Read Larry Connors' blog – Short Term Trading Strategies
SOUTH CHINA MORNING POST:
- The Sichuan provincial government has put 100 projects worth 60 billion yuan (HK$68.11 billion) up for grabs in a move to speed up post-earthquake reconstruction.
- China Zhongwang Holdings, the mainland aluminium producer battling allegations it misrepresented aspects of its initial public offering prospectus, is a supplier to a firm that makes Chinese military products.
- China Zhongwang Holdings describes itself as Asia's largest producer of aluminium extrusion products, but a closer look at the figures raises more questions than answers.
- Hong Kong is considering tightening the guidelines on the use of misleading floor numbers for new developments after a developer's marketing gimmick at a luxury residential block in the Mid-Levels caused a public outcry.
- China Tontine Wines Group from Jilin province is planning an equity issue to raise HK$464 million to start its first wine estate and cellar.
- The Canton Fair, which closed yesterday, gave no clear long-term indication about the recovery of the mainland's export industry but it did paint a better picture of the global consumer market over the next six months.
- The World Bank raised its growth forecast for China for this year from 7.2 per cent to 8.4 per cent but warned a sustained recovery would require a shift in the economy to emphasise consumer spending instead of industry and investment.
- SAIC Motor Corp, the mainland's largest carmaker, will invest six billion yuan (HK$6.81 billion) to produce electric cars over the next three years but concedes that the lack of powerful batteries remains a huge problem for carmakers.
- Homebuyers hoping to find a flat for HK$2 million or less and close to transport links can still find units that fit their pockets - but they may have to look further afield or accept cramped conditions, say agents.
THE STANDARD:
- Evergrande Real Estate (3333) chairman Hui Ka-yan and his wife may have become the mainland's richest couple after the firm's shares surged over 25 percent in the gray market yesterday.
- HSBC (0005) says it has no plans to lay off staff in Hong Kong.
- Four companies and three Hong Kong tycoons signed up yesterday to be cornerstone investors for Minsheng Banking Corp, taking between them H shares worth US$700 million (HK$5.46 billion).
- The Hang Seng Index snapped two sessions of losses yesterday, gaining 374.71 points supported by lenders and gold miners.
- Cheung Kong (Holdings) (0001) expects to launch sales for the second phase of its Tseung Kwan O project Le Prestige this month.
- Morgan Stanley is soliciting bids for its stake in China International Capital Corp, said three people familiar with the matter.
- Shares of AV Concept (0595) closed nearly 40 percent higher yesterday after a consortium led by Richard Li Tzar-kai and Value Partners (0806) bought a 10 percent stake in the firm.
cg
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