Yongsheng Mat (03608) proposes to spin off yarn biz Yongsheng Advanced Materials Company (03608) announced that its board of directors was considering the feasibility of a proposed spin-off and separate listing of part of the company's business on the Main Board of the Stock Exchange. The business now being considered as the subject matter of the spin-off is principally the polyester filament yarn manufacturing business. A proposal in relation to the spin-off has been submitted by the company to the Stock Exchange on 22 December 2017 for its consideration and approval pursuant to Practice Note 15 of the Listing Rules. As the spin-off is at its preparatory stage, no application for such listing has been made and approval by the relevant regulatory authority has yet to be obtained.
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Brightoil (00933) notified of resumption conditions Brightoil Petroleum (00933) , suspended from share trading from 3 October 2017 pending the release of the company's annual results for the year ended 30 June 2017, announced that on 18 December 2017, it received a letter from the Stock Exchange stating the following conditions for the resumption of share trading: (a) disclose the findings of the forensic investigation, assess the impact on the company's financial and operational position, and take appropriate remedial actions; (b) publish all outstanding financial results and address any audit qualifications; and (c) inform the market of all material information for the shareholders and investors to appraise the company's position.
CCT Land's (00261) acq of Sino Partner Global scrapped In relation to its proposed acquisition of 51% equity interest in Sino Partner Global, CCT Land Holdings (00261) said that it entered into a termination agreement with the vendor on 28 December 2017 to terminate the deal with immediate effect. As the Long Stop Date is approaching and the circular relating to the acquisition has not yet been issued, CCT Land Holdings requested the vendor for a further extension of the Long Stop Date. After taking into account the additional time which will be required to prepare the circular and to complete the acquisition, the vendor does not agree to further extend the Long Stop Date and hence the parties executed the termination agreement. The board of CCT Land Holdings believes the termination agreement will not have any material adverse effect on the operations or financial position of the group and will not affect the company's decision to...
Chalieco's (02068) A-share issuance application approved China Aluminum International Engineering Corporation (Chalieco) (02068) said the Main Board Issuance Approval Committee of the China Securities Regulatory Commission (CSRC) has approved its application for issuing no more than 1,141 million A shares. Currently, Chalieco has not received a written approval from the CSRC.
Unis Holdings (00365) adds stake in SMIC & Legend Holdings Unisplendour Technology (Holdings) (00365) said it further acquired on the open market a total of about 4.16 million shares of Semiconductor Manufacturing International Corporation (SMIC) (00981) through a series of acquisitions on 22 December at a total of about HK$49.37 million (exclusive of transaction costs). The average price (exclusive of transaction costs) for the acquisitions of each SMIC share is around HK$11.87. Unis Holdings also said it further acquired on the open market a total of...
CCCC (01800) to sell CCCC Resource to parent for HK$192m China Communications Construction Company (CCCC) (01800) said it agreed to sell the entire shares in CCCC Resource Investment Co., Ltd. for US$24.55 million (equivalent to about HK$192 million) to controlling shareholder China Communications Construction Group (Limited). CCCC Resource was incorporated in Mauritius on 15 November 2015 and is principally engaged in the construction of a platform for investment in the resources overseas, especially in Africa. The transfer of the shares in CCCC Resource may therefore...
Convoy (01019) further instigates legal proceedings Convoy Global (01019) said the company and two of its subsidiaries have further instigated legal proceedings in the High Court of Hong Kong against four defendants, namely Wong Lee Man, an executive director of Convoy whose duties are suspended, Mak Kwong Yiu Mark, Convoy Investment Services Limited (which is not a subsidiary of the Group) and Gransing Securities Co., Limited, in respect of, among others, breach of fiduciary duty and passing off, which had caused losses and damages to Convoy. ...
CTEG (01363) awarded Guangzhou waste treatment project CT Environmental Group (CTEG) (01363) said a subsidiary of the Group was awarded a tender of a stored municipal waste treatment project for Guangzhou Zengcheng Tangxia Waste Landfill located in Zengcheng District Guangzhou City, Guangdong Province. The Group will provide waste treatment services for all the stored municipal waste accumulated in the Tangxia Landfill within the next five years (the Group can target an earlier completion date). It is estimated that the project will contribute a revenue of not less than R...
Huajin Int'l (02738) wins bid for Jiangmen land at Rmb110m Huajin International (02738) said it successfully bid for the state-owned construction land use rights of 3 stated-owned construction land parcels in n Chau Lang Village, Gujing Town, Xinhui District, Jiangmen City, Guangdong Province, the PRC at a total bidding price of Rmb109.63 million. The land has an aggregate site area of about 284,860 square metres. The land is designated for industrial use with a term of 50 years. Huajin International considers the acquisition is in line with the business str...
KuangChi (00439) in cooperation with China Unicom's unit KuangChi Science (00439) said it entered into a business cooperation framework agreement with China United Network Communications Corporation Limited. The parties will jointly develop solutions for public security, and cooperate in the area regarding the "policing technology sharing platform", jointly pursue and develop smart city related projects, jointly integrate artificial intelligence, communication service and intelligent operation, and cooperate in the area regarding the smart transportation, and explore the cooperation opportunities in various ways in...
Fullshare (0607) to sell stake in medical equipment business Fullshare Holdings (00607) said it agreed to sell 53.1% of the total issued share capital of Shenzhen Anke High-Tech Company Limited for a total of Rmb303.45 million. Upon completion, Fullshare will indirectly own about 19.09% stake in the target company. It is estimated that an unaudited gain, after tax, of about Rmb249 million will be recorded in respect of the disposal. It is intended that the net proceeds of around Rmb253 million will be applied for potential acquisition and...
China Hanking (03788) sees turnaround to profit for FY2017 China Hanking (03788) said it expects the Group will record a net profit for the year ending 31 December 2017 as compared with the loss for the corresponding period of 2016. Turning from a loss to profit is mainly attributable to the recognized investment revenue of Rmb760 million from the sales of the entire equity interests of Hanking Australia Pty Ltd., a subsidiary held by the company; the substantial increase on a year-on-year basis in the average selling price of iron ore concentrates, with...
GRCB (01551) subsidiary bank approved to start business Guangzhou Rural Commercial Bank (GRCB) (01551) said the Hunan Office of the China Banking Regulatory Commission has recently granted its approval on the commencement of business of Hunan Zhuzhou Zhujiang Rural Commercial Bank Co., Ltd., which is owned as to 51% by GRCB. Zhuzhou Zhujiang Rural Commercial Bank has recently obtained the relevant licences, including the financial licence and the business licence and has formally commenced business operations.
BJ Sports & Ent to sell four subsidiaries for HK$100,000 Beijing Sports and Entertainment Industry Group (01803) said it agreed to sell the entire issued ordinary shares of each of four companies for a total of HK$100,000. The four companies include ASR Logistics Limited, ASRCO Logistics Limited, ASR E-commerce Limited and AOE Freight (Shenzhen) Limited. Upon completion, the Group shall receive proceeds of the disposal of HK$100,000. It is estimated that Beijing Sports and Entertainment shall realize an unaudited loss on disposal for about HK$1.57 million. Beijing ...
BJ Sports & Ent (01803) to sell logistics unit for Rmb8m Beijing Sports and Entertainment Industry Group (01803) said it agreed to sell the entire issued share capital of Pacific Empire Logistics Limited for Rmb8 million. Upon completion, the Group will receive proceeds of the disposal of about Rmb8 million. The net proceeds will be used as general working capital of the Group. It is estimated that Beijing Sports and Entertainment will realize an unaudited gain on disposal for around HK$30.87 million. Beijing Sports and Entertainment believes the d...
PICC Group (01339) says Miao Jianmin elected as chairman The People's Insurance Company (Group) of China (PICC Group) (01339) said Miao Jianmin has been elected as the chairman of the second session of the Board for a term of three years, with effect from the date of obtaining the approval of his qualification from the China Insurance Regulatory Commission. Miao is currently an executive director, vice-chairman, president and senior economist of PICC Group.
Sinopec SEG (02386) inks EPC contract for Iran project SINOPEC Engineering (02386) said the Group has recently entered into a contract of engineering, procurement and construction (EPC) with National Iranian Oil Engineering and Construction Company in relation to Phase II of Abadan refinery upgrading project in Iran.The Group will pursue about Rmb6.858 billion of the total contract value. The amount