China Mobile, HSBC, IRC, Springland: 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.
The Hang Seng Index fell 0.9 percent to 23,556.50. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, declined 0.9 percent to 13,448.83.
Bank of China Ltd. (3988 HK): The lender plans to acquire banks in countries that are members of the Association of Southeastern Asian Nations, the Shanghai Securities News reported, citing Vice President Yue Yi. The stock fell 2 percent to HK$4.51.
China Mobile Ltd. (941 HK): The world’s biggest phone carrier by market value posted third-quarter profit that missed analysts’ estimates. Net income increased 3.5 percent to 29.6 billion yuan ($4.46 billion) from 28.6 billion yuan a year earlier, according to figures derived from nine-month earnings reported by the company. The stock fell 1.4 percent to HK$82.25.
HSBC Holdings Plc (5 HK): Europe’s biggest lender bought land for commercial building in Hong Kong’s Sha Tin district for HK$816 million ($105 million), the city’s government said in a statement posted on its website. The stock retreated 0.9 percent to HK$81.10.
IRC Ltd. (1029 HK): The mineral exploration company starts trading on the Hong Kong exchange today, after selling 1.04 billion shares at HK$1.80.
SMI Corp. (198 HK): The company said its controlling shareholder, Qin Hui, agreed to place 672.3 million existing shares at HK$0.48 each. Net proceeds from the share sale will be HK$312.5 million, according to the statement. The stock was unchanged at 59 Hong Kong cents.
Springland International Holdings Ltd. (1700 HK): The operator of department stores and supermarkets in China starts trading on the Hong Kong exchange today, after selling 625 million shares at HK$5.93 apiece.
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