15 April 2009 edition | China Financial Scan

In this edition: Huadian Power to raise $512m in equity, China Grentech announces profit, Copper ends 8 day streak in Shanghai, Shenhua says coal production up -sales steady, China Life collects 2% more premiums in Q1, China Communications.....
By: China Financial Scan
 
April 14, 2009 - PRLog -- Top 8 headlines

*Huadian Power to raise $512m in share issuance

  - China's Huadian Power, a builder and operator of power plants, said on Wednesday it would raise up to 3.5 billion yuan ($512 million) by issuing a maximum 750 million new A shares.
  - Subscription to the issue will be limited to 10 investors (including majority shareholder, China Huadian - one of the top 5 power generation groups). Huadian set a minimum subscription price of 4.50 yuan (vs Wednesday closing price of 4.81 yuan).

*China Grentech Climbs Most in Six Months on Outlook
  - China GrenTech Corp, a wireless products and services company, saw its ADRs listed on the NASDAQ jump 29% to $2.18 “The company reports its seasonally stronger December quarter this evening,” Piper Jaffray & Co. (who has a neutral rating on GrenTech) Minneapolis-based analyst Mike Walkley said. The stock may be rising on “speculative buying ahead of the report,” he said.
  - After the close China GrenTech reported a Q4 loss of 31 cents per share but had Revenue rising 9% to $75.4 million.

*Copper in Shanghai Slumps Limit as Price Gains Seen Excessive

  - Copper futures fell in Shanghai as arbitrageurs bought in London and sold in Shanghai, and some traders looked to close out their longs in the lead up to the critical GDP data on Thursday - after copper futures rallied for 8 days in a row.
  - Copper for July delivery on the Shanghai Futures Exchange fell -5% to 38,000 yuan ($5,564) a metric ton. May-delivery copper on the Comex division of the New York Mercantile Exchange slid -1.3% to $2.1115 a pound. Copper for three-month delivery in London climbed 2.2% to $4,660 a ton at 1:50 p.m. Singapore time.

*Shenhua says Q1 coal production up, but sales steady

  - China Shenhua Energy Co. China's biggest coal producer said coal   production rose 16% in Q1 to 51.8 million tons.
  - However coal sales rose only 0.5% to 57 million tons as exports fell 13% to 4 million tons. In Hong Kong its shares closed at HKD22.15, up 10.47%.

*China Life Q1 premium revenue up 2 pct on year ago

  - China Life Insurance Co said on Tuesday its revenue from premiums grew 2% year on year to 104 billion yuan ($15 billion) in the first three months of 2009.
  - China Life said last month it would adopt a conservative investment strategy that focuses mostly on fixed-income products in 2009, after seeing its 2008 profit plunge during the global market turmoil. Its shares closed up 1.25% to HKD28.25 in Hong Kong.

*China Communications Construction H2 net up 18%

  - China Communications Construction reported a net profit of 3.88 billion yuan for the six months ended December 2008, up 18% versus 3.29 billion yuan in the same period a year earlier. Full-year net profit was 6.08 billion yuan in 2008, rising only slightly by 0.7% (EPS of 0.41 yuan); operating profit margin was 6.6%.
  - China Communications shares have under-performed the market this year, down 0.8% YTD versus an 8.3% rise in the Hang Seng (in second half of 2008 it fell 28% versus the market falling 35%).

*Citic May Consider Raising Macarthur Stake, CEO Says

  - Citic Chief Executive Officer Sun Xinguo said Citic Resources Holdings Ltd., the Chinese metal producer-turned-oil supplier, may consider raising its stake in Macarthur Coal Ltd. depending on Citic's cashflow. Citic has interests in commodity sales, aluminium smelting, and oil and coal production and is the largest shareholder in Macarthur at 23.4%.
  - ASX traded Macarthur, which is the world’s largest exporter of   pulverized coal used in steelmaking, (MCC.asx) increased as much as 14%, closing up about 6% at $4.25.

*HK stocks finish 4.55% higher, turnover surges

  - The Hang Seng Index closed up 4.55% to close at 15,580, placing the index up 14.8% from the beginning of April. Turnover jumped to HKD75.42 billion from 52.66 billion on the previous trading day. Mainland stocks were also up; Shanghai Composite +0.54%, Shenzhen Component +1.45%.
  - HSBC was up 9.3% to HKD 55.65 after a Goldman Sachs report said Q1 earnings would be up 20%. Other stocks: Standard Chartered +10.4% (HKD 17.10), Manulife Financial +16.4% (HKD 120.60), HK Exchanges +7.3% HKD   89.25), CITIC Pacific +16.6% (HKD 12.38). Chinese companies also surged; Bank of China +4.6% (HKD 2.95), CNOOC +7.7% (HKD 8.78), Chinalco +11.1% (HKD 6.13).

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