Cathay Pacific, China Mobile, 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 2 percent to 23,214.46. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, declined 2.4 percent to 12,876.34.

Cathay Pacific Airways Ltd. (293 HK): Hong Kong’s biggest carrier said its air-cargo venture with Air China Ltd. (753 HK) may begin flights within weeks. Operations may begin on Dec. 1 or Jan. 1, Cathay Pacific Chairman Christopher Pratt said yesterday. Cathay Pacific fell 0.4 percent to HK$22.70, while Air China sank 3.8 percent to HK$9.87.

China Mobile Ltd. (941 HK): The world’s biggest phone company is not optimistic about the outlook for improving industry revenue as slower sales from voice calls outweigh the demand for data services spurred by smartphones, Chief Executive Officer Li Yue said. The stock lost 0.6 percent to HK$77.90.

China Qinfa Group Ltd. (866 HK): The coal supplier said it will pay 1.6 billion yuan ($240 million) for a 32 percent stake in an operator of three coal mines in China’s Shanxi province. Its shares slumped 5.5 percent to HK$3.64.

Industrial & Commercial Bank of China Ltd. (1398 HK): The world’s biggest lender by market value plans to acquire Kwangju Bank, a unit of South Korea’s Woori Finance Holdings Co., Asia Business reported yesterday on its website, without saying where it got the information. The stock dropped 2.8 percent to HK$6.17.

Mongolian Mining Corp. (975 HK): The nation’s biggest coking coal exporter was rated “buy” in new coverage by Citigroup Inc. The shares fell 3.5 percent to HK$8.40.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.

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

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