BYD, ICBC, Kingway Brewery, One Media: 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 last close.
BYD Co. (1211 HK): The Chinese automaker backed by Warren Buffett reported a 66 percent decline in fourth-quarter profit after demand for its vehicles slumped in the world’s largest car market. Net income fell to 490 million yuan ($75 million) in the three months ended Dec. 31 from 1.46 billion yuan a year earlier. The stock dropped 2.5 percent to HK$34.95.
Industrial & Commercial Bank of China (601398) Ltd. (1398 HK): The world’s biggest bank by market value has more than 200 billion yuan ($30 billion) of outstanding railway loans, President Yang Kaisheng said at a meeting of the National People’s Congress in Beijing. The bank’s loans to China’s high-speed railway projects have good quality and no bad loans, Yang said. The stock declined 2.2 percent to HK$6.10.
Kingway Brewery Holdings Ltd. (124) (124 HK): The brewery said it has been notified that Heineken-APB (China) Pte plans to sell its entire 21.4 percent stake in the company. The stake will be sold for 1.08 billion yuan, it said. Kingway said it has applied to resume trading from March 14. Its shares have been suspended since March 9.
One Media Group Ltd. (426) (426 HK): The Chinese magazine publisher said Lam Pak Cheong has been appointed executive director and chief executive officer effective April 1. The stock gained 2.4 percent to 43.5 Hong Kong cents.
Orient Overseas (International) Ltd. (316 HK): The operator of Hong Kong’s biggest container line reported earnings that exceeded analysts’ estimates after selling property and carrying more cargo. The company’s net income of $1.9 billion surpassed the $1.68 billion average of 14 analyst estimates compiled by Bloomberg. The stock rose .09 percent to HK$72.45.
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