IN BRIEF (Page 2)

Updated: 2010-04-14 08:08

(HK Edition)

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Stocks fall, Air China slips

Hong Kong stocks slipped for a second straight session Tuesday, with currency-sensitive plays such as Air China lower on comments by Chinese President Hu Jintao that yuan appreciation is not imminent.

The benchmark Hang Seng Index closed 0.16 percent lower at 22,103.53. The China Enterprise Index of top locally listed mainland firms was down 0.88 percent, to 12,839.85. Airlines were some of the worst-hit, as investors had bet last week that a one-time revaluation of the yuan would be good for the sector as airlines usually buy aircraft and fuel in dollars. Air China closed 2.9 percent lower.

Shimao full-year profit more than quadruples

Shimao Property Holdings Ltd, the mainland developer controlled by billionaire Xu Rongmao, said 2009 profit more than quadrupled as economic growth boosted home prices and sales.

Net income jumped to 3.51 billion yuan ($514 million), or 1.014 yuan a share, from 841 million yuan, or 0.254 yuan, a year earlier, the Hong Kong-listed company said in a statement Tuesday. Sales more than doubled to 17 billion yuan, it said. It aims to receive 30 billion yuan of contracted sales this year, from 22.5 billion yuan in 2009, the company said in the statement.

BOC mandates 5 banks for $6b share sale

Bank of China, China's third-largest lender, has mandated five investment banks to handle its $6 billion H-share placement, IFR Asia, a Thomson Reuters publication reported, citing banking sources.

The five banks are Bank of China International, Bank of America Merrill Lynch, CCB International, Credit Suisse and ICBC International. Bank of China also plans to issue a 40 billion yuan ($5.86 billion) A-share convertible bond.

Christie's positive on art market

Auction house Christie's expects to sell HK$1.5 ($193 million) worth of predominantly Chinese artwork during its spring sales in Hong Kong, buoyed by recent positive art sales in the region. While the estimate is similar to the total achieved at Christie's previous sales series in Hong Kong last autumn, it expects positive market sentiment from last week's record Sotheby's Asia auctions to spill into its own sales in May.

"Across the board, we're feeling quietly optimistic," Jonathan Stone, regional managing director for Christie's in Asia, said Tuesday.

Given current sentiment, he said the final tally might even surpass the HK$2 billion mark ($258 million), given higher valuations for objects compared with autumn, a shrinking supply of top artwork and consistently strong demand for exceptionally rare items, even during the worst of the financial crisis.

Deripaska may be replaced as RUSAL's CEO

Russian industrial tycoon and the chief executive of Hong Kong-listed United Company RUSAL Oleg Deripaska may be replaced by Vladislav Solovyov at the helm of the aluminum giant, the business daily Vedomosti reported. RUSAL's press service Tuesday denied the report. On Monday, Deripaska said he would become chief executive of his holding company En- Group, replacing Solovyov.

Agencies - China Daily

(HK Edition 04/14/2010 page2)