MARKET TALK-HK:Sinotronics To Raise $67.2M On Listing
Thursday, January 11 8:29 AM SGT
0829 [Dow Jones] Electronic manufacturing service provider Sinotronics Holdings plans to raise $67.2 million from flotation on GEM, underwriting source told Dow Jones late yesterday. With all 84 million shares placed with institutional investors at proposed price of 60-80 cents, Fujian-based company expected to witness little volatility when trading begins in early February.(STT)
0820 [Dow Jones] HK SHARES OVERNIGHT: Shares fell in London trading; U.K.-based HSI ended down 51 at 15385. Property companies fell on Sino Land's (0083) $783 million share placement; Sino Land lost 5 cents to $4.12, Hutchison (0013) fell 38 cents to $97.87 and SHK Properties (0016) down 25 cents at $80. HSBC lost 5 cents to $116, climbing down from recent highs. "It is all incredibly dull out there and not looking good at all," says one trader of Asian shares in London; "I can see it all drifting lower over the next week." In New York, ADRs mostly higher; China Mobile (0941) up 1.1% at US$29.06 (equivalent to HK$45.33); China Unicom (0762) up 0.8% at US$15.25 (equivalent to HK$11.90); HSBC (0005) down 0.1% to US$74.90 (equivalent to HK$116.84); Cheung Kong (0001) flat at US$13.35 (equivalent to HK$104.13); Hutchison up 0.4% at US$62.25 (equivalent to HK$97.11); Pacific Century CyberWorks (0008) down 2% at US$6.25 (equivalent to HK$4.88).(SMG,STT)
0810 [Dow Jones] WALL STREET: Nasdaq up despite another round of discouraging news about profit trends, suggesting recent selloff may have bottomed out; index up 3.4%. Chip stocks Altera and Xilinx up despite downbeat comments from Thomas Weisel. Cisco eased 2% after CIBC World Market cut stock to hold from buy on view it overvalued; company later said 2Q results could be unfavorable. Telephone equipment makers little changed after falling Tuesday on Nokia's weak handset sales. DJIA edged up 0.3%, with some profit-taking in stocks that might be hurt by severe economic slowdown. But some weakness in techs after-hours, with Yahoo! tumbling 19%; it met 4Q expectations but warned 2001 will be well below analysts' expectations on curbed spending on online advertising. Motorola little changed after-hours; 4Q earnings in line with lowered expectations and big drops in orders in chip and handset units.(RXM)
0800 [Dow Jones] OUTLOOK: 1000 HSBC (0005) media conference on outlook for Asian markets in 2001;
1245 Selina Chow, Chairman of HK Tourist Association, speech on strategy to promote HK as international tourist center; sponsored by HK General Chamber of Commerce;
1315 Anton van Gorp, CEO of now defunct adMart, luncheon speech on adMart; sponsored by American Chamber of Commerce;
1430 SSB Citi Asset Management media conference on equity investments;
1800 Far Eastern Economic Review and Deloitte Consulting joint presentation and discussion on e-Business Awards 2000.(STT)
[Questions and comments please to Stephanie Tam at (852) 2832-2346 or stephanie.tam@dowjones.com. Currency amounts are in Hong Kong dollars and time is local Hong Kong time.]
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