IN BRIEF (Page 3)
Updated: 2010-04-23 07:12
(HK Edition)
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SFC implements proposals on retail products
In a set of consultation conclusions released Thursday, the Securities and Futures Commission (SFC) announced that it will proceed with the proposal to transfer the regulation of public offers of structured products from the Companies Ordinance prospectus regime to the offers of investments regime in Part IV of the Securities and Futures Ordinance (SFO).
The transfer will enable public offers of all unlisted structured products (regardless of their legal form) to be regulated under the SFO. The SFC will publish codes and guidelines for the industry, setting out its regulatory policy on such products. Meanwhile, the existing practice for traditional banking products and listed structured products will remain unchanged. The SFC further recommended to include as "securities" retail structured products not in the form of securities, instead of classifying all structured products as "securities" as originally proposed.
China Overseas Land reports Q1 operating profit
China Overseas Land & Investment Ltd reported an operating profit of HK$2.44 billion ($314.4 million) for the first quarter, amid recent measures by Beijing to cool surging home prices. "The group is optimistic about the medium- and long-term development of the property market in China. It will continue to follow closely the changes in the market and to expedite its business development," Chairman Kong Qingping said in the statement Thursday. Turnover totalled HK$6.06 billion, the company said, without providing a comparison figure. It said its property sales for the three-month period rose 48 percent from a year earlier to HK$13.73 billion, while sales area totalled about 1 million square meters - about the same as the first quarter of last year. The developer said its net gearing rose to 50 percent, while cash on hand fell to HK$15.8 billion at the end of March from HK$23.9 billion at the end of last year.
Hopu, Temasek invest $247m in China Yurun food
Mainland buyout firm Hopu and Singapore wealth fund Temasek have bought $247 million worth of shares in China Yurun Food from the pork producer and distributor's controlling shareholder, a source said, in a move aimed at tapping the country's booming consumer market. Willie Holdings, the controlling shareholder of Yurun, one of China's largest pork distributors, is selling 166 million of its shares at a 9 percent discount to Yurun's closing price on Wednesday, netting HK$3.96 billion ($510.3 million).
Hopu Investments, run by mainland dealmaker Fang Fenglei and former Goldman banker Richard Ong, has taken up $167 million worth of the shares, a source close to the deal said. Temasek has bought $60 million worth of shares and its investment arm, Seatown, has acquired $20 million of the stock, the source, who declined to be identified because of the sensitive nature of the deal, said.
Cathay Pacific to raise fuel surcharge in May
Cathay Pacific Airways Ltd will raise fuel surcharges from May 1, according to a statement on the Hong Kong government's website. The air carrier will increase the fuel surcharge by 14 percent for short haul flights and by 16 percent for long haul flights, the statement.
Agencies - China Daily
(HK Edition 04/23/2010 page3)