Hackers hit HKEx filings site again

Hong Kong Exchanges & Clearing Ltd faced a second day of attacks from hackers on Thursday that slowed down its website for company news and disclosure.

The bourse was targeted by a "sustained and systematic" denial of service attack on Wednesday and Thursday, said Chief Executive Officer Charles Li at a press briefing. While the exchange doesn't know who the hackers are, trading systems weren't affected and the defense that's in place is working well, he said.

Hong Kong Exchanges said it will introduce alternative ways of distributing information and move away from a centralized disclosure method that leaves the website and its backup system vulnerable. The bourse plans to place notices in newspapers telling people about scheduled corporate announcements, Li said.

Swire underlying profit falls 48%

Swire Pacific Ltd said first-half underlying profit fell 48 percent as higher rental income failed to compensate for a decline in the contribution from Cathay Pacific Airways Ltd.

Profit excluding revaluations declined to HK$4.6 billion ($590 million), or HK$3.06 a share, from HK$8.91 billion, or HK$5.92 a share, a year earlier, Swire said in a stock exchange statement on Thursday. That beat the median HK$4.4 billion estimate of five analysts surveyed by Bloomberg News.

Cathay, 42 percent-owned by Swire, said on Wednesday profit before non-recurring items fell 44 percent on higher fuel costs.

Alibaba eyes more acquisitions

Alibaba.com Ltd will consider making more acquisitions, Chief Executive Officer Jonathan Lu said in a conference call on Thursday. The company's business was "little affected" by the dispute centered on parent Alibaba Group Holding Ltd's Alipay affiliate, Lu said.

Stocks dip as debt concerns mount

Hong Kong stocks fell for a seventh day in eight on Thursday as concern mounted that Europe will fail to contain its debt crisis, slowing the global economy.

The Hang Seng Index (HSI) dropped 0.95 percent to 19595.14, paring losses of as much as 2.6 percent. The Hang Seng China Enterprises Index declined 0.73 percent to 10502.73.

The HSI is in a bear market after falling 22 percent from its high in November 2010. The equity benchmark has lost 15 percent this year, the worst performance among Asia's five developed stock markets, according to data compiled by Bloomberg.

HSBC slid 2.9 percent to HK$67, and Standard Chartered declined 3.9 percent to HK$176.90.

Financial shares across Europe and the US plunged on Wednesday amid concern that the debt crisis in countries from Greece to Italy and France is worsening. Contracts to insure French government debt against default for five years increased 13 basis points to 174.5 basis points on Wednesday, according to data by CMA.

Tencent Holdings Ltd slumped 4.7 percent to HK$181.60 after reporting second-quarter profit that missed analyst estimates.

China Railway Group Ltd and CSR Corp sank at least 6.1 percent after the central government said it will suspend approvals on new railway projects following a deadly train crash last month.

Airlines advanced. China Southern Airlines Co and China Eastern Airlines Corp surged at least 6.5 percent.

Futures on the HSI lost 1.1 percent to 19411.

Bloomberg - Reuters

(HK Edition 08/12/2011 page2)