Evergrande, Sun Art Retail, ZTE: 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.
BYD Co. (1211 HK): The board of BYD proposed to set a provision of up to 90 billion yuan as guarantee for credit facilities granted to the company’s units. Shareholders of BYD will vote on the proposal at a meeting Sept. 9. The stock declined 0.9 percent to HK$15.46.
China CITIC Bank Corp. (998 HK): The lender’s reserves placed at the central bank will increase by about 40 billion yuan after the People’s Bank of China asked the nation’s lenders to include customers’ margin deposits when calculating required reserves, China Securities Journal reported, citing Vice President Cao Guoqiang. The stock increased 2.8 percent to HK$4.07.
China Merchants Holdings International Co. (144 HK): The company’s talks on an investment in a container terminal in Vietnam have halted amid a territorial dispute, Managing Director Hu Jianhua said. The stock rose 2.7 percent to HK$24.65.
China Merchants Bank Co. (3968 HK): The lender said first- half net income rose to 18.6 billion yuan from 13.2 billion yuan a year earlier. The shares advanced 5.3 percent to HK$16.40.
Evergrande Real Estate Group Ltd. (3333) (3333 HK): China’s second-biggest developer by sales said first-half underlying profit rose 148 percent after selling more housing units. Profit excluding the revaluation of investment properties climbed to 4.81 billion yuan ($754 million) from 1.94 billion yuan a year earlier. The stock added 3.6 percent to HK$4.62.
Guangzhou Automobile Group Co. (2238 HK): The carmaker’s first-half net income fell to 1.72 billion yuan from 2.31 billion yuan a year earlier after component supplies was interrupted by Japan’s March 11 earthquake. The shares slid 0.2 percent to HK$8.28.
Melco International Development Ltd. (200) (200 HK): The company posted net income of HK$173.8 million for the first half of the year, compared with a net loss of HK$218.2 million a year earlier. The stock advanced 3.1 percent to HK$8.68.
Metallurgical Corporation of China Ltd. (1618 HK): The company’s first-half net income fell 11 percent from a year earlier to 1.97 billion yuan. The stock increased 1.4 percent to HK$2.20.
Real Gold Mining Ltd. (246) (246 HK): The miner dropped an application for leave against Hong Kong’s Securities and Futures Commission related to concerns ‘over the protection of certain information’ that may have been seized by the regulator, it said. The company has been suspended from trading since May 27.
Sun Art Retail Group Ltd. (6808 HK): The hypermarket operator’s first-half net income rose 42 percent from a year earlier to 784 million yuan. Sales gained 24 percent to 34.5 billion yuan. The stock added 3.1 percent to HK$9.73.
United Co. Rusal (486 HK): The Russian aluminum producer will join two new stock indexes from Sept. 5, helping to expand its investor base. Rusal will make up 10 percent of the Hang Seng Foreign Companies Composite Index and join the Global Composite Index, the Moscow-based company said. The shares climbed 1.6 percent to HK$8.42.
ZTE Corp. (000063) (763 HK): The mobile-phone equipment maker reported a 12 percent drop in first-half profit on costs to expand sales of smartphones. Net income fell to 769.3 million yuan in the six months ended June 30, from 877.5 million yuan a year earlier. Profit lagged behind the 1.13 billion-yuan average of four analysts’ estimates compiled by Bloomberg. The shares increased 3.5 percent to HK$20.75.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.