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Make money Blog$/Investors and traders in China’s main financial district are talking about the following before the start of trade today:
U.S. shares rose overnight amid hopes that Japan’s crisis may be easing. Chinese Internet stocks traded in the U.S. gained after Google reportedly said that users of Gmail in the country have had their access disrupted. (“China Wealth” isn’t having that problem here in Shanghai.) Bad news for Google in China last year proved to be good news for shareholders in the company’s main Chinese rival, search engine Baidu, whose Nasdaq-listed stock more has more than doubled in the past 12 months. Baidu rose 2.9% last night. Sina, which offers email accounts and also might benefit if Google faces new problems in China, rose 5.6%.
Unsettled international financial markets have claimed plans for an IPO this month in Hong Kong by Chinese paper supplier Zhengye International Holdings. The company said this morning it wouldn’t proceed “in light of the change in market conditions and recent unexpected and excessive market volatility.” The company said decision was also made “with the investors’ best interests in mind.”
Many big Chinese retailers are focused on expanding in the country’s second- and third-tier cities. In a step in that direction, Hong Kong-listed Maoye International said today its Shanghai-listed subsidiary, Chengshang Group, purchased a commercial plaza in Shandong Province for 134 million yuan, adding to its expansion in eastern China. Shenzhen-based Maoye is led by Huang Maoru, who ranked no. 692 with wealth of $1.8 billion on the 2011 Forbes Billionaires List.
Tudou, the online video company that competes with New York-listed Youku and whose IPO has reportedly been delayed by complications from the chairman’s divorce, is part a stream of similar family-related squabbles disrupting other start-ups, according to a report in today’s 21stCentury Business Herald. Others businesses facing family disputes include the operator of website www.ganji.com and restaurant chain Kungfu, the newspaper said. Family problems recently rocked Macau casino king Stanley Ho’s empire, and can represent a time bomb for business. Please see related article here.
Earnings season continues this week. Longfor, the Hong Kong-listed real estate developer led by Chinese billionaire Wu Yajun, said yesterday net profit rose by 87% to 4.1 billion yuan in 2010. Wu ranked no. 185 on the 2011 Forbes Billionaires List announced earlier this month. China Lilang, the men’s apparel retailer, said yesterday that net profit rose by 38% last year to 418 million yuan, on sales that increased by 32% to 2 billion yuan. The controlling Wang family made the Forbes China Fujian Rich List last year.
China, which led the world in IPOs last year, has three new listings today at its ChiNext board in Shenzhen. They are: Suzhou Kingswood Printing Ink (300192), an ink supplier, Shenzhen Jasic Technology (300193), a maker of welding machines that is 14% owned by Hong Kong-listed Fosun International (Fosun Media is a licensing partner of Forbes Media in China), and Chongqing Fuan Pharmaceutical (300194), a pharmaceutical maker.
Switching to China’s building sector, shares in Lonking, the Hong Kong-listed Chinese construction equipment maker, gained 1.6% yesterday after it said on Sunday that net profit rose by 120% to 1.7 billion yuan in 2010, on sales that rose to 12 billion yuan from 6.9 billion yuan a year earlier. Business improved on strong infrastructure spending , helping sales of excavators and wheel loaders. Lonkong chairman Li San Yam ranked no. 564 on the 2011 Forbes Billionaires List with wealth of $2.1 billion.
And Sany Heavy Industry, the Chinese construction equipment company led by China’s second-richest person, billionaire Liang Wengen, rose 1.1%. The company said last Friday that net profit last year rose by 112% to $864 million. Revenue gained 79% to $5.2 billion. Liang was the second richest mainland Chinese on the new 2011 Forbes Billionaires List published earlier this month. Sany Heavy’s Shanghai-traded shares climbed by 7.6% on Friday. The two compete with Catepillar in China.
Shares in Brightoil Petroleum, a Hong Kong-listed oil transport and warehousing company led by Sit Kwong Lam, rose by 3.7% yesterday after it said on Sunday that it lined up $600 million in financing from the China Development Bank for expansion. Sit ranked no. 409 on the 2011 Forbes Billionaires List with wealth of $2.8 billion. Its shares dropped 7.7% on Friday.
Domestically traded shares in companies that provide nuclear energy-related equipment and that were hurt during the peak of Japan’s crisis last week continued to recover yesterday. Dongfang Electric rose 1.2%, Shanghai Electric Group, whose shares are traded in Shanghai and Hong Kong, gained 1.5% and Shanghai-listed Shanghai Automation Instrumentation closed up by 0.7%
Tumult continued in trading in Chinese small-cap stocks in the U.S. overnight as investors remained wary of accounting fraud after a spate of problems. Among the group, Deer Consumer lost a fifth of its value.
Please click here for the Chinese-language edition of Lujiazui Breakfast.
–With Maggie Chen
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