China Cosco Holdings Co., the world’s largest operator of dry-bulk vessels, rose the most in a month in Hong Kong trading after a measure of commodity-shipping costs climbed for the first time in about four weeks.
The shipping line jumped as much as 4.9% to HK$10.28 ($1.85) and was at HK$10.24 as of the lunchtime trading break. Hanjin Shipping Co., South Korea’s largest line, climbed as much as 11% in Seoul, heading for the first gain since its Dec 30 trading debut.
On top of Victoria Peak in Hong Kong, groups of tourists find themselves staring down at an apocalyptic vision of a towering city shrouded in a menacing grey smog. The haze blurs one of the world’s most famous skylines and veils the ships dotting the harbour, disappointing visitors who made
Hong Kong Exchanges & Clearing and Singapore Exchange were upgraded to “outperform” at Credit Suisse Group AG, which said rising equity markets and healthy liquidity conditions will boost turnover.
Hong Kong Exchanges was previously rated “underperform” while Singapore Exchange was rated “neutral” at the brokerage.
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China XLX Fertiliser shares rose 82% in their first day of trading in Hong Kong yesterday compared with the company’s close the previous day in Singapore, and an executive said not enough shares were on the market.
Stephan Yao, director of investor relations at China XLX Fertiliser, said there was “an insufficient quantity” of the company’s shares available to Hong Kong investors. “It takes time for the company’s shares to be transferred from Singapore to Hong Kong,” Yao said by phone yesterday. He expects trading conditions to “return to normal” within two weeks.
China XLX Fertiliser (1866.HK; CXLX.SG) says its shares on the Hong Kong Stock Exchange (HKEx) will start trading tomorrow at 9:30 a.m. local time in board lots of 1,000 each. The closing price China XLX Fertiliser on the SGX was 51 cents (HK$2.836) last Friday.
China XLX is one of the leading coal-based urea and compound fertiliser producers in China. Its production capacity of urea was about 1.25 million tonnes per annum as of Sept 30. The company was the largest in Henan Province and the 4th largest among all other coal-based urea producers in China. The production capacities of other main products of the company are 600,000 tonnes for compound fertilisers and 200,000 tonnes for methanol per annum.
Pan Hong Property Group and Shenghua Group Holdings today signed a Letter of Intent (LOI) with the government of Deqing County in Zhejiang province, China. Shenghua Group is a state-owned enterprise with businesses in building and finishing materials as well as property development and investments.
Under the LOI, the Deqing County municipal government will collaborate with Pan Hong and Shenghua to improve and develop land parcels located on the west of the planned Hangzhou-Nanjing intercity light rail transportation system.
Frenchman Gregory Bourdy produced a three-under-par 67 to win the co-sanctioned Hong Kong Open by two strokes from Rory McIlroy on Sunday. Overnight leader Bourdy finished on a 19-under-par total of 261 at Fanling for his third European Tour title and a cheque for €279,288 (Dh1.52bn). It also
It’s probably the most valuable strip of derelict land in the world. The defunct Kai Tak airport sits right in Hong Kong’s Victoria Harbour and is estimated to be worth up to $40 billion -the equivalent, experts say, of around 30 of the world’s tallest skyscrapers. “It is a jewel,” said
Hong Kong is under siege from “zombies” attacking people with spam and leaving a trail of destruction costing millions of dollars a year, analysts have warned. It sounds like the plot of a B-movie but it is the worrying scenario computer users are facing in a city which has been awarded the
US stocks finished higher on Friday as investors focused on the bright side of a mixed payrolls report that showed smaller than expected job cuts in August, although unemployment rate hit a 26-year high. The Dow Jones industrial Average (.DJI) rose 1.03% to 9,441.27, while the Nasdaq Composite Index (.IXIC) rose 1.79% to 2,018.78.
Hong Kong’s economy may be improving
Recent economic data show that the Hong Kong economy is continuing to contract, but also that economic stimulus packages being implemented both locally and internationally, coupled with large liquidity inflows connected to the resumption of initial public offerings (IPOs) on the Hong Kong market, are supporting the domestic economy. However, despite the apparent appearance of “green shoots”, the economy will continue to struggle for the next few quarters. Unemployment continues to rise, retail sales remain weak and external trade is still depressed.
Recent data releases continue to reveal signs of economic weakness. The continued slump can be seen in retail sales data, which showed a 4.8% year-on-year fall in June in value terms, and a 5.4% dip in volume terms. Large year-on-year falls in retail sales by volume were recorded for motor vehicles and parts (down by 15.2%), apparel (by 10.6%) and jewellery, watches, clocks and valuable gifts (by 8.2%). …
Mainboard-listed Yongmao Holdings, one of the largest towercranes manufacturers in China, says it will invest RMB28.35 million ($5.9 million) through its unit Beijing Tat Hong Zhaomao Equipment Rental Co. for a 20.25% stake in joint-venture company Si Chuan Tat Hong Yuan Zheng Machinery Construction Co.
Yongmao says the investment will be funded by its internal resources.
Crane operator Tat Hong Holdings says the company has sold its 45% interest in KTH Mining Engineering to Kok Tong Construction for $1.1 million as part of the plans to divest its non-core businesses. The profit of $863,786 from the sale will go towards the group’s working capital.
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