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SOUTH CHINA MORNING POST:
- Longfor Properties of Chongqing is a step closer to reaching its HK$7.1 billion initial public offering funding target after receiving US$197.5 million from five cornerstone investors.
- Mainland aluminium producer China Zhongwang Holdings has instructed accounting firm Ernst & Young to independently review its initial public offering prospectus following allegations that the firm falsified information about its customer base in the share-offer document.
- Swire Pacific's surprise proposal to spin off its property unit for the second time could raise up to HK$30 billion in the stock market's biggest-ever property flotation.
- Hong Kong's air-cargo sector has seen the first signs of recovery since the start of the global financial crisis, with the city's largest ground handler of air shipments expecting the first monthly volume gain since July last year.
- Volatility on the mainland's new Nasdaq-style market has prompted a wave of finger-wagging from state-owned media, with analysts warning investors of the risks of speculating.
- Rio Tinto may use a new pricing mechanism to determine how much China will pay for iron ore after the failure of talks this year, chief executive Sam Walsh said.
- The bankruptcy of CIT Group, a leading United States financier of small and medium-sized enterprises, will not immediately have a severe impact on trade with China, including Hong Kong, because its operating units will continue to provide funds.
- Imagi International Holdings, the Hong Kong-listed maker of the recently released animation film, Astro Boy, has announced the resignation of its acting chief executive after less than six weeks in the job.
- The mainland's listed companies are set to report year-on-year earnings growth in the fourth quarter after struggling with declining profits for the past four quarters.
THE STANDARD:
- Hong Kong stocks went on a roller-coaster ride yesterday, with the Hang Seng Index tumbling more than 500 points at one stage.
- Hong Kong homebuyers will be under pressure from mortgage repayments when interest rates rise, the Asia-Pacific chief executive of HSBC (0005) warned yesterday.
- Next year will be a good time for the mainland to end its loose monetary policy, according to China Merchants Bank (3968) chairman Qin Xiao.
- The second batch of Hong Kong dollar-denominated government bonds has been warmly received, attracting a total of HK$9.11 billion worth of subscriptions from institutional investors, especially pension funds and insurance funds, sources said.
cg
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