China Overseas, CLP, Geely, Tencent: 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.
Automakers: China’s passenger-car sales rose in February at the slowest pace in more than two years, the China Association of Automobile Manufacturers said. China may face overcapacity in the auto industry in the future, going by the rate at which car companies are expanding, the association’s Vice Secretary- General Xiong Chuanlin said.
BYD Co. (1211 HK) advanced 4.7 percent to HK$36.75. The automaker, 9.9 percent owned by Warren Buffett’s Berkshire Hathaway Inc., achieved “a measure of success” by copying and modifying car designs enough to convince Chinese courts that it hadn’t infringed patents, U.S. diplomats wrote in 2009, Reuters reported, citing diplomatic cables it says were revealed by Wikileaks and provided to the news service by a third party.
Weichai Power Co. (2338 HK), a diesel-engine maker, lost 1.1 percent to HK$51.05. Dongfeng Motor Group Co. (489 HK), Chinese partner of Nissan Motor Co., climbed 0.3 percent to HK$14.20. Guangzhou Automobile Group Co. (2238 HK) slipped 0.2 percent to HK$10.
Geely Automobile Holdings Ltd. (175) (175 HK) fell 1.2 percent to HK$3.31. Geely also said sales volume in February rose 11 percent from a year earlier.
Anhui Conch Cement Co. (914 HK): The cement maker’s 2011 output will increase more than 10 percent, the China Business News reported, citing Chairman Guo Wensan. The company plans to invest about 10 billion yuan ($1.52 billion) this year in technology reform, mergers and acquisitions, as well as energy- saving and emissions reductions, the report said. The stock gained 3.6 percent to HK$42.80.
China Communications Construction Company Ltd. (1800 HK): The infrastructure construction company said full-year net income rose to 9.86 billion yuan from 7.2 billion yuan a year earlier. The stock increased 2.7 percent to HK$6.42.
China Overseas Land & Investment Ltd. (688) (688 HK): The Hong Kong-listed developer controlled by the nation’s construction ministry said its property sales in February rose 53 percent to HK$4.2 billion ($539 million) from a year earlier. The stock increased 0.6 percent to HK$13.80.
CITIC Resources Holdings Ltd. (1205) (1205 HK): The company said it expects 2010 net income to be “significantly higher” than in 2009 on a gain from the spin-off of Citic Dameng Holdings Ltd. and improved operating performance and control of expenses. The stock jumped 6.9 percent to HK$1.71.
CLP Holdings Ltd. (2) (2 HK): Hong Kong’s biggest power producer with assets across the Asia-Pacific region said the group reduced air pollution last year, with sulfur dioxide output down 49 percent. The shares gained 0.7 percent to HK$64.15.
Gome Electrical Appliances Holding Ltd. (493 HK): China’s second-biggest electronics retailer said Chen Xiao resigned as chairman and executive director. Zhang Dazhong was appointed chairman and non-executive director, the statement said. Chen resigned “to spend more time with his family,” according to the statement. The stock fell 1.8 percent to HK$2.77.
Prudential Plc (PRU) (2378 HK): The U.K.’s biggest insurer by market value said full-year net income more than doubled to 1.43 billion pounds ($2.31 billion) from 676 million pounds in the year-earlier period. The stock gained 2.8 percent to HK$91.
Tencent Holdings Ltd. (700) (700 HK): China’s biggest Internet company by market value and Intel Corp. have signed a memorandum of understanding to collaborate on the development of online game operations, according to an e-mailed statement. Tencent shares gained 0.9 percent to HK$244.20.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.