Changfeng, HSBC, Lenovo, Magic, PCCW: Hong Kong Equity Preview
The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close. Markets were shut yesterday for a holiday.
New stocks debuting today: MicroPort Scientific Corp. (853 HK), which makes equipment for keyhole surgery, sold 252.7 million shares at HK$6.10 apiece in an initial public offering, raising net proceeds of HK$1.43 billion ($184 million), according to a statement.
Changfeng Axle (China) Co. (1039 HK), which manufactures automotive parts, sold 200 million shares at HK$4 each, raising net proceeds of HK$753 million, the company said in a statement.
Magic Holdings International Ltd. (1633 HK), which makes cosmetic facial masks, sold 200 million shares at HK$3.30 each, raising net proceeds of HK$608 million, according to a company statement.
Cheung Kong (Holdings) Ltd. (1 HK): The company will offer the first 108 apartments in its Oceanaire residential development in the Ma On Shan district at a less-than-expected average price of HK$6,438 per square foot, the South China Morning Post said yesterday, citing real-estate agents. Cheung Kong, Hong Kong’s No. 2 developer by market value, climbed 2.1 percent to HK$111.50.
HSBC Holdings Plc (5 HK): Chief Executive Officer Michael Geoghegan will step down at the end of the year and be replaced by investment-banking head Stuart Gulliver, said a person briefed on the matter, who spoke anonymously because the changes haven’t been announced. HSBC, Europe’s biggest bank, gained 0.5 percent to HK$81.10.
Lenovo Group Ltd. (992 HK): China’s biggest maker of personal computers said the pace of growth in the country’s PC market has seen a “significant” drop after some strong gains. The stock slid 1.2 percent to HK$4.81.
PCCW Ltd. (8 HK): The company plans to seek a separate listing for its Now TV pay-television unit, Sing Tao Daily reported, citing people it didn’t identify. PCCW Chairman Richard Li didn’t reply to requests for comment, while Managing Director Alex Arena declined to comment, Sing Tao said. PCCW, Hong Kong’s biggest phone company, declined 0.4 percent to HK$2.74.
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