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Investors in China’s main financial district are talking about the following before the start of trade today:
With markets nervous about European debt and global growth prospects, shares in Chinese companies are likely to be mixed today.
Investors looking for a government retreat from measures that have pushed down property prices won’t readily find it in the papers today. Vice Premier Li Keqiang, widely seen as the successor to China Premier Wen Jiabao next year, said while visiting Hebei Province the government will stick by measures to limit real estate price increases from rise overly fast, according to a front-page report in today’s Shanghai Securities News. Tight credit contributed to a 28% drop in China’s main index for real estate stocks this year. Shenzhen-traded shares in China Vanke, one of the country’s largest developers, lost 2.1% last Friday.
Profit growth among Chinese industrial companies is solid but slowing, today’s Shanghai Security News also reported. Whereas profits rose by 25% for the first 10 months of the year, they only gained 12.5% year-on-year in October, the National Bureau of Statistics said.
Taking advantage of interest among overseas investors in holding renminbi-denominated debt, Shanghai Baoshan Steel Group, the parent company of Shanghai-listed Baoshan Iron and Steel, said on Saturday that it has successfully sold 3.6 billion yuan in a bond offering in Hong Kong. The two-year debt of 1.0 billion was sold at a yield of 3.125%, 2.1 billion of three-year was sold at 3.5%, and 500 million of bonds were sold at 4.375%. Baoshan’s shares lost 0.2% on Friday.
Shanghai-listed cosmetics maker Shanghai Jahwa United, whose main state shareholder said this month it would sell off its shares to an investment company controlled by the Hong Kong- and Shanghai-listed Ping An Insurance Group, says it will team up with Kao of Japan to build up sales in China. Jahwa will add Kao baby diaper and other products to its distribution network. Shares in Jahwa United rose by 0.1% on Friday.
An electronics component supplier for Apple led a group of four domestic IPOs higher on Friday. Shares in Suzhou Anjie Technology rose by 24% on their debut at the Shenzhen Stock Exchange. Goldenmax International Technology a maker of copper clad laminate products, also had a successful debut in China on Friday. Stocks closed at 12.44 yuan, up 11.1% at the Shenzhen Stock Exchange. Chemical maker Zhejiang Zanyu Technology, a supplier to Unilever and P&G rose by 17%, while Dongguan Kingsun Optoelectronic, a leading manufacturer of outdoor and indoor LED lighting, rose 2.3%.
In Hong Kong trading on Friday, shares in Alibaba.com were hammered by 11% amid worries about the global economic outlook and its earnings prospects. Internet stocks were mixed overnight in the U.S. Among them, Renren lost 1% to $3.71, and is hovering just above its 2011 low after plunging more than 80% from its post-IPO peak this year.
Shares in Focus Media continued to stabilize after getting hit with a sell report by Muddy Waters on Monday. On Friday, they closed up by 0.5% to $17.70. The company’s biggest shareholder is Fosun International. Fosun Media is the Chinese licensing partner for Forbes Media.
In Hong Kong, one of the biggest IPOs this year, the Chow Tai Fook jewelry chain controlled by billionaire Cheng Yu-tung, is reportedly to kick off today, capping a flurry of fashion-related listings at its exchange this year. Prada of Italy earlier this year went public in Hong Kong, and its shares are trading at a price-earnings multiple of more than 30 times. Coach of the U.S. said last week it planned to have its shares trade in Hong Kong, also. Tiffany has been expanding its sales efforts in China in recent years. Cheng ranked no. 4 on the 2011 Forbes Hong Kong Rich List with wealth of $9 billion.
source: forbes.com
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