Morgan Stanley said in a report that BYD COMPANY (01211.HK) -4.550 (-8.434%) Short selling $243.09M; Ratio 34.900% 's net profit for the third quarter slid 26% yearly, or 92% quarterly, to RMB28.22 million, missing its and market estimates by 89% and 93%. Rating was downgraded from Equalweight to Underweight. Moreover, the company's earnings forecasts for 2014 and 2015 were cut by 54% and 7% respectively. Target price was slashed by 7% to $40 from $43 accordingly.
UCD (01599) plans to raise Rmb600m from A shares issue Beijing Urban Construction Design & Development Group (UCD) (01599) said it proposes to apply for initial public offering of Renminbi ordinary shares and listing. The number of public issuance of shares amounts to not more than 149.86 million shares. The issuance price of A shares shall not be lower than Rmb2.91 per share. The total proceeds raised from the issuance of A shares amount to Rmb600 million, which will be used for upgrading and reconstructing project of the design centre, the national engineering...
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