Hong Kong Daily News 2011.06.27

China shares advance, Hong Kong stocks slip; Yurun plunges
Reuters
By Vikram Subhedar and Clement Tan HONG KONG, June 27 (Reuters) – China shares rose on Monday, buoyed by transportation and industrial plays as oil prices fell, while Hong Kong stocks slipped on profit-taking triggered by weakness overseas. …
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Mutated scarlet fever fuels Hong Kong outbreak
The Associated Press
Ultramodern Hong Kong is tussling with a centuries-old bug long forgotten in many developed countries — an outbreak of drug-resistant scarlet fever that has killed the first children there in a decade. And with it is the rise of a mutated strain that …
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Asian Shares End Mostly Down,Greek Debt Woes;Energy Cos,Banks Fall
Wall Street Journal
HONG KONG (MarketWatch) – Most Asian markets fell Monday as caution prevailed ahead of this week’s Greek parliamentary vote on austerity measures, with energy stocks shrinking on weaker oil prices and some banks dropping on concerns about a harsher …
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Hong Kong’s real wild side
CNN International
The great outdoors and Hong Kong might seem like an oxymoron, but most of the territory’s best hiking trails can be reached in under an hour from Central on Hong Kong Island. With convenience at the heart of city life, a short taxi ride or bus journey …
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China Yurun Slides in Hong Kong on Report Pork Prices May Narrow Margin
Bloomberg
Yurun slid by HK$5.10, or 20 percent, to HK$20.60 at the 4 pm close of trading in Hong Kong today. The drop was the biggest since the company first sold shares in October 2005 and the steepest decline today on the MSCI Asia Pacific Index. …
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Proposed Bruce Lee Museum Shelved in Hong Kong
Hollywood Reporter
HONG KONG – Plans to build a Bruce Lee museum at the late megastar’s former residence in Hong Kong has been abandoned. The Hong Kong government is unable to reach an agreement with the owner of the property, businessman Yu Pang-lin, for the last two …
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China’s Stocks Rise, Capping Longest Winning Streak in 4 Months
Bloomberg
(Source: Bloomberg) June 21 (Bloomberg) — Wendy Liu, an analyst at Royal Bank of Scotland Group Plc in Hong Kong, talks about the outlook for China’s economy and stock market. Liu speaks in Hong Kong with Rishaad Salamat on Bloomberg Television’s “On …
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Japanese singer Yui stages first foreign show
The Associated Press
HONG KONG (AP) — Rising Japanese singer-songwriter Yui led her four-member band with confidence, switching between electric and acoustic guitar and the keyboard. It was the kind of vibrant live performance that has helped the 24-year-old former street …
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Hong Kong’s CKI mulls Northumbrian Water bid
Reuters
By Rhys Jones LONDON, JUNE 27 – Hong Kong property developer Cheung Kong Infrastructure Holdings (CKI) on Monday said it was considering making a cash offer for Britain’s Northumbrian Water , sending the utility’s shares up 6 percent. …
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Might isn’t right, Labor tells big tobacco
Herald Sun
Philip Morris has launched an action suggesting the commonwealth is effectively planning to steal the company’s brand in contravention of a bilateral investment treaty Australia signed with Hong Kong 20 years ago. But Ms Gillard says Labor isn’t about …
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Hong Kong scientists make vision ‘breakthrough’
Inquirer.net
HONG KONG – Scientists in Hong Kong said Monday they had made a “breakthrough” discovery in how animals see and react to changing light conditions, which could ultimately help fight a range of human diseases. The Hong Kong University of Science and …
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HK May mortgage loans drawn down drop 1.4 pct vs April
Reuters
HONG KONG, June 27 (Reuters) – New mortgage loans drawn down in Hong Kong totalled HK$26.5 billion ($3.4 billion) in May, down 1.4 percent from a month earlier, data from the Hong Kong Monetary Authority (HKMA) showed. The value of new mortgage loans …
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Sun Art Draws Cornerstone Investors for IPO
Wall Street Journal
By PRUDENCE HO And YVONNE LEE HONG KONG—Chinese hypermarket operator Sun Art Retail Group Ltd. has locked in nine cornerstone investors including a sovereign-wealth fund for its planned Hong Kong IPO, which aims to raise as much as US$1.06 billion, …
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Global traveler: Hong Kong: Top of the tower
Belfast Telegraph
By Roger St Pierre Dominating the city skyline as the world’s “highest” hotel the Ritz-Carlton, Hong Kong, (+852 2263 2100, ritzcarton.com) has just opened. Occupying floors 102 to 118 at the very top of the International Commerce Centre (ICC), …
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‘Bachelorette’ Preview: Bentley Williams Is Back & Ashley Confronts Him In …
Hollywood Life
During the June 27 episode, Ashley’s shocked when host Chris Harrison tells her that Bentley’s flown to Hong Kong to see her. “You’re scaring me right now,” Ashley tells Chris as he walks into her hotel room to break the Bentley news. …
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Google: Zero demands from China’s cops, government after server switch
Bizjournals.com
Search and advertising giant Google Inc. said the Chinese government did not ask it to remove any content between July and December 2010, after Google switched to servers in Hong Kong. Google redesigned its “transparency report” page, …
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Injury scare as Diamonds prepare for title defence
Sydney Morning Herald
SINGAPORE: The Australian Diamonds have arrived in Singapore with a concussion scare for mid-courter Kimberlee Green the only minor drama from their Hong Kong training camp, as coach Norma Plummer declared her team healthy and prepared to start their …
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Water shares bubble up as Hong Kong group considers bid for Northumbrian
The Guardian
Northumbrian Water jumped 8% – up 30.5p to 413.5p – after Hong Kong property business CKI said it was considering a cash offer for the company. Any bid would be worth more than £2bn, but CKI said there was no certainty a deal would happen. …
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Tiger Global, Singapore Are Buyers in Sun Art’s $1 Billion Hong Kong IPO
Bloomberg
By Zijing Wu – Mon Jun 27 16:34:07 GMT 2011 Sun Art Retail Group Ltd., the Chinese hypermarket operator backed by France’s Groupe Auchan SA, plans to raise as much as HK$8.2 billion ($1.1 billion) in a Hong Kong initial public offering. …
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Hong Kong harbour-and-dinner quickie
Sydney Morning Herald
Could you advise on the practicality of heading into Hong Kong for a quick look at the harbour and dinner after our 6pm flight arrives? We are staying at the Novotel Citygate Hotel and our flight to London is mid-morning the next day. …
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Jingneng Hong Kong IPO Institutional Tranche Fully Covered – Source
NASDAQ
HONG KONG -(Dow Jones)- The institutional tranche of Beijing Jingneng Clean Energy Co.’s initial public offering has been fully covered, a person familiar with the situation said Monday. Among other investors, Fidelity has agreed to invest US$50 …
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July 1st solar eclipse will bring down Hong Kong astrologers warn Wen Jiabao
The Spoof (satire)
The high street lender’s decades-long bender on Enron-rooted scams is predicted to come to a very sticky end this Friday, the fourteenth anniversary of the UK’s ‘handover’ of Hong Kong to the Chinese. During the early 1990s – at the height of Princess …
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Rank sits on the fence
Financial Times
By Jonathan Guthrie Shareholders in Rank have been put on the spot by Guoco, the Hong Kong vehicle of Malaysian billionaire Quek Leng Chan. Guoco has lifted its stake in the resurgent gambling business to more than 56 per cent at a price of 150p per …
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Hong Kong Book Fair looks to top one million visitors
The Independent
The annual Hong Kong Book Fair has evolved into a social phenomenon, attracting streams of crowds through its doors, courting some controversy and even – in more recent years – attracting a selection of the heavyweights of the world literary scene. …
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Offshore yuan market takes shape with first daily FX fixing
Reuters
HONG KONG, June 27 (Reuters) – The yuan was set at 6.4753 to the US dollar in the Hong Kong offshore market on Monday, the first-ever such fixing for the Chinese currency in a move that banks hope will help further deepen the burgeoning market and …
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Nicholas Tse admits marriage in trouble, but still loves Cecilia Cheung
Channel News Asia
BEIJING: Hong Kong actor Nicholas Tse admitted on Sunday, during the premiere of his film “Treasure Inn” in Beijing, that there were some “definite problems” in his marriage to actress Cecilia Cheung,reported Hong Kong media. …
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Michael Jackson’s “Thriller” Jacket Sold for $1.8 Million at Auction; Bruce …
Washington Post (blog)
(AP via Washington Post) Postponed: Efforts to build a Bruce Lee museum in the late kung fu movie star’s Hong Kong have stalled again. (ABC News) Inside the Pocketbook: Court filing offers a rare view of the Philadelphia Orchestra’s finances, …
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China Construction Bank (Asia) and ING Mark New Milestone of Another 10 Years …
MarketWatch (press release)
The comprehensive series of life and savings insurance products (in both HKD or RMB) from ING will continue to be available through the extensive branch network of CCB (Asia) in Hong Kong and Macau. This strategic move marks an exceptional chapter for …
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IFR-Far East Horizon deal to re-open China securitisation market
Reuters
By Nethelie Wong HONG KONG, June 25 (IFR) – Hong Kong-listed Far East Horizon has received approval for a Rmb1.1bn (US$165m) asset-backed securitisation that will mark the first deal of its kind from China since late 2008. Although the lease receivable …
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CCIM China Immersion | Hong Kong, where East meets West
Ball State Daily News
Hong Kong is a fascinating place, with a fascinating history. Hong Kong once was a colony of Britain because of this it contains aspect of the East and the West. Businesses from both ends of the earth take residence in Hong Kong, and business from the …
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Hong Kong Wah Nam to use Brockman stake to drive further iron ore consolidation
SteelGuru
Bloomberg reported that Hong Kong Wah Nam will use its major stake in Brockman Resources to drive further consolidation in the Pilbara iron ore sector and unlock an infrastructure solution for emerging hopefuls. The investment company emerged with a …
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Meet Hong Kong’s favorite pig this summer
CNNGo.com
A cartoon pig has beaten Jacky Chan and many other local superstars to promote “Hong Kong Summer Spectacular,” a city-wide summer program that is running until August 31. The Hong Kong Tourism Board (HKTB) is “hiring” McDull, a much-loved cartoon pig, …
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RBS adds Chinese investment bankers, betting on deal boom
Reuters
HONG KONG, June 27 (Reuters) – State-controlled Royal Bank of Scotland Group Plc said on Monday that it has hired two senior investment bankers in China, looking to grab a larger piece of dealmaking in the world’s second-largest economy. …
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Q&A: Gordon Chan Talks About ‘The Mural’
Hollywood Reporter
The Hong Kong film veteran talks about the arrival of effects-heavy films in China, and how far Chinese filmmakers still have to go. Gordon Chan famously took the ghosts out of the best-known Chinese ghost stories and ushered in the fantasy genre into …
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Luxury brands follow the money to Asian countries
Deccan Herald
Shoppers like Chen Zhuhang and Lin Xing are the reason that Prada, Samsonite and L’Occitane have chosen to stage stock market listings in Hong Kong. Neither of the two men professed much interest in investing in the Italian luxury fashion house Prada, …
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ECFA impact should be reassessed: academics
Taipei Times
Comparing the ECFA to the Closer Economic Partnership Arrangement (CEPA) signed between China and Hong Kong in June 2003, Huang said the repercussions for Hong Kong included “lower average wages and lower productivity” for workers in the manufacturing …
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Food Critic from Hong Kong Visits Korea
Arirang News
Hong Kong food critic Chua Lam is the definitive voice on all things related to food. On top of that, he has visited Korea more than a hundred times to understand and love its cuisine more than any other connoisseur! Having written more than 100 books …
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Mainlanders live in luxury in Hong Kong
China Daily
By Gao Qihui (chinadaily.com.cn) Mainlanders own the majority of Hong Kong’s top-end mansions, according to real estate figures. About 70 percent of Hong Kong’s luxury houses worth more than HK$100 million ($12.83 million) were purchased by Chinese …
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GENTLEMEN’S TONIC refreshes Hong Kong’s grooming and care industry for men
7thSpace Interactive (press release)
Hong Kong (HKSAR) – British men’s grooming and care business, GENTLEMEN’S TONIC, today (June 27) announced the launch of its business in Hong Kong. This is the company’s first outlet in Asia and is located in The Landmark building’s lower ground floor …
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UPDATE 1-Nine Dragons Paper sees higher debt levels this yr, to fall in 2012
Reuters
HONG KONG, June 27 (Reuters) – Beleaguered paper products maker Nine Dragons Paper (Holdings) Ltd expects its debt level to be higher this year because of investments in new projects, but that should start to fall in 2012 and 2013, Chairwoman Cheung …
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LegCo to debate a motion on the proposal on the constitutional reform in Hong Kong
7thSpace Interactive (press release)
During the meeting, Members will debate a motion on the proposal on the constitutional reform in Hong Kong. The motion, to be moved by Hon Leung Kwok-hung, states: “That on July 1, 2003, over 500 000 Hong Kong people took to the streets in protest, …
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Analysis: Asia hedge funds sharpen focus on risk
Reuters
By Nishant Kumar HONG KONG (Reuters) – As chief risk officer of newly launched Vulpes Investment, Bert Verdicchio is one of a powerful emerging breed of professionals trying to make Asia’s fast-growing hedge funds safer for investors. …
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First Tibetan company completes HK IPO
FinanceAsia
A Tibetan bottled-water company lists in Hong Kong, but Hosa and China Outfitters are forced to cancel their deals as investors shy away from mid-cap IPOs. By Anette Jönsson | 27 June 2011 Tibet 5100 Water Resources Holdings has raised HK$1.38 billion …
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Russia’s LUKOIL may push back Hong Kong listing
Reuters Africa
MM: Quote) will most likely not place shares in a public offering in Hong Kong this year, Andrei Gaidamaka, the company’s deputy vice president for strategic development, said on Monday. “Most likely it won’t happen,” he told reporters on the sidelines …
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Paul Hastings plans South Korea push as it awaits green light for US free …
The Lawyer
Chair of Paul Hastings’ London office Ronan O’Sullivan said Seoul was the next natural step for the firm’s Asian network, which is already tapping into the explosion of capital markets and IPO work in Hong Kong. “We have a fantastic Hong Kong office …
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ICC reviews ban on cricket minnows
Herald Sun
Cricket’s governing body has begun its four-day annual conference in Hong Kong with all eyes on the controversial proposal, which caused outrage among the smaller nations. ICC president Sharad Pawar has asked his board to discuss the matter at the …
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Hong Kong Triathlete Expected For PD Triathlon 2011
Bernama
PORT DICKSON, June 27 (Bernama) — Hong Kong’s leading triathlete Lee Chi Wo is expected to be among the 1500 participants of the Port Dickson International Triathlon (PDIT) 2011 scheduled for July 23 and 24 at the Avillion Admiral Cove. …
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Guangzhou Auto: Minority Shareholders OK Plan To Take GAC Changfeng Motor Private
Wall Street Journal
HONG KONG (Dow Jones)–Minority shareholders of Guangzhou Automobile Group Co. ( 2238.HK) on Monday approved the Chinese auto marker’s plan to take a 29%-owned affiliate private via a share-swap offer, a move that will allow the company to list its own …
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Asian shipping stocks headed for storm: analysts
MarketWatch
By Chris Oliver, MarketWatch HONG KONG (MarketWatch) — Asia’s shipping companies are headed for troubled waters, with operators of both bulk and container vessels recently subjected to brokerage downgrades on concerns of glutted supply and a cooling …
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