China Life, Geely Auto, Henderson Land: 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 (HSI) fell 1.3 percent to 23,976.37. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, declined 1.8 percent to 13,437.53.
Air China Ltd. (601111) (753 HK): The world’s biggest airline by market value will buy 14 planes, according to a statement on the National Development and Reform Commission’s website. Air China gained 1.9 percent to HK$7.51.
China Life Insurance Co. (2628 HK): The nation’s biggest insurer said first-quarter premium income was 123 billion yuan ($19 billion). The stock slipped 1.3 percent to HK$29.75.
China Merchants Bank Co. (3968 HK): China’s sixth-biggest bank by market capitalization sold 1 billion yuan of two-year certificates of deposit in Hong Kong, according to a person familiar with the matter. China Merchanges fell 1.4 percent to HK$20.90.
Evergrande Real Estate Group Ltd. (3333) (3333 HK): The company’s property sales in March rose 50 percent from a year earlier to 5.52 billion yuan ($844 million), RTHK reported, without saying where it got the information. Evergrande, China’s second-biggest developer by sales volume, dropped 1.7 percent to HK$4.70.
Geely Automobile Holdings Ltd. (175) (175 HK): The unit of the Chinese automaker that owns Volvo Cars said total sales in March rose 33 percent from a year earlier to 40,258 units. Sales for the first quarter climbed 14 percent to 117,698 units, it said. The stock slid 1.6 percent to HK$3.04.
Henderson Land Development Co. (12 HK): Billionaire Lee Shau-kee spent HK$10 billion ($1.3 billion) by exercising warrants and plans to make further investments in Hong Kong’s fifth-largest developer, which he controls. Lee and his family exercised warrants at HK$58 each, a 5.9 percent premium to the latest close, as it wouldn’t be easy to buy the bulk of stock in the market, the company said in a statement to the Hong Kong stock exchange yesterday. Henderson dropped 2.1 percent to HK$54.75.
Minmetals Resources Ltd. (1208) (1208 HK): The unit of China’s biggest metals trader said three Chinese banks will provide at least $4.6 billion of debt to fund its planned acquisition of copper producer Equinox Minerals Ltd. The stock decreased 2.4 percent to HK$6.63.
To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.; Kana Nishizawa in Tokyo at knishizawa5@bloomberg.net.
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.
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