ICBC, Lenovo, Sun Hung Kai Properties: 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 advanced 1.3 percent to 23,595.24. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, gained 1.3 percent to 12,742.53.
Chinese banks: The People’s Bank of China raised the reserve-requirement ratio for domestic banks by 50 basis points, according to a statement on the central bank’s website.
Industrial & Commercial Bank of China Ltd. (1398 HK), the world’s No. 1 lender by market value, rose 1.9 percent to HK$5.93. China Construction Bank Corp. (939 HK), the second- biggest, advanced 1.9 percent to HK$6.89. Bank of China Ltd. (3988 HK), the country’s third-largest, added 2 percent to HK$4.13.
Chinese developers: Shanghai and Guangzhou will ban local residents who own two or more homes from buying more property and non-local homeowners from making additional purchases, according to the state-run Xinhua News Agency and the Guangzhou Daily on Feb. 19. Other cities with similar plans include Nanjing and Harbin, Xinhua reported.
China Resources Land Ltd. (1109 HK), a state-controlled developer, rose 1.1 percent to HK$12.78. Shimao Property Holdings Ltd. (813 HK), which gets all its revenue from China, increased 3.4 percent to HK$10.90. China Overseas Land & Investment Ltd. (688 HK), controlled by the nation’s construction ministry, gained 2.4 percent to HK$13.04.
Oil-related companies: China, Asia’s biggest oil consumer, increased retail gasoline and diesel prices for the first time this year, aiding state refiners under pressure after crude rose. Gasoline and diesel yesterday climbed by 350 yuan ($53) a ton, or as much as 4.6 percent, according to the National Development and Reform Commission.
PetroChina Co. (857 HK), the nation’s biggest oil refiner, was unchanged at HK$10.64. China Petroleum & Chemical Corp. (386 HK), the nation’s biggest oil refiner, increased 2.3 percent to HK$8.54.
Lenovo Group Ltd. (992 HK): A shareholder in Lenovo, China’s biggest maker of personal computers, is seeking HK$2.05 billion ($263 million) from selling shares in the Chinese computer maker, terms for the sale show. The stock declined 0.8 percent to HK$4.88.
RCG Holdings Ltd. (802 HK): The maker of fingerprint verification and facial-recognition security products said it will raise HK$47.5 million ($6.1 million) from the sale of 19 million new shares to two subscribers at HK$2.50 apiece. The stock declined 2.2 percent to HK$3.05.
Sun Hung Kai Properties Ltd. (16 HK), Cheung Kong Holdings Ltd. (1 HK): Sun Hung Kai has made a bid for a plot of land in the Hong Kong’s Yuen Long district in a closed tender held by the government, spokeswoman Fiona Wan said today. Cheung Kong, controlled by Hong Kong’s richest man Li Ka-shing, also submitted a tender, said spokeswoman Eva Ng. Sun Hung Kai gained 1.1 percent to HK$124.80. Cheung Kong advanced 0.5 percent to HK$121.40.
Vodone Ltd. (82 HK), a Chinese internet television services provider, said it expects to report “a significant increase” in net profit for 2010. Vodone fell 3.6 percent to HK$2.40.
Haitian International Holdings Ltd. (1882 HK), a Chinese maker of plastic-molding machines, estimated its profit more than doubled in 2010 as global demand for its products increased. The stock rose 4.5 percent to HK$8.78.
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