China Gas in "gas for coal replacement" projects team-up China Gas (00384) said it entered into a strategic cooperation framework agreement with the Department of Housing and Urban-Rural Development of Shandong Province in relation to the extensive cooperation between both parties in terms of pushing forward urban and rural "gas for coal replacement", projects such as transformation of coal-fired boilers, the construction of gas-fired thermoelectric stations in Shandong Province, so as to steadily promote the adjustment in energy structure and the reform of rural lifestyle in Shandong Province. The Department of Housing...
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Tianli Holdings (0117) to sell multi-layer ceramic chips biz Tianli Holdings (00117) said it agreed to sell the entire issued share capital in each of EYANG Management Co., Limited and EYANG Energy Management Co., Ltd. as well as shareholder's loan for a total of HK$510 million. EYANG Management is an investment holding company and its subsidiaries are principally engaged in the manufacturing and sale of multi-layer ceramic chips (MLCC) and trading of MLCC. EYANG Energy Management is an investment holding company and its subsidiaries are principally engaged in the leasing of properties, manufacturing...
Yunnan Water (06839) controlling holder adds 1.5m shares Yunnan Water Investment (06839) said its controlling shareholder Yunnan Metropolitan Construction Investment Co., Ltd. (YMCI) has purchased 1.5 million H shares of Yunnan Water via the trading system of The Stock Exchange of Hong Kong Limited on 22 September. After such purchase, YMCI holds about 31% interests in Yunnan Water. Subject to the market conditions, YMCI intends to continue to increase its direct and/or indirect shareholding in Yunnan Water.
UMP (00722) to buy Sheung Wan office property at HK$57.17m UMP Healthcare (00722) said it agreed to purchase the entire issued share capital of Way Spread Limited at HK$57.17 million. The target company, which is principally engaged in property investment in Hong Kong, is the sole legal and beneficial owner of Offices 1, 2, 3, 4 and 5 on 12th Floor, Nam Wo Hong Building, No.148 Wing Lok Street, Sheung Wan, Hong Kong, with a gross floor area of about 5,150 square feet. UMP Healthcare said 18/F of Nam Wo Hong Building still does not have sufficient floor space...
Weigao Group's JV to buy medical devices firm at US$850m Shandong Weigao Group Medical Polymer Company (01066) said WW Medical and Healthcare Company Limited, a joint venture formed by Weigao Group and a partner, agreed to acquire the issued share capital of Argon Medical Devices Holdings, Inc. at US$850 million. The target company is principally engaged in the research and development, manufacturing and sales and distribution of medical devices for the use in interventional oncology and vascular interventional procedures. Its market leading product portfolio mainly consists of biopsy products, vascular...
Oceanwide Fin (0952) allocated US$50m PSBC preference shares China Oceanwide International Financial (00952)said the 4.5% non-cumulative perpetual offshore preference shares to be issued by Postal Savings Bank of China (PSBC) (01658) in the subscription amount of US$50 million was confirmed to be allocated to Oceanwide. The consideration will be funded partly by internal resources of the Group and partly by financing from a financial institution.
Yuzhou PPT plans to issue USD senior perpetual securities Yuzhou Properties (01628) said it proposes to issue US-dollar senior perpetual securities. The company intends to use the net proceeds primarily for refinancing its existing indebtedness and, to a lesser extent, for general working capital purposes
HSI Slumps 235 pts; Developers Subdued The US stocks retreated last night (21 September) and reversed the nine-day increase. Given the intensified geopolitical situation in North Korea, Asia Pacific bourses broadly headed south in morning trading. This morning, Hang Seng Index opened down 160 pts and fell 264 pts at most to bottom at 27,845, sinking below 10MA (about 27,973). At midday, the benchmark index slumped 235 pts or 0.8% to close at 27,874. Hang Seng China Enterprises Index dipped 97 pts or 0.9% to 11,100. Half-day market turnover reached $52.912 billion. TENCENT (00700.HK) -1.000 (-0.288%) Short selling $474.33M; Ratio 18.498% , AIA (01299.HK) -0.150 (-0.249%) Short selling $72.96M; Ratio 9.669% , HSBC HOLDINGS (00005.HK) -0.500 (-0.652%) Short selling $68.85M; Ratio...
HSBC upgrades CIMC Enric (03899) to "buy" HSBC Global Research maintained its target price for CIMC Enric Holdings (03899) at HK$5.8, but upgraded its rating to "buy" from "hold". The research house made no changes to its earnings forecasts, and it expects stable growth in 2017-18. In 1H, the energy equipment segment contributed 47% of total revenue, above our expectations, helped by strong China gas demand and government policies to push natural gas utilisation. Longer term, HSBC anticipates gas demand growth to be supportive of Enric's financials and share price.
Citi lifts Nine Dragons Paper (02689) to HK$25 Citi Research raised its target price for Nine Dragons Paper (NDP)(02689) to HK$25 from HK$23, and maintained its "buy" rating. The research house said NDP's FY2017 core earnings were up 68.1% yoy to Rmb4.765bn, stripping out the FX impact, and was ahead of its earlier profit alert and Citi's expectation of Rmb4.5bn. Citi raised its earnings forecasts by 7-8% for FY2018-19. In view of China's recent reduction of import OCC (recycled paper) quota, the net dollar margin would more than double sequentially to Rmb580/t in 3Q 2017...
Net impact of AIA's CBA deal immaterial - UBS AIA Group (01299) announced the acquisition of Australia and New Zealand insurance business of Commonwealth Bank of Australia (CBA) at US$3bn. UBS Global Research thinks the transaction size and risk transfer are substantially lower after netting with reinsurance, thus it does not expect a material net impact to AIA. Even on a net basis, the implied valuation of 1.32x looks reasonable and UBS believes it reflects discipline on AIA's M&A strategy. UBS said said the long term growth prospects for AIA remain intact and their...
UBS lifts 3SBio Inc (01530) to HK$14.98 UBS Global Research lifted its target price for 3SBio Inc (01530) to HK$14.98 from HK$12.22, and maintained its "buy" rating. The research house said the price target hike reflects a newly-announced Contracted Development and Manufacturing Organization (CDMO) acquisition and the new products added to its diabetes drugs portfolio. UBS believes there is still upside as potential profitability improvements for the diabetes and CDMO businesses have not been factored in. Trading at 23.5x 2018 PE, or 0.95x PEG, the research house thinks the stock...
China Green (00904) sells 51.95m shares of Convoy (01019) China Green (00904) said it has disposed of 51.95 million shares of Convoy Global (01019) at the price between HK$0.19 and HK$0.22 per Convoy share, on the open market for about HK$10.9 million in cash during the period from 10 August to 21 September 2017. The disposed shares represent around 0.35% of the issued share capital of Convoy. China Green expects to recognise an unaudited gain of about HK$385,000 from the disposals. It is expected that the proceeds will be used for general working capital of the Group...
State En Assets (00918) to buy Czech luxury hotel at HK$174m State Energy Group International Assets (00918)said it agreed to acquire the entire registered capital in Le Palais - Praha s.r.o. at CZK496.1 million (equivalent to about HK$174 million) in cash. The target company owns a luxury hotel with 72 rooms in the Czech Republic. It is one of luxury hotels close to the Prague Congress Centre and has received many awards.
Daiwa lifts China Gas (00384) to HK$27.8 Daiwa Research lifted its target price for China Gas (00384) to HK$27.8 from HK$24, and maintained its "buy" rating. The research house has recently visited China Gas's rural-gas projects in Tianjin and Langfang. The company said that it had achieved 600k new rural household connections over April-August (accelerating from the 320k in April-June), representing 70% of its annual guidance of 850k. Daiwa cited chairman Liu Minghui reemphasising that the government remains committed to banning uncontrolled coal use in Beijing/Tianjin/Hebei, Shanxi, Henan and Shandong, with...
China Env Res (01130) may buy stake in metal recycle firm China Environmental Resources (01130) said it entered into memorandum of understanding in relationto the proposed subscription for70% of the enlarged issued share capital of acompany. A refundable deposit in the amount of HK$5 million has been paid by China Environmental Resources. The issuer together with its related companies are principally engaged in metal recycle business in Hong Kong and the PRC and are in the course of acquiring several related businesses for horizontal/vertical expansion
China Env Res (01130) may buy stake in metal recycle firm China Environmental Resources (01130) said it entered into memorandum of understanding in relation to the proposed subscription for 70% of the enlarged issued share capital of a company. A refundable deposit in the amount of HK$5 million has been paid by China Environmental Resources. The issuer together with its related companies are principally engaged in metal recycle business in Hong Kong and the PRC and are in the course of acquiring several related businesses for horizontal/vertical expansion.
Greenland Broad (1253) to buy landscaping business at Rmb72m China Greenland Broad Greenstate (01253) said it agreed to acquire the entire issued share capital in EcoVista Holdings Limited at Rmb72 million. Upon completion, Greenland Broad will indirectly own 60.3% in Shenyang Furui Garden Decoration Engineering Company Limited, which is principally engaged in landscaping construction and design business especially through collaboration with large-scale real estate development companies.