Stocks climb to one-week high

Hong Kong stocks rose, lifting the benchmark index to a one-week high. China Resources Land, a state-controlled developer, advanced 4.9 percent.

The Hang Seng Index advanced 0.9 percent to 21,237.43, its highest close since March 19. The measure has dropped 2.7 percent this quarter, ending three straight quarters of gains. The Hang Seng China Enterprises Index, which tracks the so-called H-shares of Hong Kong-listed mainland companies, climbed 1.4 percent to 12,215.48. Construction Bank, China's second-largest lender, rose 1 percent. Flyke International Holdings Ltd, an athletic-shoe producer, leapt 14 percent on its debut.

Citic Resources may acquire more assets

Citic Resources Holdings Ltd may consider acquiring two or three oil assets in Asia and Africa to benefit from a recovery in crude prices.

The Hong Kong-listed company has HK$1.5 billion ($193 million) of cash in hand and cash flow of HK$4.4 billion, Chief Executive Officer Sun Xinguo said at a media briefing in Hong Kong Monday. He declined to say how much of that would actually be spent on acquisitions.

"We are expecting a stronger performance this year in terms of profit, as oil and commodity prices are rising and production is increasing," Sun said. Citic Resources plans to more than double its spending on its oilfields in Indonesia, Kazakhstan and China this year to $375 million, Sun said.

L'Occitane to launch HK IPO

French cosmetics retailer L'Occitane en Provence has received approval from the listing committee of Hong Kong's stock exchange for a $400 million to $600 million initial public share offering, a source close to the deal said. L'Occitane, which sells body care products and fragrances in more than 70 countries including Britain, China, France, Japan, South Korea and the United States, will become the first French company to list in Hong Kong. Founded in 1976 by Olivier Baussan, the company originally planned to launch its IPO in 2008, but postponed the plan because of the financial crisis. The company chose Hong Kong over Paris for its listing because Asia has been its fastest-growing market, the source said, adding that the company planned to start pre-marketing for the offering in early April.

Sinopec nets 61b yuan in 2009

Oil giant China Petroleum & Chemical Corporation, or Sinopec, has announced a net profit of 61.26 billion yuan for the year ended December 31, 2009, representing an increase of 109 percent over the same period the previous year.

Su Shulin, Chairman of Sinopec, said despite the global financial crisis and intense market competition, "the company achieved impressive results by taking a series of proactive measures, including vigorous efforts to develop new markets and targeted management for refinement of details."

APLF forums open at HKCEC

The APLF Materials Manufacturing & Technology Forum opened Monday and will continue to March 31 at the Hong Kong Convention & Exhibition Centre. The event offers a professional business platform for those in the field of raw materials - leather and other fabrics, components and machinery.

Michael Duck, a director of APLF Limited, said that the leather industry will be buoyed this year by the continued growth of the Chinese economy and the increasing demand in Asia.

Agencies - China Daily

(HK Edition 03/30/2010 page2)