Agricultural Bank, Great Wall Motor: Hong Kong Stock 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 advanced 0.5 percent to 22,828.92. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, gained 0.5 percent to 12,081.82.
Developers: The city’s home prices gained 0.68 percent in the week ended Feb. 6 from the previous seven days, according to Centaline Property Agency Ltd.
Sun Hung Kai Properties Ltd. (16 HK), the city’s biggest developer by market value, rose 1.5 percent to HK$123.80. Cheung Kong (Holdings) Ltd. (1 HK), the No. 2, dropped 0.5 percent to HK$120.80.
Agricultural Bank of China Ltd. (1288 HK): The nation’s fourth-biggest bank by market value said it plans to acquire a 51 percent stake in Jiahe Life Insurance Co. for 2.59 billion yuan ($392 million). The stock dropped 0.8 percent to HK$3.61.
Celestial Asia Securities Holdings Ltd. (1049 HK): The financial service provider said it is forming a joint venture with U.S. online game developer Oberon Group. Celestial’s unit Moli Group bought an 89.7 percent stake in Oberon Information. The stock gained 8.6 percent to 76 Hong Kong cents.
Great Wall Motor Co. (2333 HK): The automaker said it expects profit for the year ended Dec. 31 to have risen by more than 50 percent. The stock was unchanged at HK$11.74.
Sino-Tech International Holdings Ltd. (724 HK): The cigarette lighters maker said it entered a new agreement to buy Citic Logistics Co., under which it will pay HK$257.4 million ($33 million) through the issue of as many as 909.4 million new shares. The stock fell 3.5 percent to 27.5 Hong Kong cents.
Shanghai Jin Jiang International Hotels (Group) Co. (2006 HK): The hotel operator said the China Securities Regulatory Commission had approved its plan to buy a 38.5 percent stake in Shanghai Jin Jiang International Industrial Investment Co. and a 50.2 percent stake in Shanghai Jinjiang International Travel Co. from its parent. The total acquisition was for 2.69 billion yuan. The stock fell 1.2 percent to HK$1.69.
ZTE Corp. (763 HK): The Chinese communications-equipment maker will more than double its device business in North America to gain more market share, the Wall Street Journal reported, citing Chief Executive of the company’s U.S. unit Cheng Lixin. The stock fell 0.2 percent to HK$30.25.
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