HSBC, ICBC, Longfor Properties, Lumena: 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.
HSBC Holdings Plc (5 HK): Europe’s biggest bank said profit growth slowed in the third quarter and that recovery in emerging markets may be faltering.
Separately, HSBC may cut the loan amount required for its lower mortgage rate to HK$1 million ($129,000) from HK$2 million, Sing Tao Daily reported, citing unidentified people. HSBC gained 3.1 percent to HK$88.15.
Industrial & Commercial Bank of China Ltd. (1398 HK): The nation’s largest lender received approval from the securities regulator to sell as much as 45 billion yuan ($6.76 billion) of stock in a rights offer, according to a statement posted on the regulator’s website. The shares gained 0.5 percent to HK$6.74.
Longfor Properties Co. (960 HK): The mainland developer said its contract sales in the first 10 months rose to 23.67 billion yuan. The company said it reached its full-year contract sales target in early November. The stock jumped 4.9 percent to HK$10.
Lumena Resources Corp. (67 HK): The company said it entered into an agreement to buy as much as 95 percent of Sino Polymer New Materials Co. from its shareholders for HK$11.05 billion. The target company is a PPS resin producer, Lumena said. Lumena, which manufactures sodium sulphate, resumes trading today. The stock last traded at HK$2.93 on Oct. 15.
ZTE Corp. (763 HK): Sprint Nextel Corp. won’t consider products from ZTE and Huawei Technologies Ltd. for a multi- billion contract because of U.S. government security concerns, the Wall Street Journal reported, citing unidentified people. ZTE, the nation’s second-biggest maker of telephone equipment, slid 1.3 percent to HK$30.70.
To contact the editor responsible for this story: Nick Gentle at email@example.com.