China Resources, HSBC, Zhong An: Hong Kong Stocks Preview
Stock Chart for China Resources Enterprise Ltd (291)
The following companies may have significant price changes or were suspended in Hong Kong. Stock symbols are in parentheses. Share prices are as of the last close.
The Hang Seng Index fell 0.3 percent to 23,801.78. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, dropped 1.1 percent to 12,596.43.
Chinese developers: Shanghai has sent a plan for a property tax in the city to China’s Ministry of Finance for approval that would implement a 4 percent levy on the value of homes, China Business News Television reported late yesterday, citing an unidentified person. The city will impose the tax on newly purchased homes of more than 60 square meters per person, according to the report.
China Resources Land Ltd. (1109 HK), a state-controlled developer, gained 1 percent to HK$14.54. China Overseas Land & Investment Ltd. (688 HK), controlled by the nation’s construction ministry, dropped 1.4 percent to HK$15.02.
China Lumena New Materials Corp. (67 HK): Shareholders of the maker of thenardite are seeking to sell 340 million shares to raise as much as $127 million, according to a term sheet. The shares dropped 3.1 percent to HK$3.14.
China Resources Enterprise Ltd. (291 HK): The company and Kirin Holdings Co. signed a legally binding agreement to combine their soft-drink assets in China. The formation of the venture, to be 60 percent owned by China Resources and 40 percent by Kirin, is subject to certain conditions, according to a Hong Kong stock-exchange filing yesterday. Trading in China Resources, partner of SABMiller Plc, will resume today after a one-day suspension. The stock last traded at HK$30.70.
HSBC Holdings Plc (5 HK): The bank’s new Chief Executive Officer Stuart Gulliver has dropped plans to relocate to Hong Kong and will remain in London, the Financial Times reported. Gulliver is scheduled to spend an average of two weeks a month in the U.K., one week in Hong Kong and a week travelling to other parts of the company’s global operations, the FT said, citing people close to the CEO that it didn’t identify. HSBC, Europe’s biggest bank, gained 0.3 percent to HK$86.65.
Shandong Chenming Paper Holdings Ltd. (1812 HK): The maker of paper products said net income rose 39 percent last year from a year earlier to 1.2 billion yuan ($182 million), according to a statement. The stock declined 3.4 percent to HK$6.46.
Zhaojin Mining Industry Co. (1818 HK): The gold producer expects full-year financial results to increase “significantly” from a year earlier on higher gold price and output, according to a statement to the Hong Kong stock exchange. The stock declined 2.4 percent to HK$28.90.
Zhong An Real Estate Ltd. (672 HK): The developer plans to sell senior notes to fund acquisitions of land and projects, according to a statement. The stock slid 1.1 percent to HK$1.83.
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