HONG KONG NEWSPAPER HIGHLIGHTS MAY 30 2001
2001-05-31
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Highlights of today's newspapers
THE SOUTH CHINA MORNING POST
- The number of daily flights between Hong Kong and Taipei could be increased by as much as 25 per cent with a new commercial agreement to be negotiated in the next few months between Hong Kong and Taiwan airlines.
- A property price war is imminent as developers speed up the sale of remaining units to bolster the sluggish primary residential market, according to analysts.
- The first four months of the year saw Standard Chartered Bank group overtake Bank of China (BOC) as Hong Kong's leading home mortgage lender.
- New Government proposals on the controversial Securities and Futures Bill have done little to ease opposition to the legislation from brokers, while increasing the anger of banks.
- The Securities and Futures Commission has set up Hong Kong's first shareholder advisory group to improve its links with investors.
- A listing next week on the Growth Enterprise Market (GEM) will set a new standard - for the lowest amount so far raised on the second board, with costs and fees taking nearly a third.
- The chances of Pacific Century CyberWorks' mobile venture winning Singapore's MobileOne (M1) stake have improved after Vodafone Group said it would not bid in the auction for the Asian mobile stake.
- A long-delayed results announcement shows that locally listed mainland property investor Nam Fong International Holdings incurred a HK$1.11 billion loss in the year to December 31, 1999.
THE HONG KONG STANDARD
- Pacific Century CyberWorks (0008) officials yesterday declined to comment on a report which suggests North American headhunters had been appointed to find a possible successor to founder Richard Li Tzar-kai.
- Software developer Beida Jade Bird Universal Sci-Tech (8095) is in talks with several potential partners about developing electronic network systems and micro-electronic projects.
- Container traffic through Hong Kong port is predicted to rise this year despite the slowdown in the US economy. But the level of growth will be outstripped by the continuing surge in throughput at nearby Shenzhen ports.
- Li Ka-shing's Hutchison Port Holdings could pay between US$200 million and US$600 million (HK$4.68 billion) for 100 per cent ownership of ICTSI International Holdings (IIHC), the overseas subsidiary of Philippine-based port operator International Container Terminal Services.
- Northwest Airlines has upped the ante in the battle for passengers across the Pacific with a raft of special fares to mark the launch of its online flight reservation, check-in and electronic ticketing network.
- The government will forge ahead with controversial plans to regulate third-generation (3G) cellphone services, making no real changes to proposals that were slammed by phone operators and queried by legislators, it said yesterday.
- China Aerospace International Holdings (Casil) (0031) said yesterday satellite applications and network-based information technology would in the future make up 80 per cent of the firm's business.
- Digital China Holdings (0861) yesterday priced its 88.26 million initial public offering shares at $3.68 each, at the top of an indicative range of $3 to $3.68, as analysts had expected.
- China Kejian, the nation's largest domestic handset manufacturer, said talks between its parent company Shenzhen Kejian Group and Legend Holdings (0992) are focused on possible co-operative ventures and don't involve a stake sale.
- Despite a 30 per cent increase in sales revenue last year, metal trader WellNet's (0024) net profit plunged 86 per cent to $10.86 million from $82.2 million in 1999 due to a surge in freight charges from petroleum prices.
- Red-Chip Shanghai Industrial Holdings (0363) looks set to capitalise on the high price-earnings ratio in China's A-share market by spinning off and listing three of its units this year, with a possible backdoor listing for one.
ASIA PULSE
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