Business News From The Hong Kong Press Thursday
Thursday February 8, 9:06 AM
Hong Kong Exchanges and Clearing (H.HEC) said it has taken no action on any of the 7,800 cases of suspicious share price movements it investigated last year, reports the South China Morning Post. It said only two companies were publicly censured for improperly disclosing price-sensitive information in 1998 and 1999, respectively. However, it added that some 3,000 clarification announcements were made as a result of the exchange's investigations last year.
Kowloon-Canton Railway Corp., or KCRC, plans to launch 11 development projects along its lines from 2001 to 2003, the Hong Kong Economic Journal reports, quoting the company's chairman.
HKCB Bank Holding (H.HKB) is looking to acquire some retail banking assets in Hong Kong, the Hong Kong Economic Journal reports, quoting the bank's chief executive officer.
Securities brokerage KGI denied speculation it will shut down its online securities trading business in Hong Kong, the Hong Kong Economic Journal reports, quoting Associate Director Ben Kwong. The report also said the development of local online trading has slowed due to shrinking market trading volume.
China's second- and third-largest oil companies, China Petroleum and Chemical Corp., or Sinopec, (SNP) and listing candidate CNOOC (H.CNO), are in talks over forming a joint oil exploration project in the East China Sea, the South China Morning Post reports, quoting Sinopec's deputy director of the board secretariat.
HSBC Holdings (HBC) is still looking at possibly acquiring troubled Turkish bank Demirbank, despite rumors it had pulled out of discussions, the South China Morning Post reports, quoting Shaun Wallis, head of international at HSBC in London. "We will have to see what happens. The tender is just being issued and we do remain interested," Wallis said.
Helicopters Hong Kong, or HeliHongKong, and mainland carrier Hainan Airlines are in talks to set up a Hong Kong-based regional airline that could challenge both Cathay Pacific (H.CPA) and Hong Kong Dragon Airlines over traffic to and from the mainland, the iMail quotes HeliHongKong's Chief Executive Andrew Tse as saying.
China Unicom (CHU) aims to introduce at least one foreign strategic investor into the company by the end of this year, the iMail quotes Vice President Li Zhengmao as saying. The exact number of strategic investors would be determined by the Ministry of the Information Industry, he said.
-By Anette Jonsson and Sonia Tsang, Dow Jones Newswires; 852-2802-7002; anette.jonsson@dowjones.com -0- 08/02/01 01-06G
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