IN BRIEF (Page 2)
Updated: 2013-01-09 07:00
(HK Edition)
|
|||||||
HSBC's Ping An stake sale shaky
State-run China Development Bank (CDB) has expressed concern over the funding behind the effort of Thailand's CP Group to buy HSBC's stake in Ping An Insurance, sources told Reuters, a stance that may scupper the $9.4 billion deal.
The collapse of the deal, Asia's second-biggest M&A transaction announced last year, would be a huge blow for HSBC Holdings Plc. The bank said in December it stood to reap a post-tax gain of $2.6 billion from the sale that forms part of its plan to rid itself of non-core assets.
"Indeed, there are some problems," said one of the sources, referring to CDB's role in the sale. The sources were not authorised to speak publicly on the matter.
Late last year, HSBC agreed to sell its 15.6 percent stake in Ping An Insurance (Group) Co of China Ltd to CP for HK$59 per share.
Agile chairman charged, stocks dip
Chinese mainland property developer Agile Property Holdings Ltd said on Tuesday Hong Kong police has formally charged its chairman for indecent assault.
"The board announces that it was informed by Mr Chen Zhuolin, the chairman of the company, on 8 January 2013 that the Hong Kong Police has formally charged him with two counts of indecent assault," Agile said in a statement post on the Hong Kong stock exchange.
Agile also said the arrest would have little impact on its normal operations. Agile shares were down over four percent by lunch break, underperforming the main Hang Seng Index's 0.5 percent fall.
Sinopec's unit to launch $1.5b IPO
The engineering unit of China's Sinopec Group, Asia's largest refiner, has filed a listing application for its planned initial public offering of about $1.5 billion in Hong Kong, IFR reported on Tuesday, citing three sources with direct knowledge of the plans.
The application could see the unit, called Sinopec Engineering (Group), list in the second quarter, most likely in May, said IFR, a Thomson Reuters publication.
Sinopec Engineering was formed last September, consolidating eight engineering and construction units of Sinopec Group, as the state-owned giant looks to expand its business overseas.
Stricter policies report hits builders
Shares of mainland property developers such as China Resources Land Ltd slumped on Tuesday after an official newspaper said stricter implementation of housing policies was needed to curb real estate prices, snapping strong gains for the sector in recent weeks.
China Resources Land, which gained nearly 70 percent last year and hit a record high on Monday, fell 2.7 percent after the China Securities Journal said strict implementation of policies was necessary to ease rising home prices.
Stocks fall amid overheating signs
Hong Kong stocks fell, with the city's benchmark index retreating for a third day from a 19-month high, as developers and insurance companies dropped amid signs the market may be overbought.
China Resources Land Ltd sank 2.7 percent, the developer's first decline in two weeks. Cnooc Ltd slid a second day after sending icebreakers to clear offshore oilfields amid the coldest winter in decades. Zoomlion Heavy Industry Science & Technology Co was suspending after the Ming Pao newspaper cited an anonymous letter questioning the crane maker's accounting.
The Hang Seng Index sank 0.9 percent to 23,111.19. The measure has retreated 1.2 percent in the three days after reaching its highest level since June 2011. The Hang Seng China Enterprises Index of mainland companies declined 2.2 percent to 11,714.15.
Futures on the Hang Seng Index slipped 0.8 percent to 23,152.
Reuters - Bloomberg
(HK Edition 01/09/2013 page2)