Alibaba, Gome, HL Technology, ICBC: Hong Kong Stocks 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 dropped 0.8 percent to 24,027.18. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, declined 1.8 percent to 13,416.25.

Alibaba.com Ltd. (1688 HK): The owner of China’s biggest online commerce site for businesses said it agreed to buy Shenzhen One-Touch Enterprise Service Ltd. to help expand its services for clients. The financial terms of the proposed transaction were not disclosed. Alibaba lost 0.3 percent to HK$14.70.

Cathay Pacific Airways Ltd. (293 HK): Hong Kong’s biggest airline forecast a better-than-estimated record annual profit on rebounding travel demand and asset sales. Net income will likely be at least HK$12.5 billion ($1.6 billion) this year, the airline said. That surpasses the HK$11.7 billion average of 18 analyst estimates compiled by Bloomberg. Cathay Pacific declined 0.2 percent to HK$22.05.

Gome Electrical Appliances Holdings Ltd. (493 HK): The Chinese retailer seeking to end a dispute with its jailed founder over management control said profit in the first nine months of this year surged 49 percent to 1.44 billion yuan ($217 million). The stock gained 0.3 percent to HK$3.19.

HL Technology Group Ltd. (1087 HK): The company, which manufactures cables, sold 180 million shares at HK$2.80 each in a initial public offering, raising net proceeds of HK$460 million, according to a statement. Trading starts today.

Industrial & Commercial Bank of China Ltd. (1398 HK): The nation’s biggest lender denied a report that it stopped extending loans to property developers for the remainder of this year.

The China Real Estate Business newspaper reported yesterday that ICBC was among banks that had suspended loans for property developers after having met their allotted quotas for such lending.

ICBC declined 1.8 percent to HK$6.49.

Pacific Basin Shipping Ltd. (2343 HK): Hong Kong’s largest operator of dry-bulk vessels said it will expand its fleet by spending $284.4 million on 10 more ships. The stock slid 1.2 percent to HK$5.56.

TCL Multimedia Technology Holdings Ltd. (1070 HK): The television maker said the liquidator of insolvent TTE Europe SAS is suing the company and subsidiary TTE Corp. in the Commercial Court of Nanterre in France over transactions with the former unit. The stock fell 1.9 percent to HK$3.16.

To contact the reporter on this story: Hanny Wan in Hong Kong at hwan3@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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