tag:blogger.com,1999:blog-81405312907550653552024-02-07T00:23:02.346-08:00About Hong Kong InfoMore Information About Hong KongAnonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.comBlogger724125tag:blogger.com,1999:blog-8140531290755065355.post-59135222621621967632011-03-23T23:57:00.000-07:002011-03-23T23:57:09.865-07:00Hong Kong Bonuses Jump 25%<div dir="ltr" style="text-align: left;" trbidi="on">It was a good year for bonuses in Hong Kong.<br />
More than half of Hong Kong finance professionals received a larger bonus in 2010 than 2009, and the average bonus was 25% larger—nearly double the 13% average increases in Singapore and Australia, according to a survey by eFinancalCareers. In the U.S., bonuses were down 5%.<br />
Still, the survey found a third of Hong Kong finance professional were dissatisfied with the amount, and 45% are looking to change firms. (Another 13% are looking for new positions within their existing companies.)<br />
“Widespread bonus dissatisfaction amongst Hong Kong professionals will likely fuel post-bonus turnover across the city’s finance industry,” said <b>George McFerran</b>, head of <b>Asia Pacific for <a href="http://adf.ly/72704/www.efinancialcareers.com">eFinancalCareers</a></b>, a London-based job recruitment site. There’s major hiring across all business sectors within finance in the region, he said.<br />
The big bonus winners in Hong Kong were on the sell side, where bonuses on average were 48% larger than on the buy side, and in the front office, where bonuses were five times those in middle or back offices.<br />
The survey polled 6,364 finance professionals, including 1,016 in Hong Kong, with the rest in the U.S., UK, Australia and Singapore.<br />
<br />
<h3 class="byline">By Cathy Yan</h3></div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-3086861897410965952011-03-23T23:51:00.000-07:002011-03-23T23:51:16.584-07:00China Mobile Drops to 23-Month Low on Unexpected Spending<div dir="ltr" style="text-align: left;" trbidi="on"><a href="http://adf.ly/72704/www.chinamobileltd.com"><b>China Mobile Ltd</b></a>. (941), the world’s biggest wireless carrier by users, fell to the lowest in 23 months in Hong Kong trading after the company unexpectedly said it will boost capital spending 6.5 percent this year.<br />
<br />
China Mobile fell 2.7 percent to HK$69.15 at 10:12 a.m. local time. Earlier the shares fell as much as 3.6 percent to HK$68.50, the lowest intraday price since April 30, 2009.<br />
<br />
China Mobile said yesterday it would boost capital spending on its networks to 132.4 billion yuan ($20.1 billion) this year, from 124.3 billion yuan in 2010, to expand its ability to deliver data to mobile Web users downloading music, video and games on their phones. China Mobile had been expected to reduce spending from the high levels of the past two years, when it was setting up its third-generation network, according to analysts including Colin McCallum from Credit Suisse Group AG.<br />
<br />
“In a major change, China Mobile guided for capex to increase,” Hong Kong-based McCallum wrote in a report yesterday after the earnings were released. “Management therefore appears keen to use China Mobile’s balance-sheet power to invest aggressively and maintain its service and network quality advantages, in order to protect its dominant position amongst medium and high-end customers in advance of the rollout of 4G.”<br />
<br />
Other analysts, including Michael Meng of BOCI Research Ltd., had also expected the Beijing-based company to cut spending from last year’s level. Meng had forecast capital spending at China Mobile would drop to 118 billion yuan this year in a March 9 report. Paul Wuh, a Hong Kong-based analyst at Samsung Securities Co., said yesterday he’d expected the 2011 expenditure at 98 billion yuan.<br />
Spending Guidance<br />
<br />
The capital spending guidance “was a negative coming out of the result,” Lisa Soh, a Hong Kong-based analyst at Macquarie Group Ltd., which rates the stock “outperform”, said in an e-mail yesterday.<br />
<br />
Soh said she was surprised by the company’s projection, which was 35 percent more than the 98 billion yuan she estimated.<br />
<br />
“To expand our leading position and further develop high value-added services, we will increase our capital spending this year,” China Mobile Chairman Wang Jianzhou said at a press conference in Hong Kong yesterday. “The value-added data business will be a significant source of future revenue growth for our company.”<br />
<br />
Capital spending will remain above last year’s level in each of the next two years, Wang said. He projected spending of 130.4 billion yuan next year, and 125.5 billion yuan in 2013.<br />
Data Boost<br />
<br />
Data services helped boost net income 3.7 percent to 32.4 billion yuan in the fourth quarter ended Dec. 31, according to figures derived from full-year earnings reported by the company yesterday. Profit was expected to be 31.8 billion yuan, according to the average of five analyst estimates compiled by Bloomberg News. Fourth-quarter sales rose 6 percent to 132.6 billion yuan.<br />
<br />
China Mobile had a total of 584 million mobile-phone subscribers at the end of last year, including 20.7 million customers for the high-speed, third-generation service that smartphones use to surf the Web, the company said in February.<br />
<br />
That compares with China Unicom’s 311.3 million total subscribers and 14.1 million users of its 3G service. China Telecom was in third place with 90.5 million subscribers.<br />
<br />
China Mobile has 35 million registered customers for its mobile applications offerings, who can select from 50,000 applications to download, the carrier said. By the end of last year, the site had recorded 110 million application downloads, according to a company statement.<br />
4G Trial<br />
<br />
Wang aims to keep China Mobile’s lead with heavy-data users by rolling out the country’s first fourth-generation network. The company in December received approval from the Ministry of Industry and Information Technology to begin a trial of its 4G TD-LTE network, and this month it added Beijing to the original six cities in the program: Shanghai, Hangzhou, Nanjing, Guangzhou, Shenzhen and Xiamen.<br />
<br />
The trials will primarily be focused on high-speed data cards for notebook computers and won’t promote many new handsets for the system, Chief Executive Officer Li Yue said yesterday.<br />
<br />
The trials will include network equipment from both Chinese and foreign suppliers, Li said. Chinese suppliers may include Huawei Technologies Co. and ZTE Corp. (763) while overseas companies may include Ericsson AB, Nokia Siemens Networks and Alcatel- Lucent SA, he said.<br />
<br />
To contact the Bloomberg News staff on this story: Edmond Lococo in Beijing at elococo@bloomberg.net.<br />
<br />
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net. </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com1tag:blogger.com,1999:blog-8140531290755065355.post-30425206511490810102011-01-30T15:43:00.000-08:002011-01-30T15:43:59.811-08:00HSBC says keeps main CEO office in Hong Kong<div dir="ltr" style="text-align: left;" trbidi="on">LONDON/HONG KONG, Jan 25 (Reuters) - <a href="http://adf.ly/72704/hsbc"><b>HSBC</b></a>'s (<span id="symbol_HSBA.L_0">HSBA.L</span>) new chief executive's main office will remain in Hong Kong after the symbolic shift of the CEO office there last year, Europe's biggest bank said on Tuesday.<span id="midArticle_5"></span> Stuart Gulliver, who became CEO in January, will retain an office in London and is expected to spend much of his time at HSBC's London headquarters. However the bank said a report he had dropped plans to be based in Asia was "entirely incorrect".<br />
<span id="midArticle_6"></span> "The group CEO's principal office remains in Hong Kong, there's no change in that," said Richard Beck, spokesman for the bank.<br />
<span id="midArticle_7"></span> Gulliver was named CEO in September after a shock boardroom upheaval prompted by a change in chairman, and said at that time he would be based in Hong Kong.<br />
<span id="midArticle_8"></span> Previous CEO Michael Geoghegan announced he was moving to Hong Kong with much fanfare a year ago. On his first official day as CEO entering the stylish Norman Foster-designed HSBC building in the territory's Central district he was greeted by dozens of applauding employees.<br />
<span id="midArticle_9"></span> The moment was rich in symbolism, showing the 146-year-old bank was returning to its roots, where it was originally known as the Hongkong and Shanghai Banking Corp Ltd.<br />
<span id="midArticle_10"></span> HSBC aims to be the first firm listed on Shanghai's international board, and the CEO's move to Hong Kong and Gulliver's close ties to China are expected to help that happen this year.<br />
<span id="midArticle_11"></span> Gulliver, who ran the investment bank arm from London before his promotion to CEO, joined HSBC in 1980 and has permanent Hong Kong residency after spending most of his career there.<br />
<span id="midArticle_12"></span> The bank said Gulliver will spend as much time in Hong Kong as anywhere else in the world and will move back into the HSBC house he previously occupied in Hong Kong, rather than the house occupied by Geoghegan.<br />
<span id="midArticle_13"></span> He is expected to spend much of his time in London, and as a result continue to pay UK income tax.<br />
<span id="midArticle_14"></span> Tuesday's Financial Times said Gulliver had dropped plans to relocate to Hong Kong.<br />
<br />
<span id="articleText"> Analysts said the location of the CEO's office was symbolic, but had little bearing on a strategy that is increasingly focused on fast-growing Asian markets.<br />
<span id="midArticle_0"></span> Ian Gordon, analyst at Exane BNP Paribas, said HSBC was showing a "new found appetite to accelerate loan growth" in Hong Kong and Asia and Geoghegan's move had been accompanied by a "bizarre wave of enthusiasm".<br />
<span id="midArticle_1"></span> By 1230 GMT HSBC shares were up 0.3 percent at 699 pence.<br />
<span id="midArticle_2"></span> (Additional reporting by Karolina Tagaris; Editing by Ken Wills and Sophie Walker) ((kelvin.soh@thomsonreuters.com; +852 2843 6345; Reuters Messaging: kelvin.soh.reuters.com@reuters.net))</span><br />
By Steve Slater and Kelvin Soh<br />
<span id="midArticle_4"></span> <br />
<span id="articleText"></span> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com1tag:blogger.com,1999:blog-8140531290755065355.post-89335266115971598232011-01-30T15:42:00.000-08:002011-01-30T15:42:00.023-08:00Japan's Baroque Seeks Hong Kong Listing<div dir="ltr" style="text-align: left;" trbidi="on">HONG KONG—Japanese clothing retailer <a href="http://adf.ly/72704/baroque"><b>Baroque Japan Ltd.</b></a>, which sells the "moussy" women' brand, is seeking to raise up to US$300 million in an initial public offering in Hong Kong in the second quarter, two people familiar with the situation said Friday, as it moves to tap China's booming consumer market. A listing in Hong Kong would also build up Baroque's profile, especially China, a person familiar with the situation said. <br />
Tokyo-based Baroque, in which <a href="http://adf.ly/72704/clsa-capital"><b>CLSA Capital Partners</b></a> owns a stake, operates 175 company stores, most of which are in Japan. Outside Japan, Baroque had 24 franchise stores mainly in China, Hong Kong and Taiwan at the end of July 2010, the person said, adding that the group planned to expand its retail network in China. <br />
Baroque joins a slew of Japanese companies that are expanding overseas to find growth amid a sluggish domestic economy and an ageing population. Among retailers, <a href="http://adf.ly/72704/fast-retailing"><b>Fast Retailing Co.</b></a>, operator of the Uniqlo casual-clothing chain, has been expanding its stores in Asia as its domestic business generates lower revenue. The country's big-three banks—Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc.—have all been ramping up their presence beyond their borders. <br />
Baroque Japan is only the second Japanese company with plans to tap Hong Kong's booming IPO market, the busiest exchange for new share issues last year. <a href="http://adf.ly/72704/sbi-holdings"><b>SBI Holdings Inc</b></a>. plans to raise between US$300 million and US$500 million by offering shares in its financial unit in both Hong Kong and Japan in the first quarter, at the earliest, people familiar with the situation said Wednesday. <br />
Last year, Hong Kong led the global IPO pack with $52.9 billion in new stock offerings, while New York, at No. 2, raised $34.6 billion. Three non-Chinese companies were among the Asian city's top 10 IPOs. <br />
They were aluminum giant <a href="http://adf.ly/72704/rusal"><b>UC Rusal Ltd</b></a>., whose US$2.2 billion January float was the first by a Russian company in the city; skincare chain <a href="http://adf.ly/72704/loccitane"><b>L'Occitane International SA</b></a>, whose US$787 million IPO was the first by a French firm in Hong Kong; and coking-coal producer <a href="http://adf.ly/72704/mongolian-mining-corp"><b>Mongolian Mining Corp.</b></a>, which raised US$749 million and became the first Mongolia-based company to list in Hong Kong. <br />
<a href="http://adf.ly/72704/ubs"><b>UBS AG</b></a> and CLSA Asia-Pacific Markets are handling Baroque's listing plan, the people said. <br />
<strong>Write to </strong> Prudence Ho at <a class="" href="mailto:prudence.ho@dowjones.com">prudence.ho@dowjones.com</a> and Yvonne Lee at <a class="" href="mailto:yvonne.lee@wsj.com">yvonne.lee@wsj.com</a><br />
<h3 class="byline">By PRUDENCE HO And YVONNE LEE </h3></div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-59432168212911011892011-01-30T15:35:00.000-08:002011-01-30T15:35:07.503-08:00Hong Kong Disneyland Loss Narrows to $93 Million as Park Attendance Climbs<div dir="ltr" style="text-align: left;" trbidi="on"> <a href="http://adf.ly/72704/walt-disney"><b>Walt Disney Co.</b></a> narrowed the annual loss at <a href="http://adf.ly/72704/hong-kong-disneyland"><b>Hong Kong Disneyland</b></a> and said it expects the business to turn profitable “fairly soon” as visitor numbers rise and the park expands. <br />
The net loss shrank to HK$720 million ($93 million) in the 12 months ended Oct. 2 from a HK$1.3 billion loss a year earlier, according to a statement distributed in Hong Kong today. Park attendance increased 13 percent to 5.2 million visitors, boosting sales 19 percent to HK$3 billion. <br />
The theme park benefited from a 27 percent surge in arrivals from mainland China in Hong Kong last year as wealth generated in the world’s fastest-growing major economy spurred outbound tourism. New areas of the park scheduled to be completed in 2014 may lure more visitors. <br />
“We hope they can accelerate the expansion and add more rides,” said Joseph Tung, executive director of Hong Kong’s Travel Industry Council. <br />
The park, a venture between Hong Kong’s government and the Burbank, California-based company, plans to add rides including “Toy Story Land,” “Grizzly Trail” and “Mystic Point” after the city approved the conversion of part of its loan to the park into equity in 2009 and Disney agreed to pay HK$3.5 billion. <br />
“The expansion is very crucial to our profits in the future,” Hong Kong Disneyland managing director Andrew Kam told reporters today. <br />
China Visitors <br />
Hong Kong’s government owns about 53 percent of the theme park. Disney, the world’s largest media company, owns the rest. <br />
The expansion plan is on time and on budget as the park signed most of the outsourcing contacts in 2009 that allow it to avoid a rise in raw-material costs, Kam said. “Toy Story Land” will be completed this year, he said. <br />
The share of Hong Kong Disneyland visitors coming from mainland China rose to 42 percent from 36 percent, while Hong Kong’s contribution declined to 33 percent from 41 percent. <br />
The park had earnings before interest, taxes, depreciation and amortization of HK$221 million. Hotel occupancy increased 12 percentage points to 82 percent. <br />
Ticketing generates the most profit, Kam said, followed by merchandising, food and beverage and hotel businesses. He said 98 percent of the theme park's 5.2 million visitors last year paid for their tickets. <br />
Total visitor arrivals to the former British colony surged 22 percent to 36 million in 2010, according to the government- backed Hong Kong Tourism Board. China’s National Tourism Administration said outbound tourism increased 17.5 percent last year to 56 million people, Xinhua News Agency reported Jan. 12. <br />
Hong Kong Disneyland expects attendance to grow 10 percent in 2011, in line with a forecast from the city’s Tourism Board, Kam said. <br />
To contact the reporter on this story: Wendy Leung in Hong Kong at <a href="mailto:wleung12@bloomberg.net" title="Send E-mail">wleung12@bloomberg.net</a> <br />
To contact the editor responsible for this story: Frank Longid at <a href="mailto:flongid@bloomberg.net" title="Send E-mail">flongid@bloomberg.net</a> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-12184076750547391542011-01-05T19:38:00.000-08:002011-01-05T19:38:18.093-08:00Hong Kong to Protect Bank Deposits of Up to HK$500,000Hong Kong will protect bank deposits of up to HK$500,000 ($64,000) per depositor after full coverage introduced during the financial crisis expires tomorrow.<br />
<br />
The new program, called the <a href="http://adf.ly/72704/enhanced-deposit-protection-scheme"><b>Enhanced Deposit Protection Scheme</b></a>, will be effective Jan. 1, the <a href="http://adf.ly/72704/hong-kong-monetary-authority"><b>Hong Kong Monetary Authority</b></a> said in a statement on its website. Hong Kong began fully insuring bank deposits on Oct. 14, 2008, shortly after the collapse of investment bank <a href="http://adf.ly/72704/lehman-brothers"><b>Lehman Brothers</b></a> prompted regulators around the world to boost protections to calm investors.<br />
<br />
“The Full Deposit Guarantee has functioned effectively to shore up public confidence in Hong Kong’s banking system during the global financial crisis,” Hong Kong Financial Secretary John Tsang said in a statement. “As the global economy has become more stable, the provision of this special guarantee by the government should come to an end as originally planned.”<br />
<br />
<b>HKMA</b> Chief Executive Norman Chan said Hong Kong’s banking system remains “healthy and robust,” with capitalization well above international standards.<br />
<br />
“Public confidence in the banking system has also remained strong,” Chan said. “The expiry of the Full Deposit Guarantee is not expected to have any impact on the banking system.”<br />
<br />
Editors: Dirk Beveridge, Ben Richardson.<br />
<br />
To contact the editor responsible for this story: Marco Lui at mlui11@bloomberg.netAnonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-19571219721683275192011-01-05T19:34:00.000-08:002011-01-05T19:34:38.374-08:00Hong Kong stocks seen easing as commodities retreatHong Kong stocks are set for a weak open on Wednesday after five successive gaining sessions as<br />
commodity-related stocks pull back with investors taking some<br />
money off the table.<br />
<br />
The benchmark <a href="http://adf.ly/72704/hang-seng-index"><b>Hang Seng Index</b></a> .HSI rose 1 percent on<br />
Tuesday, helped by a strong start to the year for mainland<br />
markets and as cyclical counters such as shippers rose on<br />
optimism toward the global economic recovery.<br />
<br />
Stocks on Wall Street edged lower as investors shed long<br />
positions in the red-hot resource sector after recent gains as<br />
copper, oil and other commodities slipped from multi-year highs.<br />
<br />
Oil majors <a href="http://adf.ly/72704/petrochina"><b>PetroChina</b></a> (0857.HK) and CNOOC (0883.HK) closed<br />
lower on Tuesday in Hong Kong as light profit-taking in the<br />
latter half of the day pulled their shares lower.<br />
<br />
Easing oil prices, expectations of a stronger yuan and a<br />
rebound in Chinese air travel is likely to lift shares of<br />
mainland airline operators.<br />
<br />
<a href="http://adf.ly/72704/china-eastern-airlines"><b>China Eastern Airlines</b></a> (0670.HK), the country's third most<br />
valuable airline, expects 2010 net profit to be ten-fold that of<br />
2009 due to brisk air travel in China. [ID:nTOE70306I]<br />
<br />
However, news of the opening of the $33 billion high-speed<br />
rail link between Beijing and Shanghai in June that cuts the<br />
journey between the two cities in half to less than five hours is<br />
seen as negative to mainland airlines and could hurt profits.<br />
<br />
Elsewhere in Asia, Japan's <a href="http://adf.ly/72704/nikkei"><b>Nikkei</b></a> .N225 was down 0.1<br />
percent while South Korea's KOSPI .KS11 was trading flat as of<br />
0105 GMT.<br />
<br />
STOCKS TO WATCH:<br />
<br />
* Chinese car maker BYD Co Ltd (1211.HK), backed by U.S.<br />
billionaire Warren Buffett, said on Tuesday that it sold a total<br />
of 519,806 vehicles in 2010, falling short of a revised target of<br />
600,000 units. [ID:nHKV002612]<br />
<br />
* China will open its $33 billion high-speed rail link<br />
between Beijing and Shanghai in June, cutting the journey between<br />
the two cities in half to less than five hours. The new line is<br />
expected to provide a serious challenge to airlines including Air<br />
China Ltd (601111.SS)(0753.HK), China Eastern Airlines Corp Ltd<br />
(600115.SS) and China Southern Airlines Co Ltd (600029.SS)<br />
1055.HK>. [ID:nTOE70304Y]<br />
<br />
* Two executives from China Gas Holdings Ltd (0384.HK), a<br />
natural gas distributor, have been detained for investigation by<br />
China's police, the company said on Tuesday. [ID:nTOE703064]<br />
<br />
* PetroChina (0857.HK) has put into operation a 1.8 million<br />
tonne per year (tpy) gasoline hydrotreating unit at its Lanzhou<br />
refinery, an industry source said on Tuesday. [ID:nTOE703068]<br />
<br />
* The <a href="http://adf.ly/72704/united-laboratories-international"><b>United Laboratories International Holdings Ltd</b></a><br />
(3933.HK) said the China State Food and Drug Administration had<br />
approved applications of its three insulin finished products,<br />
bringing the total number of insulin products approved to five.<br />
The relevant insulin products will be launched to the market<br />
soon. For statement click<br />
here<br />
<br />
* <a href="http://adf.ly/72704/china-vanke-co-ltd"><b>China Vanke Co Ltd</b></a> (000002.SZ) said on Tuesday its sales<br />
for 2010 rose 70.5 percent to 108.2 billion yuan ($16.4 billion),<br />
despite a slowdown for the final month of the year.<br />
[ID:nTOE70306D]<br />
<br />
* China's <b>XZ Construction</b> (000425.SZ), a maker of<br />
construction machinery, plans to float its shares in Hong Kong,<br />
the company said in a filing with the Shenzhen Stock Exchange on<br />
Wednesday. [ID:nTOE70306X]<br />
MARKET SUMMARY<br />
*Wall Street edges lower on commodity shares [nN04241972]<br />
*Treasuries losses may stall, trade in range [nN04231899]<br />
*Dollar buoyed by US data, lower oil prices [nN04234864]<br />
*Oil slides 2 percent as commodities slump [nL3E7C407O]<br />
(Reporting by Vikram S Subhedar, Editing by Jacqueline Wong)Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com1tag:blogger.com,1999:blog-8140531290755065355.post-20155523092365523572011-01-05T19:23:00.000-08:002011-01-05T19:23:18.971-08:00Hong Kong’s Tennis Classic Draws StarsThe Tennis Classic World Team Challenge starts Wednesday in Hong Kong, and three of the top five women’s tennis players are in the city to play, along with several of the sport’s former world No. 1s.<br />
<br />
The tournament field is divided into four geographic teams, representing Europe, Russia, the Americas and Asia Pacific, each made up of one male player and two female players. World No. 1 Caroline Wozniaki of Denmark, as captain of Team Europe, will meet a formidable opponent in Li Na of China, currently world No. 11, in the first round. This will be their fourth meeting, according to the Women’s Tennis Association, and Ms. Li has won two of the previous three.<br />
<br />
World No. 5 Venus Williams’s first-round opponent will be Russian team captain Vera Zvonareva. (Last year Team Russia, captained by Maria Sherapova, took the title.) Ms. Zvonareva had a big year in 2010, reaching two Grand Slam finals, at Wimbledon and the U.S. Open, and is now ranked No. 2 — but her record against Ms. Williams is an underwhelming 1-7.<br />
<br />
The local representative is Zhang Ling, Hong Kong’s No. 1 player (ranked 229th in the world), who will be playing for Team Asia Pacific on her home court at Victoria Park Tennis Stadium in Causeway Bay. She was a reserve player last year and didn’t get to play. In 2010, she competed in the U.S. Open qualifier, but didn’t reach the tournament.<br />
<br />
“I’m thrilled to be taking part in the Hong Kong Tennis Classic,” she said in <a href="http://adf.ly/FFbh">a statement on the event website</a>. “It’s going to be exciting for me to play against Aravane Rezai. I really hope the Hong Kong fans will come out and support me.” Ms. Rezai is No. 19 in the world, so Ms. Ling may be looking for support.<br />
On the men’s side, former world-rankings leaders and legends Stefan Edberg, Yevgeny Kafelnikov and John McEnroe are in Hong Kong for the classic, along with Mark Philippoussis of Australia, who has ranked as high as eighth in the world. In 2003 he and his monster serve reached the Wimbledon finals, where they lost to Roger Federer — Mr. Federer’s first Grand Slam title.<br />
The crowd-pleasing Mr. McEnroe won seven major singles titles in his professional career (plus 10 more in doubles and mixed doubles). In 1983, Mr. Edberg of Sweden won all four of the major junior tournaments, so becoming the first player to win a “junior Grand Slam.” As a professional player, he won six major singles crowns.<br />
<br />
In the tournament, the outcome of which does not affect tour rankings, players from the four teams will compete in singles and doubles matches. It ends Saturday.<br />
In an attempt to lure fans with the possibility of meeting celebrities, the organizers are offering “tea with the stars” in Victoria Park. For 250 Hong Kong dollars (US$32), fans can have afternoon tea on Friday in the tented village by the tennis stadium and enter a contest to win autographed gear. For HK$700, they can get the full package: the tea and a ticket to the matches. More information is available <a href="http://adf.ly/FFbW">on the website</a>.<br />
<br />
Tickets, on sale through Urbtix, range from HK$360 to HK$880. Limited student tickets and thru tickets for the whole tournament are also available. Check out the schedule and get tournament updates at the<a href="http://adf.ly/FFbd"> tournament’s website.</a><br />
<h3 class="byline">By Emily Veach</h3>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-54349424878451951222010-10-20T01:58:00.000-07:002010-10-20T01:58:46.262-07:00Cheaper Colour Print - get your full colour leaflets printed<a href="http://www.get-printing.co.uk/">litho printing</a> is also known as lithography or printing or lithographic printing plate or flat printing. litho printing works on the basic principle that oil and water do not mix. Unlike surface printing, intaglio and where image and non-image areas are at different levels, lithography is only one surface.<br />
<br />
Intaglio and relief printing areas of the image to be printed are raised and areas of non-images form the base surface, which is lower areas of the image. However, lithography image areas and non-image areas are all on the same plane. The printing surface is flat.<br />
<br />
In lithography a flat stone is treated in a manner so that the image areas attract ink oil-based and non-wetland picture repel oil based inks. When the stone is pressed against the printing surface, the oily areas inked image to leave an imprint of the desired design. <br />
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Visit website for a Beginners guide to getting stuff printed, for more information about <a href="http://www.get-printing.co.uk/">leaflet printing</a> services.Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-72896784577253301732010-07-23T00:16:00.000-07:002010-07-23T00:16:29.370-07:00Hong Kong sees first yuan FX swap as reforms deepen"Hong Kong sees first yuan FX swap as reforms deepen | AboutHK.Com - More Information About HK"<div class="article-content"> <p><strong>Reuters</strong></p><p><a href="http://adf.ly/72704/citic-bank-international" target="_blank"><img src="http://www.citicbankintl.com/_images/logo.gif" alt="Hong Kong sees first yuan FX swap as reforms deepen" title="Hong Kong sees first yuan FX swap as reforms deepen" align="right" border="0" height="53" width="170" /><strong>CITIC Bank International</strong></a> and <a href="http://adf.ly/72704/icbc" target="_blank"><strong>Industrial and Commercial Bank of China</strong></a> (Asia) Ltd (0349.HK) have completed Hong Kong's first foreign exchange swap for yuan, banking sources said, as China seeks a greater global role for its currency.<br /><br />The transaction heralds the start of a yuan foreign exchange swap market in Hong Kong, a day after China took a major step toward internationalising its currency by tweaking rules to give companies greater access to yuan funds.</p><p>The one-month swap, for 60 million yuan ($8.85 million), was completed on Tuesday, with CITIC International swapping U.S. dollars for yuan while <a href="http://adf.ly/72704/icbc" target="_blank"><strong>ICBC</strong></a> (Asia) was on the other side of the transaction, one of the sources said.<br /><br />China's new rules allow corporations to access yuan funds from banks even if they are not involved in trade with the mainland.<br /><br />This will boost demand for yuan conversion by banking clients and spur banks to secure yuan funds from each other rather than just accessing them from a clearing bank, which would require proof of a trade.<br /><br />These increased yuan funding needs will also encourage banks in Hong Kong to enter into other yuan-based financial transactions such as interbank lending, analysts said.<br /><br />The international opening of China's capital account is still expected to be gradual, however, and analysts expect it will take take months or even years for such yuan markets to grow and develop to the point that they handle respectable volumes of business.<br /><br />The volume of yuan circulating in Hong Kong remains very limited, with yuan deposits in the city totalling only about 84.7 billion yuan in May, up 4.7 percent from April. (Reporting by Karen Yeung and Michelle Chen; Editing by Edmund Klamann) </p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-77236298353879013742010-07-23T00:15:00.000-07:002010-07-23T00:15:24.104-07:00Hong Kong Book Fair Adds a New Element"Hong Kong Book Fair Adds a New Element | AboutHK.Com - More Information About HK"<div class="article-content"> <p><strong>JOYCE HOR-CHUNG LAU</strong></p><p><img src="http://graphics8.nytimes.com/images/2010/07/22/business/22ebooks/22ebooks-articleInline.jpg" alt="Hong Kong Book Fair Adds a New Element" title="Hong Kong Book Fair Adds a New Element" align="right" border="0" height="290" width="190" />The <a href="http://adf.ly/72704/hong-kong-book-fair" target="_blank"><strong>Hong Kong Book Fair</strong></a>, which draws as many as 900,000 visitors annually, opened Wednesday with a new element: a section on electronic publishing. </p><p>The weeklong event, the largest of its kind in the Chinese-speaking market, is still largely about selling print books, which are carted away in canvas sacks and rolling suitcases. But companies dealing in e-books and related media are trying to change that.<br /><br />There were booths from more than 20 companies in the new “digital reading interactive zone.”<br /><br />Hanvon, a Chinese company, was showing black-and-white devices similar to <a href="http://adf.ly/72704/amazon" target="_blank"><strong>Amazon</strong></a>’s Kindle e-book reader. Retailing for 2,550 to 2,900 Hong Kong dollars, or about $330 to $370, each comes with some free titles in English or Chinese, according to <strong>Serene Chung</strong>, a representative who was showing crowds the electronic version of the “Romance of the Three Kingdoms,” a classic Chinese novel.<br /><br /><a href="http://adf.ly/72704/jecomtech" target="_blank"><strong>Jecomtech</strong></a>, a Hong Kong company, was showing a U.S.-made product called <a href="http://adf.ly/72704/onyx-boox" target="_blank"><strong>Onyx Boox</strong></a> that can operate in English, Chinese, Japanese, Spanish and a dozen other languages. Retailing for 2,980 Hong Kong dollars, it came with 1,000 titles.<br /><br />“Some books, like beautiful design books, are still nicer in print,” said <strong>Martin Ke</strong>, a Jecomtech sales manager. “But I think e-books are going to grow. They’re convenient, they’re portable, and, some say, they are more environmentally friendly.”<br /><br />Many companies were obviously preparing for the introduction in Hong Kong this Friday of <a href="http://adf.ly/72704/apple" target="_blank"><strong>Apple</strong></a>’s <a href="http://adf.ly/72704/ipad" target="_blank"><strong>iPad</strong></a> tablet computer, which is seen as a rival to the simpler e-readers.<br /><br /><a href="http://adf.ly/72704/kiwa-media" target="_blank"><strong>Kiwa Media</strong></a>, a New Zealand company, was showing QBook, an iPad application that converts children’s print books into multilingual, interactive digital versions.<br /><br /><strong>Rhonda Kite</strong>, a company representative, clicked a screen with colorful cartoon characters to gain access to a pull-down menu offering English, Mandarin, Spanish, Italian and other languages. The text is automatically translated.<br /><br />Readers can point at a written word and have the machine pronounce it. They can also use their fingers to color in the books’ illustrations.<br /><br />“It’s very exciting,” said Ms. Kite, who added that it was her first time at the Hong Kong Book Fair. “Almost a million people will walk through these doors, and the entire population of my country is only four million.”<br /><br /><a href="http://adf.ly/72704/mimio" target="_blank"><strong>Mimio</strong></a> was one of the few electronically minded companies to have been at the book fair in past years.<br /><br />This year, the U.S. company was showing products that could turn any flat surface into an interactive, digital whiteboard, thanks to a hookup between a projector and a wall-mounted instrument with Wi-Fi and ultrasound sensors. Mimio’s products are aimed at the education sector, long a major part of the book fair.<br /><br /><strong>Leo Liu</strong>, senior Asia-Pacific regional manager for Newell Rubbermaid, the parent company of Mimio, connected the product to the wall of a cubicle and played with a Venn diagram about animals. (He could pull a picture of a tiger into the carnivore section and a deer into the herbivore section.)<br /><br />“We have tailor-made content for various markets, like international schools in Hong Kong and Macao, plus mainland China, Korea, Vietnam and the Philippines,” Mr. Liu said. “In the next five years, Asia-Pacific governments will be spending an estimated $15 billion to convert traditional classrooms and blackboards into interactive ones.”<br /><br />“This region is very technologically sensitive,” he said. “There is going to be a huge jump in demand in Asia.” </p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-74344947986213008282010-07-23T00:13:00.000-07:002010-07-23T00:13:43.946-07:00Airbus strikes deals with Hong Kong Air"Airbus strikes deals with Hong Kong Air | AboutHK.Com - More Information About HK"<div class="article-content"> <p><strong>Shawn Langlois, MarketWatch</strong></p><p><a href="http://adf.ly/72704/hong-kong-airlines" target="_blank"><img src="http://www.hongkongairlines.com/eng/images/logo.gif" alt="Airbus strikes deals with Hong Kong Air" title="Airbus strikes deals with Hong Kong Air" align="right" border="0" height="61" width="186" /></a>French aerospace giant <a href="http://adf.ly/72704/eads" target="_blank"><strong>EADS</strong></a> on Tuesday said that it notched another tandem of order commitments from <a href="http://adf.ly/72704/lan-airlines" target="_blank"><strong>LAN Airlines</strong></a> and <a href="http://adf.ly/72704/hong-kong-airlines" target="_blank"><strong>Hong Kong Airlines</strong></a> for a total of 75 Airbus aircraft.<br /><br />Chilean airline LAN signed a memorandum of understanding for 50 Airbus A320 family aircraft, including 10 A321s, a new type for the airline.<br /><br />The company didn't detail which other models were part of the order, but did say the deal is worth about $4.2 billion in list prices.<br /><br />"We continue investing in order to contribute to the economic growth and social development of countries in the region," <strong>LAN COO Ignacio Cueto</strong> said.<br /><br />LAN currently operates 58 Airbus planes and said, as part of its attempt to refresh its fleet, it will sell 15 <a href="http://adf.ly/72704/airbus" target="_blank"><strong>Airbus</strong></a> A318s between 2011 and 2013.<br /><br />Separately, Hong Kong Airlines inked an agreement to order 25 Airbus wide-bodied planes. The carrier, under the terms of the deal, is converting 15 existing orders for A330 planes into orders for the new A350 XWB. It also plans to order another 10 A330-200 aircraft; this aircraft model has a list price of $191.4 million.<br /><br />"Our latest commitment underscores our ambition to develop an extensive long haul network offering world class service," said <strong>Hong Kong Air President Yang Jian Hong</strong>.<br /><br />"The super-efficient A330-200 is the perfect platform for us to develop these services, while the A350 XWB will become our new flagship towards the end of this decade."<br /><br />The orders were announced at the <a href="http://adf.ly/72704/farnborough-airshow" target="_blank"><strong>Farnborough Airshow</strong></a>, where Airbus, an EADS company, and U.S. rival Boeing Co. received combined orders worth $20 billion in list prices a day earlier. </p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-23534241949406746112010-07-17T01:17:00.000-07:002010-07-17T01:17:43.305-07:00Playhouse Disney Secure Carriage with CABLE TV in Hong Kong"Playhouse Disney Secure Carriage with CABLE TV in Hong Kong | AboutHK.Com - More Information About HK"<div class="article-content"> <p><strong>Kristin Brzoznowski</strong></p><p><img src="http://cablenews.i-cable.com/webapps/menu/images/logo.gif" alt="Playhouse Disney Secure Carriage with CABLE TV in Hong Kong" title="Playhouse Disney Secure Carriage with CABLE TV in Hong Kong" align="right" border="0" height="73" width="110" /><a href="http://adf.ly/72704/cable-tv" target="_blank"><strong>Hong Kong Cable Television</strong> (<strong>CABLE TV</strong>)</a> has signed a deal with <strong>Disney Media Distribution</strong> for the carriage of a Disney Pack, which includes Disney Channel and Playhouse Disney. </p><p>Current CABLE TV subscribers will receive both channels free from July 15 to 29. CABLE TV viewers can then subscribe to the Disney Channel Pack as a premium package at a monthly fee. The dedicated <strong><a href="http://adf.ly/72704/hong-kong-disney" target="_blank">Hong Kong Disney</a> Channel</strong> integrates into its programming Hong Kong's unique culture and caters to local tastes and needs. Playhouse Disney airs preschool shows with customized short-form programming.<br /><br /><strong>Vincent Cheung</strong>, the senior VP for subscription services at CABLE TV, said, “We are excited about this new partnership with Disney Media Distribution to bring the best entertainment to our viewers, especially kids and their families. Disney is already a household name in Hong Kong, and the addition of these two Disney channels to our programming platform will certainly be welcome by our viewers.”<br /><br /><strong>Dai Hua</strong>, the VP and managing director for Disney Channels in Greater China and VP of Disney Media Distribution for Greater China, added, “This new agreement will take Disney’s great stories, beloved characters and popular franchises to even more kids and families in Hong Kong who subscribe to CABLE TV. No one speaks the language of kids better than Disney, and our programmes continue to be amongst the most popular children’s shows across the region.” </p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-6271652281106273812010-07-17T01:16:00.000-07:002010-07-17T01:16:00.029-07:00Drugs worth $22.5 mn seized in Hong Kong"Drugs worth $22.5 mn seized in Hong Kong | AboutHK.Com - More Information About HK"<br /><br />Customs officials in Hong Kong have busted a narcotics racket and seized synthetic drugs worth $22.5 million in the international market.<br /><br />This was one of the biggest drug rackets ever cracked in Hong Kong, the officials said Friday. Five suspects were arrested and about 70 kg of methamphetamine, 70 litres of liquid methamphetamine and 200 litres of semi-processed liquid methamphetamine were seized, Xinhua reported.<br /><br />The seized drugs have a market value of 175 million Hong Kong dollars ($22.5 million).<br /><br />The five arrested people, aged between 25 and 60, will be charged with manufacturing dangerous drugs and trafficking.<br /><br />Under Hong Kong's drug laws, maximum penalty for manufacturing and trafficking of drugs is life imprisonment and a fine of five million Hong Kong dollars.Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-53984255354926983692010-07-14T23:43:00.000-07:002010-07-14T23:43:22.540-07:00Hong Kong High-Speed Railway May Be Completed Early"Hong Kong High-Speed Railway May Be Completed Early | AboutHK.Com - More Information About HK"<p><strong>Bloomberg</strong></p><p><a href="http://adf.ly/72704/mtr" target="_blank"><img src="http://www.mtr.com.hk/images/co_logo.jpg" alt="Hong Kong High-Speed Railway May Be Completed Early" title="Hong Kong High-Speed Railway May Be Completed Early" align="right" border="0" height="56" width="192" /><strong>MTR Corp</strong></a>., the builder of a HK$66.9 billion ($8.6 billion) high-speed train line in Hong Kong, said work on the railway may be completed ahead of schedule because of government support and commitments from contractors. </p><p class="indent"> Piling and tunneling work has already begun, <strong>Chew Tai-Chong</strong>, MTR’s projects director, said today at a conference in the city. The work is also likely to come in on budget, he said. He didn’t elaborate on a possible finishing date for the line, which is due to be completed by August 2015.</p> <p class="indent"> Contractors will dig up 10 million cubic-meters of rock, soil and other materials while constructing the 26 kilometer (16 mile) underground railway, which will run from downtown Hong Kong to the border with China, Chew said. Hong Kong lawmakers in January approved funding for the project to help cut travel times to Chinese cities after two earlier votes were delayed because of objections about costs and the demolition of houses.</p> <p class="indent"> High-speed railways “can bring in economic benefits,” said Stephen Ip, a Shanghai-based partner for transactions and restructuring at consultancy KPMG. “It’s the ability to have better public transportation in terms of reliability, frequency, comfort and safety.”</p> <p class="center"> Contracts Awarded</p> <p class="indent"> Government-controlled MTR has awarded 14 major contracts for work on the railway with a total value of HK$18 billion, Chew said. Contractors will be able to find the 9,000 workers needed for the project locally, rather than having to import labor from China, he said.</p> <p class="indent"> MTR, which also operates Hong Kong’s subways, fell 0.9 percent to HK$27.30 at the close of trading in the city. The company has risen 1.9 percent this year, compared with a 6.6 percent decline for the benchmark Hang Seng Index.</p> <p class="indent"> Trains will run at speeds of as high as 350 kilometers per hour (217 miles an hour) on the new line, which will form part of a 140-kilometer railway running to Shenzhen and Guangzhou.</p> <p class="indent"> The line will also link into a planned 16,000-kilometer Chinese high-speed rail network and will cut Hong Kong-to- Beijing train journey times by more than half to 10 hours, according to MTR’s website.</p> <p class="indent"> Hong Kong’s government plans to construct an underground terminal for the railway in West Kowloon, which is across Victoria Harbor from Hong Kong Island. The district is also being developed as a finance center.</p> <p class="indent"> The line will save the Hong Kong public 40 million hours per year, generating an annual economic rate of return of 9 percent, according to a government paper.</p> <p>--Editors: Neil Denslow, Aaron Sheldrick.</p> <p>To contact the reporter on this story: Wing-Gar Cheng in Hong Kong at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy14682 = 'wgcheng' + '@'; addy14682 = addy14682 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy14682 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:wgcheng@bloomberg.net">wgcheng@bloomberg.net</a> <script language="JavaScript" type="text/javascript"> <!-- document.write( '<span style="\'display:">' ); //--> </script><span style="display: none;">This e-mail address is being protected from spambots. You need JavaScript enabled to view it <script language="JavaScript" type="text/javascript"> <!-- document.write( '</' ); document.write( 'span>' ); //--> </script></span></p> To contact the editor responsible for this story: Neil Denslow at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy44187 = 'ndenslow' + '@'; addy44187 = addy44187 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy44187 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:ndenslow@bloomberg.net">ndenslow@bloomberg.net</a>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-90800368098317241542010-07-08T19:57:00.000-07:002010-07-08T19:57:17.370-07:00Hong Kong Public Libraries Selects HP"Hong Kong Public Libraries Selects HP | AboutHK.Com - More Information About HK"<div class="article-content"> <p><strong>Raju Shanbhag</strong></p><p><img src="http://welcome.hp-ww.com/country/us/en/img/welcome/homepage_letsdoamazing.jpg" alt="Hong Kong Public Libraries Selects HP" title="Hong Kong Public Libraries Selects HP" border="0" height="58" width="527" /> </p><p>The <strong>Government of Hong Kong Special Administrative Region</strong>, People’s Republic of China has selected <strong>HP</strong> to enable the <strong>Hong Kong Public Libraries</strong> to provide public library services to the members.<br /><br />The Hong Kong Public Libraries provides a network of 66 static libraries and 10 mobile libraries. They are evenly spread over the territory of Hong Kong and interconnected by an integrated automated library system to provide convenient access to a wide range of library services for people of all age groups and walks of life.<br /><br />HP will implement and provide ongoing support for a new Integrated Library System for Hong Kong public libraries under the terms of the agreement, which was signed byHewlett-Packard ( News - Alert) HK SAR Limited. Virtua ILS, which HP is scheduled to implement at HKPL in 2011, is a Unicode-compliant offering from VTLS Inc. Offering a pilot implementation of Fastrac, a radio frequency identification technology, the system delivers a user-friendly, self-service experience to library visitors.<br /><br />“Modern libraries, like Hong Kong Public Libraries, are looking to innovate with new services and new ways to engage their communities,” said David Fergusson, general manager, HP Enterprise Services – Hong Kong. “The partnership with VTLS leverages our expertise and unmatched breadth of products and services to deliver Hong Kong Public Library’s next-generation services today and into the future.”<br /><br />To replace HKPL’s legacy Library Automation System, HP will integrate Virtua and Fastrac with a broad array of HP products and services. The new system will combine HP software, servers, storage, networking, desktop and printing equipment. Designed to future-proof HKPL’s service delivery to customers, HP services will include application development and management, workplace, help desk, and business continuity and recovery.<br /><br />Recently, the company adopted the new Fibre Channel over Ethernet application-specific IC chip from Qlogic for its Virtual Connect FlexFabric 10Gb/24-port module used in HP's BladeSystem server. This was unveiled at last week's HP Technology Forum in Las Vegas, NV. According to EETimes, in face of stiff competition from well established suppliers, this move by HP gives the new player the needed shot in the arm. </p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-4145627811286855722010-07-08T19:55:00.000-07:002010-07-08T19:55:57.666-07:00Petropavlovsk Said to Plan $500 Million Hong Kong IPO"Petropavlovsk Said to Plan $500 Million Hong Kong IPO | AboutHK.Com - More Information About HK"<div class="article-content"> <p><strong>Fox Hu and Bei Hu, (Bloomberg)</strong></p><p><img src="http://www.petropavlovsk.net/templates/petropavlovsk1/images/eng_logo.gif" alt="Petropavlovsk Said to Plan $500 Million Hong Kong IPO" title="Petropavlovsk Said to Plan $500 Million Hong Kong IPO" align="right" border="0" height="61" width="309" /><strong>Petropavlovsk Plc</strong>, Russia’s third- largest gold producer, plans to list its non-precious metals unit in a Hong Kong stock sale that may raise about $500 million, two people with knowledge of the matter said. </p><p class="indent"> The company hired <strong>Bank of America Corp</strong>.’s <strong>Merrill Lynch & Co</strong>. and <strong>UBS AG</strong> to manage the initial public offering, the people said, declining to be identified because the information is private. The London-listed miner filed an application in Hong Kong last month.</p> <p class="indent"> Petropavlovsk joins commodity producers including United Co. Rusal, the world’s largest aluminum maker, in seeking funds in Hong Kong as Chinese raw-material demand jumps. Petropavlovsk aims to boost the value of newly acquired iron-ore assets, valued by Goldman Sachs Group Inc. at $1 billion in March.</p> <p class="indent"> The company is developing the Russian iron-ore deposits it acquired in April 2009 as part of its 294.5 million-pound ($447 million) purchase of Aricom Plc. Petropavlovsk plans to sell its iron ore to China, given the mines’ proximity to the Chinese border and rising demand for the steelmaking ingredient in the nation, Chief Investment Officer Jay Hambro said last month.</p> <p class="indent"> David Simonson, a London-based spokesman for Petropavlovsk, declined to comment. UBS and Merrill Lynch also declined to comment.</p> <p class="indent"> Petropavlovsk rose 4.3 percent to close at 1,192 pence in London trading, the biggest gain since May 26, giving the company a market value of 2.2 billion pounds.</p> <p class="center"> Rusal Share Sale</p> <p class="indent"> Rusal, based in Moscow, raised net proceeds of HK$16.7 billion ($2.1 billion) in January in Hong Kong to pare debt. China is the world’s largest buyer of iron ore and metals.</p> <p class="indent"> Petropavlovsk agreed in March to a loan of about $400 million from Industrial & Commercial Bank of China Ltd. to fund the first stage of its K&S iron ore project in Russia’s Amur region. The mine will produce 3.2 million metric tons of iron- ore concentrate a year starting in 2013.</p> <p class="indent"> Production from its Kuranakh mine will be sold to China’s Jianlong Iron & Steel Group, Hambro has said. The company plans to build a third mine at its Garinskoye deposit.</p> <p class="indent"> The Asia Resources Fund in Hong Kong is investing $60 million in Petropavlovsk’s iron ore operations, valuing the division at $860 million, the miner said in June.</p> <p class="indent"> Petropavlovsk posted a sixfold increase in profit last year on increased output and higher gold prices. Net income rose to $143.2 million, from $22 million in 2008. It produced 486,800 ounces of gold last year and is targeting annual output of more than 1 million ounces in 2013.</p> <p>--With assistance from Firat Kayakiran in London. Editors: Tan Hwee Ann, Amanda Jordan.</p> <p>To contact the reporters on this story: Fox Hu in Hong Kong at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy35815 = 'Fhu7' + '@'; addy35815 = addy35815 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy35815 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:Fhu7@bloomberg.net">Fhu7@bloomberg.net</a> <script language="JavaScript" type="text/javascript"> <!-- document.write( '<span style="\'display:">' ); //--> </script><span style="display: none;">This e-mail address is being protected from spambots. You need JavaScript enabled to view it <script language="JavaScript" type="text/javascript"> <!-- document.write( '</' ); document.write( 'span>' ); //--> </script></span>; Bei Hu in Hong Kong at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy41368 = 'bhu5' + '@'; addy41368 = addy41368 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy41368 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:bhu5@bloomberg.net">bhu5@bloomberg.net</a> <script language="JavaScript" type="text/javascript"> <!-- document.write( '<span style="\'display:">' ); //--> </script><span style="display: none;">This e-mail address is being protected from spambots. You need JavaScript enabled to view it <script language="JavaScript" type="text/javascript"> <!-- document.write( '</' ); document.write( 'span>' ); //--> </script></span>.</p> <p>To contact the editors responsible for this story: Darren Boey at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy75024 = 'dboey' + '@'; addy75024 = addy75024 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy75024 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:dboey@bloomberg.net">dboey@bloomberg.net</a> <script language="JavaScript" type="text/javascript"> <!-- document.write( '<span style="\'display:">' ); //--> </script><span style="display: none;">This e-mail address is being protected from spambots. You need JavaScript enabled to view it <script language="JavaScript" type="text/javascript"> <!-- document.write( '</' ); document.write( 'span>' ); //--> </script></span>; Andrew Hobbs at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy38373 = 'ahobbs4' + '@'; addy38373 = addy38373 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy38373 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:ahobbs4@bloomberg.net">ahobbs4@bloomberg.net</a> <script language="JavaScript" type="text/javascript"> <!-- document.write( '<span style="\'display:">' ); //--> </script><span style="display: none;">This e-mail address is being protected from spambots. You need JavaScript enabled to view it <script language="JavaScript" type="text/javascript"> <!-- document.write( '</' ); document.write( 'span>' ); //--> </script></span>.</p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-44832044386802312542010-07-06T02:32:00.000-07:002010-07-06T02:32:08.673-07:00Bank of China to Raise Funds in Hong Kong and Shanghai"Bank of China to Raise Funds in Hong Kong and Shanghai | AboutHK.Com - More Information About HK"<div class="article-content"> <p><strong>Sunil Kashyap</strong></p><p><img src="http://www.boc.cn/images/bankofchina_LOGO.gif" alt="Bank of China to Raise Funds in Hong Kong and Shanghai" title="Bank of China to Raise Funds in Hong Kong and Shanghai" align="right" border="0" height="52" width="183" />On Friday a person aware of the situation stated that Hong Kong and Shanghai stock markets are the places from where <strong>Bank of China Ltd.</strong> is looking to raise funds. It is another move to shore up its capital base after an explosion in lending last year.<br /><br />Bank of China Ltd shares were halted from trading in Hong Kong after a report the nation’s third- largest lender by value plans to raise as much as 60 billion Yuan ($8.9 billion) in a rights offer to replenish capital.<br /><br /><strong>Caixin Online</strong> reported yesterday that the Beijing-based lender will sell the shares in Shanghai and Hong Kong, without citing anyone. According Caixin Bank of China’s board approved the sale of stock to existing shareholders on June 30 and the company will make an announcement today.<br /><br />A sale by Bank of China would do damage to the market sentiment and banking shares further because they have already been flooded by share offerings, as told by <strong>Tang Yayun</strong>, aShanghai -based analyst at <strong>Northeast Securities Co</strong>. The person said that one of China’s Big Four state-owned banks, Bank of China, which is also the biggest issuer of new loans in the government-led credit boom last year, is still undecided whether to raise funds via a rights issue or a sale of new shares.<br /><br />Just a month after it raised 40 billion Yuan ($5.9 billion) from a sale of bonds that will be converted into its Shanghai-traded shares, the latest fundraising plan came into being. According to Chairman Xiao Gang, Bank of China wouldn't need to raise fresh funds on the mainland stock market after the completion of the debt sales. The Hong Kong listed shares of Bank of China's were stoppedfrom trading on Friday, but the lender didn't give a reason.<br /><br />According to a spokeswoman from Bank of China the bank would possibly issue a statement regarding the share suspension later in the day. </p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-47249826223502212422010-07-06T02:30:00.000-07:002010-07-06T02:30:49.137-07:00Hong Kong Lawmakers to Discuss Henderson Apartment Transactions"Hong Kong Lawmakers to Discuss Henderson Apartment Transactions | AboutHK.Com - More Information About HK"<p><strong>Kelvin Wong,(Bloomberg) </strong></p><p><strong> Hong Kong lawmakers</strong> plan to discuss 20 failed sales of luxury apartments at a project developed by Henderson Land Development Co. at a housing panel meeting this afternoon. </p><p class="indent"> Henderson, the builder controlled by billionaire <strong>Lee Shau- kee</strong>, submitted its responses to the government’s queries on the sales at its 39 Conduit Road project to the <strong>Legislative Council </strong>today, <strong>Lee Wing-tat</strong>, a councilor of the Democratic Party, told local television stations.</p> <p class="indent"> The Hong Kong government has introduced measures to cool home prices and increased scrutiny of developers’ sales methods since Henderson’s October announcement that it sold an apartment for a record of HK$88,000 ($11,300) a square foot. That was among 20 purchases that were canceled by prospective buyers, the builder said last month. The government has sought details on the sale agreements.</p> <p class="indent"> Lawmakers may ask representatives from Henderson to testify if they decide to begin an investigation into the failed transactions, Lee told reporters today.</p> <p class="indent"> Henderson on July 2 took out full-page advertisements in most local newspapers, claiming all transactions were “genuine” and “buyers weren’t connected to the company.”</p> <p class="indent"> Shares of Henderson were unchanged at HK$46.10 at the noon trading break in Hong Kong.</p> <p>--Editors: Chitra Somayaji, Malcolm Scott.</p> <p>To contact the reporters on this story: Kelvin Wong in Hong Kong at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy85803 = 'kwong40' + '@'; addy85803 = addy85803 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy85803 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:kwong40@bloomberg.net">kwong40@bloomberg.net</a> <script language="JavaScript" type="text/javascript"> <!-- document.write( '<span style="\'display:">' ); //--> </script><span style="display: none;">This e-mail address is being protected from spambots. You need JavaScript enabled to view it <script language="JavaScript" type="text/javascript"> <!-- document.write( '</' ); document.write( 'span>' ); //--> </script></span></p> To contact the editor responsible for this story: Malcolm Scott at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy25134 = 'Mscott23' + '@'; addy25134 = addy25134 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy25134 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:Mscott23@bloomberg.net">Mscott23@bloomberg.net</a>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-12366400366114503612010-06-25T18:28:00.000-07:002010-06-25T18:28:17.130-07:00Sound Global Calls Off Hong Kong Listing"Sound Global Calls Off Hong Kong Listing | AboutHK.Com - More Information About HK"<p><strong>Jonathan Burgos,(Bloomberg)</strong></p><p><img src="http://www.soundglobal.co.uk/images/general/logo.jpg" alt="Sound Global Calls Off Hong Kong Listing" title="Sound Global Calls Off Hong Kong Listing" align="right" border="0" height="52" width="209" /><strong>Sound Global Ltd</strong>. postponed a dual listing in Hong Kong and the sale of new stock as the plan couldn’t be undertaken “on acceptable terms,” calling off the planned move less than a week after issuing a prospectus. </p><p class="indent"> “The company has determined that the global offering cannot be concluded,” Sound Global said in a statement to the Singapore exchange today. The provider of wastewater-treatment services in China said on June 21 it planned to sell 261 million shares at as much as HK$5.60, with trade set to start on July 6.</p> <p class="indent"> Concerns that Europe’s sovereign-debt crisis will hurt the global economic recovery have dragged the MSCI World Index 7.6 percent lower this year, forcing companies from the U.S. to Hong Kong to shelve share-sale plans. About 47 companies have cancelled offerings in the past three months globally, compared with 27 a year ago, according to Bloomberg data.</p> <p class="indent"> “Market sentiment is not very good, so the company decided to cancel,” Cherry Qiu, an external spokeswoman for Sound Global in Hong Kong, said by phone. The sale may be held at a later date, the statement said, without being more precise. The company is being advised by Morgan Stanley.</p> <p class="indent"> Sound Global stock in Singapore, where the company used to trade as Epure International Ltd., has surged 85 percent in the past year compared with the 24 percent gain for the benchmark Straits Times Index. The shares, suspended from trading today, last traded at 85 Singapore cents yesterday, valuing the company at S$1.1 billion ($785 million).</p> <p class="indent"> Last month, billionaire Ron Burkle’s Americold Realty Trust canceled this year’s largest U.S. IPO and Swire Properties Ltd., landlord to Time Warner Inc. in Hong Kong, also shelved its plan to raise as much as HK$20.8 billion ($2.7 billion).</p> <p>--Editor: Jake Lloyd-Smith</p> <p>To contact the reporter on this story: Jonathan Burgos in Singapore at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy60482 = 'jburgos4' + '@'; addy60482 = addy60482 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy60482 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:jburgos4@bloomberg.net">jburgos4@bloomberg.net</a> <script language="JavaScript" type="text/javascript"> <!-- document.write( '<span style="\'display:">' ); //--> </script><span style="display: none;">This e-mail address is being protected from spambots. You need JavaScript enabled to view it <script language="JavaScript" type="text/javascript"> <!-- document.write( '</' ); document.write( 'span>' ); //--> </script></span>.</p> To contact the editor responsible for this story: Darren Boey at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy77797 = 'dboey' + '@'; addy77797 = addy77797 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy77797 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:dboey@bloomberg.net">dboey@bloomberg.net</a>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-20299697653653868692010-06-25T18:26:00.000-07:002010-06-25T18:26:37.862-07:00Hong Kong shares supported by energy producers"Hong Kong shares supported by energy producers | AboutHK.Com - More Information About HK"<p><strong>V. Phani Kuma, (MarketWatch) </strong></p><img src="http://www.hsi.com.hk/HSI-Net/pages/images/en/share/logo.jpg" alt="Hong Kong shares supported by energy producers" title="Hong Kong shares supported by energy producers" align="right" border="0" height="68" width="220" />Hong Kong stocks were restricted to a narrow range around break-even point early Friday, with energy producers such as Cnooc Ltd. helping to support the market, although banks and property developers fell after a sharp drop on Wall Street. The <strong>Hang Seng Index</strong> was up 0.1% at 20,747.01 after opening lower, while the <strong>Hang Seng China Enterprises Index</strong> was flat at 11,931.28. rose 1.5%, and <strong>PetroChina Co. </strong>gained 0.8% as crude-oil futures rose in New York trade. Ranking among losers, <strong>China Overseas Land & Investment Ltd</strong>. dropped 1.5%, and index-heavyweight <strong>HSBC Holdings PLC</strong> dropped 0.5%. <strong>The Shanghai Composite Index</strong>, meanwhile, dropped 0.5% to 2,552.91.Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-60638438743598767352010-06-23T21:12:00.000-07:002010-06-23T21:12:54.396-07:00AgBank sets price range for Hong Kong portion of IPO"AgBank sets price range for Hong Kong portion of IPO | AboutHK.Com - More Information About HK"<div class="article-content"> <p><strong>Reuters</strong></p><p><img src="http://www.abchina.com/cn/images/index_png.png" alt="AgBank sets price range for Hong Kong portion of IPO" title="AgBank sets price range for Hong Kong portion of IPO" align="right" border="0" height="230" width="230" /><strong>The Agricultural Bank of China</strong> set the price range of the Hong Kong portion of its initial public offering at HK$2.88 to HK$3.48, according to sources. The bank is planning a dual listing in both Hong Kong and Shanghai in what could be the world's largest IPO. (Reporting by Michael Flaherty in Hong Kong; Editing by Derek Caney) </p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-73837166470068333752010-06-23T21:11:00.000-07:002010-06-23T21:11:35.787-07:00Blackbaud Opens Hong Kong Office"Blackbaud Opens Hong Kong Office | AboutHK.Com - More Information About HK"<div class="article-content"> <p><strong>BUSINESS WIRE<br /></strong></p><img src="http://www.blackbaud.com/images/Blackbaud_logo_08.jpg" alt="Blackbaud Opens Hong Kong Office" title="Blackbaud Opens Hong Kong Office" align="right" border="0" height="96" width="230" /><strong>Blackbaud, Inc</strong>., the leading global provider of nonprofit software and services, today announced it has opened an office in Hong Kong to better serve its international customers. The decision to open Blackbaud Asia Ltd., a Hong Kong corporation, was customer- and market-focused, as the company has seen an increased demand for services from nonprofit organizations in the Asia-Pacific region. <p> "We are very pleased to expand our Asia-Pacific operations and to better serve international nonprofits," said Marc Chardon, Blackbaud's president and chief executive officer. "The region is seeing an increase in philanthropic giving and exciting developments in fundraising practices. Blackbaud's new Hong Kong office will position us to make an impact in this emerging market and reinforce our commitment to being a leading partner in helping nonprofits grow and serve their missions worldwide." </p> <p> The Hong Kong office will focus on providing software and services to help nonprofit organizations located in the Asia-Pacific region achieve their missions and make a difference in their local communities. The office, which will be located at 51/F, Hopewell Centre, 183 Queens Road East, Wan Chai, Hong Kong, will also enable Blackbaud to enhance its corporate initiative in serving international organizations and helping them grow their global brands. </p> <p> "Blackbaud setting up a permanent office in the region is a clear sign of the growth our industry is experiencing, both in terms of revenue and expertise," said Vincent Law, CFRE, president of the Association of Fundraising Professionals (AFP), Hong Kong chapter. "AFP is pleased to partner with Blackbaud on developing continuous professional education and best-practice programs for the region." </p> <p> Fei Fei Barnes, director of operations for WWF-Hong Kong, added, "WWF-Hong Kong has been a Blackbaud customer since 2006 and we are delighted to see their investment in our growing region." </p> <p> Elizabeth Hubrich, Blackbaud's business manager -- Asia, will manage operations of the new Hong Kong office in coordination with the company's Pacific operation based in Sydney, Australia. The Sydney office has been providing fundraising, constituent relationship management, financial management, website management, and education administration solutions for more than 10 years in the Asia-Pacific region. For more information, call +852 2824 8845. </p> <p> About Blackbaud </p> <p> Blackbaud is the leading global provider of software and services designed specifically for nonprofit organizations, enabling them to improve operational efficiency, build strong relationships, and raise more money to support their missions. Approximately 22,000 organizations -- including University of Arizona Foundation, American Red Cross, Cancer Research UK, The Taft School, Lincoln Center, In Touch Ministries, Tulsa Community Foundation, Ursinus College, International Fund for Animal Welfare, the WGBH Educational Foundation, and WWF-Hong Kong use one or more Blackbaud products and services for fundraising, constituent relationship management, financial management, website management, direct marketing, education administration, ticketing, business intelligence, prospect research, consulting, and analytics. Since 1981, Blackbaud's sole focus and expertise has been partnering with nonprofits and providing them the solutions they need to make a difference in their local communities and worldwide. Headquartered in the United States, Blackbaud also has operations in Australia, Canada, Hong Kong, the Netherlands, and the United Kingdom. For more information, visit <a href="http://www.blackbaud.com.au/">www.blackbaud.com.au</a>. </p> <p> Forward-looking Statements </p> <p> Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: general economic risks; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; management of integration of acquired companies and other risks associated with acquisitions; risks associated with successful implementation of multiple integrated software products; the ability to attract and retain key personnel; risks related to our dividend policy and share repurchase program, including potential limitations on our ability to grow and the possibility that we might discontinue payment of dividends; risks relating to restrictions imposed by the credit facility; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organization; technological changes that make our products and services less competitive; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at <a href="http://www.sec.gov/">www.sec.gov</a> or upon request from Blackbaud's investor relations department. All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc. </p> <p> SOURCE: Blackbaud </p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-7004967857104949762010-06-23T21:10:00.000-07:002010-06-23T21:10:39.863-07:00Sidley’s Tom Albrecht Moves to Hong Kong as Asia Head"Sidley’s Tom Albrecht Moves to Hong Kong as Asia Head | AboutHK.Com - More Information About HK"<p><strong>Debra Mao,(Bloomberg)</strong></p><p><img src="http://www.sidley.com/files/ImageControl/482c0f42-219e-4a09-b3ab-0380ad7c5a26/7483b893-e478-44a4-8fed-f49aa917d8cf/Presentation/Image/logo_home.gif" alt="Sidley’s Tom Albrecht Moves to Hong Kong as Asia Head" title="Sidley’s Tom Albrecht Moves to Hong Kong as Asia Head" align="right" border="0" height="60" width="218" /><strong>Sidley Austin LLP</strong> said <strong>Thomas Albrecht</strong>, a member of the law firm’s management and executive committees, will move to Hong Kong from its Chicago headquarters as Asia Pacific managing partner to look at adding offices. </p><p class="indent"> “Increased client demand compels us to plan for growth and to consider other jurisdictions where we should add offices,” Albrecht said in a statement today. Sidley has about 120 lawyers in Beijing, Hong Kong, Shanghai, Singapore, Sydney and Tokyo.</p> <p class="indent"> Sidley’s clients include United Co. Rusal, which it represented for its $2.24 billion initial public offering in Hong Kong, the Chinese Ministry of Finance and Sands China Ltd. It was the world’s ninth highest-grossing law firm in 2009 with nearly $1.5 billion in revenue, according to the American Lawyer.</p> <p class="indent"> Albrecht succeeds <strong>William Fifield</strong>, who will return to the U.S. at the end of 2010, according to the statement. Sidley’s Asian hires in the past year include <strong>Alan Linning</strong>, previously J<strong>PMorgan Chase & Co.</strong>’s head of compliance in Asia and <strong>Alex Lloyd</strong> from London-based <strong>Clifford Chance LLP</strong>.</p> <p>--Editor: Douglas Wong</p> <p>To contact the reporter on this story: Debra Mao in Hong Kong at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy51993 = 'dmao5' + '@'; addy51993 = addy51993 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy51993 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:dmao5@bloomberg.net">dmao5@bloomberg.net</a> <script language="JavaScript" type="text/javascript"> <!-- document.write( '<span style="\'display:">' ); //--> </script><span style="display: none;">This e-mail address is being protected from spambots. You need JavaScript enabled to view it <script language="JavaScript" type="text/javascript"> <!-- document.write( '</' ); document.write( 'span>' ); //--> </script></span></p> To contact the editor responsible for this story: Douglas Wong at <script language="JavaScript" type="text/javascript"> <!-- var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy67629 = 'dwong19' + '@'; addy67629 = addy67629 + 'bloomberg' + '.' + 'net'; document.write( '<a>' ); document.write( addy67629 ); document.write( '<\/a>' ); //-->\n </script><a href="mailto:dwong19@bloomberg.net">dwong19@bloomberg.net</a>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0tag:blogger.com,1999:blog-8140531290755065355.post-16240402195117144112010-06-21T22:52:00.000-07:002010-06-21T22:52:39.431-07:00Hong Kong firm seeks to halt Malaysian bank buyout"Hong Kong firm seeks to halt Malaysian bank buyout | AboutHK.Com - More Information About HK"<div class="article-content"> <p><span class="dateline"><strong>KUALA LUMPUR, The Associated Press</strong><br /></span></p><p>Hong Kong-based investment firm <strong>Primus Pacific Partners Ltd</strong>. said Monday that it has filed a lawsuit to stop Malaysia's seventh biggest lender <strong>EON Capital</strong> from selling out to larger rival <strong>Hong Leong Bank</strong>.</p> <p>Primus, which holds a 20 percent stake in EON, said it considered Hong Leong's bid to take over EON as unlawful. It said action by some EON board members to support the bid was not in the interest of the company or its shareholders.</p> <p>Hong Leong, the sixth-largest bank in Malaysia, offered 4.92 billion ringgit ($1.5 billion) to buy out EON Capital in January but the offer was rejected as too low. Hong Leong later made a new 5.1 billion ringgit ($1.6 billion) offer.</p> <p>EON Capital have said it will ask shareholders to accept Hong Leong's second offer after appointing new board members.</p> <p>Primus slammed the appointment of new board members to push through the sale. It said in a statement that the proposed sale was under value and subordinated EON's interests "in favor of certain shareholders wanting to make an exit from the company."</p> <p>"We have secured a number of legal opinions that come to the conclusion that the manner in which the offer is proposed to be implemented is unlawful," Primus Managing Director Jeroen Nieuwkoop said in the statement.</p> <p>Officials at EON Capital could not be immediately reached for comments.</p> <p>Hong Leong's offer of 7.30 ringgit ($2.3) for each EON share is below the 9.55 ringgit ($3) that Primus paid per share for its 20 percent equity.</p> <p>Primus said the Malaysian High Court has set a July 6 hearing date. It said the lawsuit named a number of respondents, including certain members of EON's board and shareholders but didn't give details. Primus said it wants a swift and final resolution to the case which was of grave importance to investors.</p> <p>The other key shareholders in EON are local firms RH Development Corp. with a 16 percent stake and Kualapura (M) Sdn. Bhd. with 11 percent, government investment arm Khazanah Nasional has 10 percent equity and the Employees Provident Fund with about 13 percent.</p> </div>Anonymoushttp://www.blogger.com/profile/08411488721433587879noreply@blogger.com0