IN BRIEF (Page 3)
Updated: 2010-04-16 08:11
(HK Edition)
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Stocks rise, led by HSBC
Hong Kong's stock index rose for a second day after China's inflation climbed less-than-estimated and JPMorgan Chase & Co reported earnings that beat analysts' forecast. The Hang Seng Index rose 0.2 percent to 22,157.82 at the close. The Hang Seng China Enterprises Index, which tracks the so-called H-shares of Hong Kong-listed mainland companies, fell 0.2 percent to 12,813.88.
HSBC Holdings Plc, which made 20 percent of its 2009 revenue in North America, advanced 2.2 percent.
China Grand Auto said to plan $1b IPO
China Grand Automotive Group, a car dealer part-owned by private equity firm TPG Inc, has hired Goldman Sachs Group Inc and China International Capital Corp for an initial stock sale, said three people with knowledge of the plan. China Grand Automotive may sell about $1 billion of shares as early as this year, probably in Hong Kong, said one of the people, who declined to be identified because the information is private.
China Shenhua Q1 coal output up 8% yr/yr
Hong Kong-listed China Shenhua Energy Co, the world's top coal producer by market value, said its commercial coal production for the first quarter rose 8.3 percent from a year earlier to 56.1 million tons. Coal sales for the same period were up 14.2 percent at 65.1 million tons, while exports were unchanged at 3.9 million tons, China Shenhua said in a statement Thursday. In March, Shenhua said commercial coal production fell 1 percent to 19 million tons, while sales fell 6.2 percent to 21.3 million tons.
Country Garden to sell bonds at 11.625%
Chinese developer Country Garden plans to sell a benchmark-sized seven-year dollar bond with a yield of about 11.625 percent, two sources familiar with the matter said. The developer has hired JPMorgan and Goldman Sachs for the deal, which may be priced in early New York trading, the sources said Thursday.
The proceeds would be used to refinance local currency convertible bonds due in 2013 worth 4.3 billion yuan ($630 million), one of the sources said. Country Garden plans to invite tenders to buy back its convertible bonds.
Agencies - China Daily
(HK Edition 04/16/2010 page3)