Merrill Lynch lowered the A share and H share rating of HAITONG SEC (06837.HK) -0.880 (-6.111%) Short selling $42.08M; Ratio 7.875%
from Neutral to Underperform. The target price of H share was $13, due
to the concern of reduction in commission rates in 2015. In addition,
the share price is commensurate to 1.6x 12-month forward P/E, which was
nearly to historical high, as driven by the launch of SH-HK Connect. The
broker believed that the SH-HK Connect will inject new liquidity to A
share markets, but the driven force on stocks may be limited. Following
the cooling down of SH-HK Connect, the market will shift the focus on
macro economy and risks. The share price for brokers will then undergo
gradual correction.
Hopewell Hold (00054) sells Hopewell Infr stake for $9.9B Hopewell Holdings (00054) has agreed to sell 2.055 billion shares of Hopewell Highway Infrastructure (00737) , representing 66.69% of the issued share capital of the company, to Shenzhen Investment International Capital Holdings Infrastructure Co. to HK$9.865 billion in cash, or HK$4.8 per share, which has a discount of 3.61% to the closing price of HK$4.98 per share on 29 December 2017. Upon completion of the deal, the purchaser and parties acting in concert with it will own a total of 66.69% stake in Hopewell Highway Infrastructure and the purchaser will be required to make an unconditional mandatory cash offer for all other issued shares of Hopewell Highway Infrastructure also at HK$4.8 per share. The total consideration of the offer will be HK$4.927 billion assuming full acceptance of the offer. The offeror intends to maintain Hopewell Highway Infrastructure's share listing following the close of...
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