TCL Multimedia reports net loss

TCL Multimedia Technology Holdings Ltd reported a net loss of HK$983 million for the year ended Dec 31, compared with a profit of HK$397 million a year earlier, according to a statement from the company to the Hong Kong Stock Exchange Friday. The net loss per share was HK$92.05 cents, the statement said.

Cement prices to rise 'significantly'

China's cement prices may rise "significantly" in the first quarter from a year ago after the government reiterated its pledge to build 10 million low-income houses, according to Citic Securities Co.

The brokerage recommends buying cement stocks including Anhui Conch Cement Co, Huaxin Cement Co and Tangshan Jidong Cement Co, because demand for the building material will increase by between 9 percent and 11 percent this year, Yang Tao and Pan Jianping, analysts at Citic Securities, wrote in a research note Friday.

Fosun offers to buy all Forte shares

Fosun International Ltd plans to buy all the shares in real estate developer Shanghai Forte Land Co that it doesn't own, the companies said in a joint statement to Hong Kong Stock Exchange Friday.

Fosun plans to delist Forte Land if the buyout goes ahead, according to the statement, which didn't say the price Fosun had offered.

China 33 Media to place 162m Shares

China 33 Media Group Ltd will place 162 million shares at HK$1.80 each, raising net proceeds of HK$258.4 million, the company said in a statement Friday to the Hong Kong Stock Exchange. The shares will begin trading Feb 28 on Hong Kong's Growth Enterprise Market board, the statement said.

Airline bond yields rise to records

Bond yields for China's largest airlines rose to records as soaring oil prices overshadowed plans to invest $228 billion in the world's most populous nation's aviation infrastructure.

China Southern Air Holding Co's 900 million yuan ($137 million) of 4.62 percent bonds due 2014 were last quoted by Chinabond at a yield of 5.199 percent. The yield on Air China's 3 billion yuan of 3.48 percent bonds due 2014 is at 4.805 percent, the most since issue, Chinabond indicative prices show.

CLP: carbon tax lacks clarity

CLP Holdings Ltd, the Hong Kong-based electricity producer with assets across Asia, said the lack of detail in Australia's announcement Thursday of a price on carbon emissions may deter power industry investment.

"It makes life difficult in the short term," Chief Executive Officer Andrew Brandler said in an interview on Bloomberg Television Friday. "There's no real clarity on what this tax is going to look like. I think in the short term it's going to disincentivize investment in Australia's power sector."

About 12.6 percent of CLP's net income came from its Australian power generating business last year, the company said as it reported earnings Thursday. Australia intends to set a fixed price on carbon pollution starting July 2012, followed by an emissions trading system three to five years later, Prime Minister Julia Gillard said in Canberra Thursday. The price and compensation for industries and consumers haven't been decided.

SHKP denies Shanghai project

Sun Hung Kai Properties Ltd denied reports that it is a potential investor in a fund to develop Shanghai's Bund district. The company has no involvement in the fund and is not a potential investor, it said in an e-mailed statement Friday.

Bloomberg - Reuters

(HK Edition 02/26/2011 page2)