Issue: September 09, 2006 (Archive)

Wednesday, September 8, 2010

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IPO's first day draws $22.5b margin orders
China Merchants Bank, the mainland's sixth largest commercial lender, pulled in retail orders worth at least HK$22.5 billion through margin financing as its initial public offering opened Friday, sources said.

Index trackers in Friday frenzy
Hong Kong stocks edged higher Friday on a day of frenzied trading as investors made last-minute adjustments to their portfolios ahead of changes Monday in the composition of the Hang Seng Index.

Shock $190b deficit
Hong Kong had racked up an accumulated deficit of HK$190 billion by last year, despite emerging with a rare budget surplus in February, Financial Secretary Henry Tang Ying-yen revealed Friday.

Ship purchases weigh on cruise line's credit
Purchases of new ships by Star Cruises (0678) will weaken the cruise operator's liquidity position and its financial risk profile, two global credit ratings agencies said separately Friday.

PetroChina unit to develop alternative fuels
PetroChina (0857), China's top oil and gas firm, has set up a unit to develop alternative fuels to secure new energy sources amid high crude oil prices and dwindling domestic reserves, company officials said Friday.

Hatmaker earns 8pc more despite shrinking margins
Despite shrinking gross profit margins, hat maker Mainland Headwear Holdings (1100) recorded an 8 percent increase in net profit for the first half.

HAECO signs deal to set up Xiamen facility
Hong Kong Aircraft Engineering Co (0044) has signed an agreement to set up a US$42 million (HK$327.6 million) joint venture with mainland partners at Goaqi International Airport in Xiamen to provide landing gear repair and overhaul services.

Firms can bear `up to 5pc rise in yuan value'
Mainland companies can bear a 3 percent to 5 percent rise in yuan's value, with lengthy delays in moves to appreciate the currency potentially exacerbating speculative inflows and imbalances in international payments, a foreign exchange regulatory official said.

Panda mother crushes baby
Staff at a zoo in southwest China are in mourning after a sleep-deprived panda dropped her two-day-old baby and crushed it to death.

Outsource challenge to India
China wants to turn into an international outsourcing powerhouse, a move which could challenge India's prominence in the industry.

`Emperor' Mao master of mind control
Chairman Mao Zedong, a master of mind control and class-struggle warfare, was a self-proclaimed emperor who brought disasters on an epic scale to China, according to a former secretary of his, Li Rui.

Trade surplus reported to be record US$18.8b
China's trade surplus widened to a record US$18.8 billion (HK$146.64 billion) last month as exports soared, Dow Jones Newswires reported, citing an unidentified source.

Pollution bill straining output -
China had to spend about 1.08 trillion yuan (HK$1.06 trillion) to dispose of pollutants in 2004, the government said in its first official report to quantify the impact of pollution on the economy.

Shun Tak transport unit carries property to 24pc profit rise
An improved performance from its transport division helped conglomerate Shun Tak Holdings (0242) post a net profit of HK$260.7 million in the first half, up 23.7 percent over the year before.

PYI to spend $200m doubling LPG output
Port investor PYI Corporation will invest HK$200 million to double handling capacity at its newly acquired LPG terminal at Wuhan on the Yangtze River.

Wumart slumps on Times buy
Shares of Wumart Stores (8277) slumped 9 percent Friday, after the retailer announced it agreed to buy a 50 percent stake in Jiangsu Times Supermarket for HK$1.14 billion.

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