Chevalier Pacific, China Southern, Citic Bank: Hong Kong Equities 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 advanced 0.2 percent to 20,726.68. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, declined 0.1 percent to 11,856.55.
China Citic Bank Corp. (998 HK): The bank and Banco Bilbao Vizcaya Argentaria SA agreed to set up an independent private banking business cooperation unit, according to a filing to the Hong Kong stock exchange. Citic Bank, a Beijing-based bank, advanced 0.4 percent to HK$5.22.
China Resources Enterprise Ltd. (291 HK): The company will acquire an 80 percent stake in Pacific Coffee (Holdings) Ltd., a coffee shop chain, from Chevalier Pacific Holdings Ltd. (508 HK) for HK$326.6 million, according to a statement from Chevalier. China Resources, the Chinese partner of SABMiller Plc, slid 2.2 percent to HK$28.75. Chevalier, which operates food and beverage outlets, declined 1.6 percent to 61 Hong Kong cents.
China Southern Airlines Co. (1055 HK): Two more China Southern executives have been detained for questioning after seven others were detained on June 9, the China Business News reported, without saying where it obtained the information. Xie Bing, company spokesman at China Southern, didn’t answer calls made to his office and mobile phone. China Southern, the country’s biggest carrier by fleet size, dropped 2.3 percent to HK$3.47.
First Pacific Co. (142 HK): The company said PT Indofood CBP Sukses Makmur, a unit of PT Indofood Sukses Makmur Tbk, submitted an application yesterday for a separate listing on the Indonesia Stock Exchange. First Pacific, which owns an indirect 50.1 percent stake in the Indofood parent, announced the possible listing in a statement to Hong Kong’s stock exchange. First Pacific, an investment and management company, lost 0.9 percent to HK$5.39.