,000,000 (long) (0.06%) shares.

(1169) Haier Electronics shareholder Liang Hai Shan disposed of 15000000 shares on on 07/02/2006. The interest went from 25,000,000 (long) (0.15%) shares to 10,000,000 (long) (0.06%) shares.

(1169) Haier Electronics shareholder Wu Ke Song exercised a right or an option in respect of 10000000 shares on on 07/02/2006. The interest went from 20,000,000 (long) (0.12%) shares to 20,000,000 (long) (0.12%) shares.

(3) HK & China Gas shareholder Lee Ka Kit obtained an interest in 1694000 shares on on 08/02/2006. The interest went from 2,172,166,776 (long) (39.43%) shares to 2,173,860,776 (long) (39.46%) shares.

(3) HK & China Gas shareholder L ee Ka Shing obtained an interest in 770000 shares on on 07/02/2006. The interest went from 2,171,396,776 (long) (39.42%) shares to 2,172,166,776 (long) (39.43%) shares.

(3) HK & China Gas shareholder Lee Shau Kee obtained an interest in 1694000 shares on on 08/02/2006. The interest went from 2,175,392,950 (long) (39.49%) shares to 2,177,086,950 (long) (39.52%) shares.

(970) Jade Dynasty shareholder Ko Chi Keung disclosed a transaction involving 96000 shares on on 07/02/2006. The interest went from 3,100,000 (long) (0.39%) shares to 3,004,000 (long) (0.37%) shares.

(970) Jade Dynasty shareholder Ko Chi Keung disclosed a transaction involving 416000 shares on on 08/02/2006. The interest went from 3,004,000 (long) (0.37%) shares to 2,588,000 (long) (0.32%) shares.

(1131) Kwong Hing Intl shareholder Li Mei Lin obtained an i nterest in 50000 shares on on 08/02/2006. The interest went from 165,688,000 (long) (42.64%) shares to 165,738,000 (long) (42.66%) shares.

(2339) Norstar shareholder Huang Lilly disclosed a transaction involving shares on on 10/02/2006. The interest went from 600,000,000 (long) (59.34%) shares to 600,000,000 (long) (57.75%) shares.

(725) Perennial shareholder Mon Chung Hung obtained an interest in 100000 shares on on 10/02/2006. The interest went from 143,538,000 (long) (72.14%) shares to 143,638,000 (long) (72.2%) shares.

(1098) Road King shareholder Chan Kam Hung disposed of 30000 shares on on 08/02/2006. The interest went from 4,850,000 (long) (0.82%) shares to 4,820,000 (long) (0.82%) shares.

(766) Sino Prosper shareholder Leung Ngai Man disclosed a transaction involving shares on on 06/02/2006. Th e interest went from 388,330,000 (long) (41.89%), 80,000,000 (short) (8.63%) shares to 388,330,000 (long) (40.98%), 80,000,000 (short) (8.44%) shares.

(8282) TOM Online shareholder Feng Jue exercised a right or an option in respect of 120000 shares on on 07/02/2006. The interest went from 8,200,000 (long) (0.19%) shares to 8,200,000 (long) (0.19%) shares.

(8282) TOM Online shareholder Wang Lei Lei exercised a right or an option in respect of 600000 shares on on 06/02/2006. The interest went from 144,064,000 (long) (3.4%) shares to 144,064,000 (long) (3.4%) shares.

(8282) TOM Online shareholder Wang Lei Lei exercised a right or an option in respect of 600000 shares on on 07/02/2006. The interest went from 143,464,000 (long) (3.38%) shares to 143,464,000 (long) (3.38%) shares.

(258) Tomson Group shareholder Tong Alb ert obtained an interest in 2100000 shares on on 08/02/2006. The interest went from 20,500,000 (long) (1.72%) shares to 22,600,000 (long) (1.89%) shares.

(380) World Trade Bun Kee shareholder Tsang Chung Yin obtained an interest in 15042000 shares on on 08/02/2006. The interest went from 136,764,000 (long) (56.55%) shares to 141,606,000 (long) (58.55%) shares.

(380) World Trade Bun Kee shareholder Tsang Sik Yin Eric disposed of 45126000 shares on on 08/02/2006. The interest went from 136,764,000 (long) (56.55%) shares to (long) (0%) shares.

Disclosures by directors and insiders

(723) Anex Intl director Cheng Tun Nei disposed of an interest in 97122000 shares, ceasing to have a position of 5% on on 10/02/2006. The interest went from 55,830,000 (long) (7.26%) shares to 152,952,000 (long) (19.89%) shares.

(632) Chin a Merchants Dichain Asia director Dichain Holdings Limited varied the relevant holding by 18000000 shares, trigging a whole percentage number threshold on on 09/02/2006. The interest went from 2,493,668,894 (long) (45.86%) shares to 2,475,668,894 (long) (45.52%) shares.

(319) China Metal director JPMorgan Chase & Co. obtained an interest in 13690000 shares (triggering the 5% threshold) on on 07/02/2006. The interest went from 45,064,000 (long) (4.34%), 29,728,000 (lending) (2.87%) shares to 58,754,000 (long) (5.66%), 43,418,000 (lending) (4.18%) shares.

(1138) China Shipping Dev (H) director Value Partners Limited varied the relevant holding by 738000 shares, trigging a whole percentage number threshold on on 08/02/2006. The interest went from 77,152,000 (long) (5.95%) shares to 77,890,000 (long) (6.01%) shares.

(681) Chinese People Gas director DKR Capital Partners LP varied the relevant holding by 12238000 shares, trigging a whole percentage number threshold on on 07/02/2006. The interest went from 447,247,888 (long) (17.1%) shares to 435,009,888 (long) (16.64%) shares.

(681) Chinese People Gas director DKR Oasis Management Company LP varied the relevant holding by 12238000 shares, trigging a whole percentage number threshold on on 07/02/2006. The interest went from 447,247,888 (long) (17.1%) shares to 435,009,888 (long) (16.64%) shares.

(681) Chinese People Gas director Equator View Capital varied the relevant holding by 12238000 shares, trigging a whole percentage number threshold on on 07/02/2006. The interest went from 447,247,888 (long) (17.1%) shares to 435,009,888 (long) (16.64%) shares.

(440) Dah Sing Financial director JPMorgan Chase & Co. obtained an interest in 229200 shares (triggering the 5% threshold) on on 08/02/2006. The interest went from 12,333,664 (long) (4.93%), 11,363,664 (lending) (4.54%) shares to 12,562,864 (long) (5.02%), 11,592,864 (lending) (4.64%) shares.

(8243) Dahe Media director Hung Kam Biu varied the relevant holding by 2670000 shares, trigging a whole percentage number threshold on on 10/02/2006. The interest went from 26,415,000 (long) (10.57%) shares to 29,085,000 (long) (11.63%) shares.

(861) Digital China director JPMorgan Chase & Co. varied the relevant holding by 3253000 shares, trigging a whole percentage number threshold on on 08/02/2006. The interest went from 69,227,200 (long) (8.02%), 4,808,000 (lending) (0.56%) shares to 65,974,200 (long) (7.64%), 4,808,000 (lending) (0.56%) shares.

(1175) Fu Ji Food & Catering director Top Ample Limited varied the relevant percentage holding by a whole num ber on on 08/02/2006. The interest went from 75,000,000 (long) (16.95%) shares to 75,000,000 (long) (15.58%) shares.

(1175) Fu Ji Food & Catering director Yao Juan varied the relevant percentage holding by a whole number on on 08/02/2006. The interest went from 285,000,000 (long) (60.91%) shares to 285,000,000 (long) (59.21%) shares.

(3) HK & China Gas director Henderson Development Limited varied the relevant holding by 1694000 shares, trigging a whole percentage number threshold on on 08/02/2006. The interest went from 2,091,687,017 (long) (37.97%) shares to 2,093,381,017 (long) (38%) shares.

(980) Lianhua Supermarket director JPMorgan Chase & Co. varied the relevant holding by 269000 shares, trigging a whole percentage number threshold on on 07/02/2006. The interest went from 14,741,792 (long) (7.12%), 671,000 (lending) (0.32%) shares to 14,472,7 92 (long) (6.99%), 671,000 (lending) (0.32%) shares.

(323) Maanshan Iron & Steel director JPMorgan Chase & Co. disposed of an interest in 21658000 shares, ceasing to have a position of 5% on on 07/02/2006. The interest went from 97,649,010 (long) (5.63%), 23,808,000 (lending) (1.37%) shares to 75,991,010 (long) (4.39%), 2,150,000 (lending) (0.12%) shares.

(2339) Norstar director Century Founders Group Limited varied the relevant percentage holding by a whole number on on 10/02/2006. The interest went from 600,000,000 (long) (59.34%) shares to 600,000,000 (long) (57.75%) shares.

(304) Peace Mark director Arisaig Greater China Fund Limited varied the relevant holding by 3440000 shares, trigging a whole percentage number threshold on on 09/02/2006. The interest went from 71,180,119 (long) (7.19%) shares to 67,740,119 (long) (6.84%) shares.

(304) Peace Mark director Cooper Lindsay William Ernest varied the relevant holding by 3440000 shares, trigging a whole percentage number threshold on on 09/02/2006. The interest went from 71,180,119 (long) (7.19%) shares to 67,740,119 (long) (6.84%) shares.

(2337) Shanghai Forte Land director JPMorgan Chase & Co. disposed of an interest in 3064000 shares, ceasing to have a position of 5% on on 06/02/2006. The interest went from 45,822,000 (long) (5.21%), 17,324,000 (lending) (1.97%) shares to 42,758,000 (long) (4.86%), 14,260,000 (lending) (1.62%) shares.

(766) Sino Prosper director Kan Kung Chuen Lai disclosed an interest in shares on on 10/02/2006. The interest went from 571,000,000 (long) (61.6%) shares to 571,000,000 (long) (59.41%) shares.

(297) Sinochem HK director Sinochem Corporation disclosed an interest in 20000000 0 shares on on 06/02/2006. The interest went from 4,470,453,301 (long) (76.97%), 581,375,779 (short) (10.01%) shares to 4,470,453,301 (long) (76.97%), 781,375,779 (short) (13.45%) shares.

(700) Tencent director Advance Data Services Limited voluntarily disclosed an interest in 232483080 shares on on 09/02/2006. The interest went from 232,483,080 (long) (13.18%), (short) (0%) shares to 232,483,080 (long) (13.18%), (short) (0%) shares.

(2338) Weichai Power director JPMorgan Chase & Co. filed a 569000otice under section 5(4) of the Securities and Futures (Disclosure of Interests ?Securities Borrowing and Lending) Rules regarding 569000 shares on on 08/02/2006. The interest went from 11,338,969 (long) (8.96%), 5,821,100 (lending) (4.6%) shares to 11,907,969 (long) (9.41%), 6,390,100 (lending) (5.05%) shares.

(380) World Trade Bun Kee ;director Jong Yee Limited varied the relevant holding by 15042000 shares, trigging a whole percentage number threshold on on 08/02/2006. The interest went from 136,764,000 (long) (56.55%) shares to 141,606,000 (long) (58.55%) shares.

(3378) Xiamen Port director China Shipping (Group) Co. varied the relevant holding by 11500000 shares, trigging a whole percentage number threshold on on 09/02/2006. The interest went from 167,224,000 (long) (16.94%) shares to 155,724,000 (long) (15.78%) shares.

(576) Zhejiang Expressway (H) director JPMorgan Chase & Co. varied the relevant holding by 1426000 shares, trigging a whole percentage number threshold on on 06/02/2006. The interest went from 85,724,817 (long) (5.98%), 72,792,000 (lending) (5.08%) shares to 87,150,817 (long) (6.08%), 72,792,000 (lending) (5.08%) 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 read important disclaimers at http://www.oratio.com/muse/disclaimers.html.

Muse China & Hong Kong (Beta) - Old Issues