Air China, Cheung Kong, Giordano, ZTE: 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.
Hong Kong developers: Hong Kong’s non-residential property markets are facing “brisk speculative activities” and risks of an overheating “remain a concern,” the Hong Kong Monetary Authority said in its quarterly report yesterday.
Sun Hung Kai Properties Ltd. (16) (16 HK), the world’s biggest developer by market value, gained 0.6 percent to HK$113.90.
Cheung Kong Holdings Ltd. (1) (1 HK), the No. 2, rose 0.1 percent to HK$115.10. The company plans to increase apartment prices at its Festival City development by about 4 percent to HK$9,000 ($1,156) a square foot, the Standard newspaper said, citing company Real Estate Director William Kwok.
Air China Ltd. (753) (753 HK): Passengers numbers at China’s biggest airline by market value rose 7.1 percent in May from a year earlier. The stock declined 0.6 percent to HK$7.04.
Cathay Pacific Airways Ltd. (293) (293 HK): Asia’s third-largest listed carrier by market value plans to order as many as 15 freighter planes to meet its needs for 2013 to 2018, the South China Morning Post said, citing Nick Rhodes, general manager of the carrier’s cargo unit. The stock slid 0.6 percent to HK$18.04.
China Pacific Insurance Group Co. (2601 HK): The nation’s third-biggest insurer by market value said the company in the first five months this year received 46.4 billion yuan ($7.16 billion) in life insurance premium and 26.8 billion yuan in property insurance premium, according to a statement to the Shanghai Stock Exchange. The stock advanced 0.3 percent to HK$31.55.
CSR Corp. (1766 HK): The maker of wagons and rapid transit vehicles said it will sell 11 billion yuan of new A-shares to its government-owned parent and the country’s social security fund to help pay for expansion. The company said it has applied to resume trading today in Hong Kong after being suspended since June 13.
Galaxy Entertainment Group Ltd. (27) (27 HK): Permira Advisers LLP, a leveraged buyout fund, may sell its $1.7 billion stake in the Macau casino operator, two people with knowledge of the matter said. The stock slid 0.4 percent to HK$16.04.
Giordano International Ltd. (709) (709 HK): Billionaire Cheng Yu- tung said he has no intention of buying out clothing retailer Giordano, after raising his holding to 18.07 percent, the Hong Kong Economic Journal reported today. The stock fell 0.6 percent to HK$6.70.
International Mining Machinery Holdings Ltd. (1683) (1683 HK): The coal mining equipment manufacturer said shareholders voted down resolutions that would have given the board a mandate to issue new shares. The stock increased 0.4 percent to HK$7.24.
PCCW Ltd. (8) (8 HK): Hong Kong’s biggest phone carrier is planning to build a high-speed broadband network in the U.K. that could be launched as soon as 2012, the Financial Times reported, citing Nicholas James, chief executive officer of the company’s U.K. subsidiary, U.K. Broadband. The stock rose 2 percent to HK$3.08.
Shanghai Electric Group Co. (2727 HK): The power equipment maker said it plans to invest 1 billion yuan in an energy venture with Shanghai Municipal Electric Power Co. The stock rose 0.5 percent to HK$3.95.
Tai Shing International (Holdings) Ltd. (8103 HK): The provider of system development services said it will post a full-year net loss from reasons including increased administrative expenses. The stock rose 0.6 percent to 16.2 Hong Kong cents.
ZTE Corp. (000063) (763 HK): The mobile-phone equipment developer aims to outpace smartphone rivals in Europe and the U.S., helped by a growing device range and the popularity of Google Inc.’s Android platform, said Thomas Granstrom, the company’s general manager in the Nordic region. The stock jumped 3.2 percent to HK$27.70.
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