BYD, Nine Dragons, Sino-Tech, Zijin: 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 close yesterday.
The Hang Seng Index (HSI) gained 1.7 percent to 22,770.47. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, rose 2.4 percent to 12,873.60.
BYD Co. (1211 HK): The Chinese automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc. will work with Intel Corp. to develop new-energy automobiles, it said in an e-mailed statement. The stock increased 10 percent to HK$27.70.
Intime Department Store Group Co. (1833 HK): Intime said same-store sales in the first half rose 28 percent, while total sales grew 39 percent. The shares gained 2.7 percent to A$13.58.
Nine Dragons Paper Holdings Ltd. (2689) (2689 HK): The paper products company agreed to borrow as much as 1 billion yuan from China Development Bank Corp., according to a statement. The company will use the loan to repay existing bank borrowing and as “general working capital,” it said. The stock gained 5.5 percent to HK$7.14.
Sino-Tech International Holdings Ltd. (724) (724 HK): The company, which designs and market cigarette lighters, issued a profit warning, saying it expects to report a loss for the six months ending June 2011. Its shares were unchanged at 14 Hong Kong cents.
Standard Chartered Bank Plc (2888 HK): The lender indicated to the Central Bank of Nigeria that it’s interested in seeking a license to provide Islamic banking services, central bank Governor Lamido Sanusi told reporters in Abuja, the capital. The shares rose 3.2 percent to HK$207.20.
Zijin Mining Group Co. (2899 HK): Zijin said it will defend itself in court against claims for damages relating to the collapse of a tailing dam last year in Xinyi city, southern Guangdong province. Zijin should not be held liable merely because it is a shareholder of the regional unit that operates the dam, the company said in a statement late yesterday. The stock advanced 5.1 percent to HK$4.10.
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