Hong Kong Stocks Rise on Nasdaq; China
Mobile, Hutch Lead Gains
By Yeong Choy Leng
Hong Kong, Jan. 12 (Bloomberg) -- Hong Kong stocks rose, led by
telecommunication companies such as China Mobile (Hong Kong) Ltd.,
as the first three-day gain in the Nasdaq Composite Index since
September raised investors' appetite for similar stocks here.
The Hang Seng Index rose 185.30, or 1.2 percent, to 15,276.07,
ending a 2.6 percent loss in the past two days. In the broader market,
157 stocks rose, 25 fell and 532 were unchanged. The Nasdaq rose
4.6 percent, completing its first three-day gain since Sept. 1.
China B shares, which foreigners can own, were mixed. The Shanghai
B-share index fell 0.3 percent to 88.35. In Shenzhen, the B-share index
rose 0.3 percent to 137.14.
The following is a list of companies whose shares are active.
Hong Kong stocks:
Telecommunications and computer-related stocks rose in line with their
U.S. counterparts. China Mobile (Hong Kong) Ltd. (941 HK ), China's
No.1 publicly traded mobile telephone company, rose 80 cents, or 1.8
percent, to HK$44.80. Hutchison Whampoa Ltd. (13 HK ), which has
global telecommunications businesses, rose HK$1, or 1.1 percent, to
HK$96.50. Legend Holdings Ltd. (992 HK ), China's biggest computer
maker, rose 20 cents, or 3.7 percent, to HK$5.60. Pacific Century
CyberWorks Ltd. (8 HK ), Asia's second-largest Internet company, rose
7.5 cents, or 1.6 percent, to HK$4.75.
China Resources Enterprise Ltd. (291 HK ), the Hong Kong-listed
investment arm of China's foreign trade ministry, rose 10 cents, or 0.9
percent, to HK$10.95. Lippo Group unit AcrossAsia Multimedia Ltd. is in
talks to buy more than 50 percent of Peoples Telephone Co., a unit of
China Resources, for HK$1 billion ($128 million), Hong Kong Economic
Times reported, citing Peoples' managing director Leung Kai-hung.
China Resources is also in talks with other parties on the stake sale,
the paper cited Leung as saying.
I-Cable Communications Ltd. (1097 HK ), the cable unit of Hong Kong
property developer Wharf (Holdings) Ltd. (4 HK ), rose 10 cents, or 2.9
percent, to HK$3.55. The company plans to apply for a free-to-air
television license, the Hong Kong iMail reported, citing the company's
president. Wharf rose 40 cents, or 2 percent, to HK$20.
Mingly Corp. (478 HK ), which invests in U.S. technology companies,
surged 14 cents, or 26 percent, to 14 HK cents. The company said its
controlling stockholders offered to buy all shares in the company they
don't already own at 70 HK cents per share, a 30 percent premium to
its last traded price of 54 HK cents on Jan. 2.
Shanghai Industrial Holdings Ltd. (363 HK ), the investment arm of the
Shanghai city government, rose 25 cents, or 1.7 percent, to HK$14.80.
The company has earmarked $300 million this year to invest in a major
technology project and develop logistic, terminal and telecom services,
the Ming Pao Daily newspaper reported, citing brokerage sources. The
company has HK$4 billion cash, which is sufficient to pay for the
investment, the paper said.
China B shares:
Inner Mongolia Eerduosi Cashmere Products Co. (900936 CH ),
China's biggest cashmere producer, dropped 0.3 cent, or 0.6 percent,
to 52.4 U.S. cents. The company this week said it plans to raise as
much as 1 billion yuan ($120 million) selling shares to domestic
investors. Any new share sale dilute earnings per share.
Shanghai Lujiazui Finance and Trade Zone Development Co. (900932
CH ), a property developer, fell 0.2 cent, or 0.4 percent, to 53.4 U.S.
cents. The government lifted a ban on property companies selling
shares for the first time, boosting stock supply.
Tsann Kuen (China) Enterprise Co. (2512 CH ), which makes small
home appliances, rose 1 cent, or 0.3 percent, to HK$3.50. China's
exports of electric fans and microwaves will continue after increasing by
36 percent to $4.3 billion in the nine months to September 2000, the
Shanghai Securities News this week reported.
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