IN BRIEF (Page 8)

Updated: 2014-12-18 06:19

(HK Edition)

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Stamp duties rake in HK$10.8b

The Special Stamp Duty on residential property transactions has raked in HK$752 million, and the Buyer's Stamp Duty has reached HK$10.8 billion since the measures were implemented, according to statistics from the Stamp Office. As for the Double Stamp Duty, since the Stamp Office is now processing applications for charging ad valorem stamp duty at a lower rate for transactions made during the transitional period, the number of transactions chargeable to additional ad valorem stamp duty and the amount of stamp duty involved are not available at this stage, Secretary for Transport and Housing Anthony Cheung Bing-leung said on Wednesday.

H-shares index products popular

Hong Kong Exchanges and Clearing Ltd's Derivatives Market Transaction Survey 2013/14 found that trading of all investor types - local and overseas, retail and institutional - in H-shares index (HHI) products increased during the period. HHI futures surpassed Hang Seng Index futures in turnover for the first time in a survey period, and it was the most actively traded futures contract in HKEx's derivatives market, which comprises predominantly financial futures and options, in 2013/14. Stock options remained the dominant product by turnover in 2013/14, contributing 48 percent of the total.

USD's rise fuels yuan decline

The yuan dropped on Wednesday, trading at the biggest discount to the central bank's reference rate since June, on signs increased volatility in global financial markets is fueling demand for the US dollar (USD). The mainland currency declined 0.06 percent to 6.1940 per dollar as of 4:12 pm in Shanghai, China Foreign Exchange Trade System prices show. The currency traded at 1.3 percent weaker than the central bank's fixing, within the 2-percent daily limit, representing the biggest discount since June 9. The offshore yuan slid 0.1 percent to 6.1976 per dollar in Hong Kong, according to data compiled by Bloomberg. Twelve-month non-deliverable yuan forwards fell 0.08 percent to 6.3135, a 1.9-percent discount to the onshore spot rate.

Funding plan hits Li Ning

Shares of Li Ning Co Ltd fell 8.1 percent on Wednesday to close at HK$3.06 - their lowest in a decade after the mainland sportswear brand announced moves to raise up to HK$1.7 billion in an open offer of shares. The Hong Kong-listed company plans to offer up to 652 million shares at HK$2.60 each on the basis of five shares for every 12 existing shares. Li Ning reported a first-half net loss of $75 million. The company said it had "laid a solid foundation" for a new phase of growth that will begin next year, and the money raised would be used to support that growth and "optimize capital structure".

China Daily - Bloomberg

(HK Edition 12/18/2014 page8)