China Overseas, Xinjiang Xinxin: 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.
Chinese developers: China pledged to take “various measures” to increase land supply for housing, according to a statement on the central government’s website, citing a meeting chaired by Premier Wen Jiabao. The nation will also guarantee land for the construction of 10 million affordable homes this year, according to the statement.
China Resources Land Ltd. (1109) (1109 HK), a state-controlled developer, gained 3.7 percent to HK$15.14. China Overseas Land & Investment Ltd. (688) (688 HK), controlled by the nation’s construction ministry, rose 1.3 percent to HK$16.26.
PetroChina Co. (857 HK): The country’s largest oil and gas producer by market value formed a partnership with Brazilian companies Brasil China Petroleo and Asperbras to produce drilling equipment for oil exploration, O Estado de S. Paulo said, citing a statement from the Chinese company. The shares increased 1.1 percent to HK$11.58.
Next Media Ltd. (282) (282 HK): The publisher of Apple Daily newspapers received approval from Taiwan’s broadcasting regulator to operate a television news channel, the National Communications Commission said in an e-mailed statement. The stock climbed 2.3 percent to 90 Hong Kong cents.
Xinjiang Xinxin Mining Industry Co. (3833 HK): The mineral exploration company said it expects financial results for the six months ended June 30 to decrease “significantly” from a year earlier because of a decline in production volume and an increase in production costs. The shares fell 0.9 percent to HK$4.32.
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