China Merchants Bank, China Yurun, ZTE: 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.
China Merchants Bank Co. (3968 HK): Taiwan’s First Commercial Bank plans to sign a cooperation agreement with China Merchants Bank after obtaining approval from Taiwan’s regulators, its parent First Financial Holding Co. said in an statement. China Merchants Bank shares climbed 0.6 percent to HK$19.04.
China Yurun Food Group Ltd. (1068) (1068 HK): The meat producer, which plunged 20 percent yesterday, is unaware of any reason for a drop in its share price and increase in its trading volume on the Hong Kong Stock Exchange, the company said. Also, China Yurun Chairman Zhu Yicai said the company isn’t aware of any organization’s plans to issue a negative report on Yurun, according to Titus Wu, an analyst at DBS Vickers Hong Kong Ltd., who was on a conference call with the company. The stock tumbled 20 percent to HK$20.60.
Shangri-La Asia Ltd. (69) (69 HK): China may demolish the east wing of the Shangri-La Hotel in Hangzhou when the land lease on the property ends in 2035 to restore views of the West Lake, Xinhua News Agency said, citing Wang Shuifa, a city official. The stock climbed 0.1 percent to HK$18.92.
Tsingtao Brewery Co. (168 HK): The company will invest 800 million yuan for a new drink-production plant in China’s Guangdong province that will start construction next month, the company said in an e-mailed statement. Shares fell 1 percent to HK$44.35.
Yunnan Enterprises Holdings Ltd. (455) (455 HK): The company, which sells pharmaceutical products and invest in properties, reported net income more than tripled to HK$67.4 million and revenue of HK$206.3 million for the year ended March 31, 2011, the company said. The stock rose 1.8 percent to 57 Hong Kong cents.
ZTE Corp. (763) (763 HK): The phone equipment maker plans to invest 500 million reais ($314 million) in Brazil by 2014 to build an industrial complex in the state of Sao Paulo. ZTE will also start selling tablet computers made in Brazil with local partners in August, Chairman Hou Weigui told reporters. The shares increased 0.4 percent to HK$27.15.
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