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SOUTH CHINA MORNING POST:
- At a Shanghai electronics market, row after row of iPhones - real and fake - are on display, as vendors cash in before the official launch this week of Apple's trendy smartphone on the mainland.
- Two mainland property firms trying to list on the Hong Kong stock exchange have fallen victim to investor fatigue with the high-risk sector.
- The resignation of three independent non-executive directors and a supervisor at China National Materials (Sinoma), the state-owned cement and cement equipment conglomerate, has mystified the market.
- Bank of Communications (SEHK: 3328), the mainland's fifth-largest lender, reported yesterday that its third-quarter earnings were almost unchanged from a year ago as soaring fee-based income and rapid loan growth offset narrower net interest margins.
- The mainland's banking regulator said yesterday it planned to tighten rules for personal loans to prevent the misuse of funds lent for vehicle and real estate purchases.
-- China Investment Corp said it had US$110 billion for overseas investments and would focus on buying into commodities companies and property as a hedge against accelerating inflation.
- The decline in profits at the mainland's leading industrial firms eased in the first nine months of this year as government-led economic stimulus measures powered ahead.
- China Southern Airlines, the nation's biggest domestic carrier, will expand overseas flights in anticipation of a high-speed rail network causing traffic to decline on about a quarter of its internal routes.
- Airline stocks rose on Wednesday after the country's top three carriers said they returned to the black in the third quarter, thanks to fuel hedging gains and a recovery in domestic air travel.
THE STANDARD:
- Evergrande Real Estate triumphed over other listing candidates in the mainland property sector with its retail portion 46 times oversubscribed despite recent market fluctuations.
- A significant slide in crude oil prices has hit earnings at PetroChina (0857), which said yesterday that net profit in the third quarter tumbled 23.5 percent year on year.
- The Hang Seng Index continued its correction yesterday, closing 408 points lower at 21,761.
- Despite surging net fee income, the Bank of Communications (3328) said its third-quarter net profit rose only 1.5 percent from a year ago to 7.32 billion yuan (HK$8.3 billion), slightly less than market expectations.
- Nine Dragons Paper (2689) aims to raise as much as US$400 million (HK$3.12 billion) from a top-up share placement, sources revealed after the papermaker's stock was suspended yesterday.
- China Coal Energy Company's (1898) third-quarter net profit shrank 35 percent year-on-year as operating costs rose.
- China's banking regulator said yesterday it plans to tighten rules for personal loans to prevent misuse of funds for sectors including real estate and autos to ensure loans enter the real economy properly.
cg
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