PRESS DIGEST -Hong Kong - Oct 22
HONG KONG Oct 22 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- China Cinda Asset Management Corp plans this week to add 10 more underwriters to the syndicate for its potential $2 billion Hong Kong float, sources said. Cinda was ready for a listing hearing with the stock exchange sometime in the next two to three weeks, a banker involved in the listing said. ()
-- Alibaba , China's No 1 e-commerce firm, is considering a London listing as part of its potential $15 billion share sale plan. Senior executives at the firm met UK officials during London Mayor Boris Johnson's visit to Hong Kong last week, said sources with direct knowledge of the talks. ()
-- Chinese state television's criticism of Starbucks' "hefty product prices" in China and its demands for the coffee chain to be fair and to avoid price discrimination have backfired, resulting in widespread online criticism. A number of online users urged CCTV instead to go after large state-run enterprises that profit from de facto monopolies but provide expensive products and unsatisfactory services. ()
-- A Malaysian businessman accused of processing a false document involving $516 million for the failed Hong Kong Mercantile Exchange will plead guilty to a lesser charge, his lawyer said. Ong Shen Kuo was originally charged with possessing a false instrument with intent, which carried a sentence of up to 14 years in prison. ()
-- China Metal Recycling Chairman Chun Chi-wai said on Monday a petition by the Securities and Futures Commission to liquidate his company is not in the interests of shareholders. It was Chun's first public statement since his arrest in July for alleged fraudulent accounting. ()
-- Boyaa Interactive, China's largest developer of online board and card games, has started its marketing play for an initial public offering in Hong Kong. The Shenzhen-based firm will become the third games developer to seek listing in the city following Forgame Holdings and IGG. ()
HONG KONG ECONOMIC JOURNAL
-- Shanghai-based property developer Glorious Property was suspended from trading on Monday pending a possible privatisation bid worth about HK$3 billion ($387 million) by majority shareholder Zhang Zhirong, just four years after its listing in Hong Kong.
-- Staffs at 36 CP Lotus' stores in cities including Beijing and Shanghai were holding a strike against possible layoff following a merger between the company and Wumart. Eight of the CP Lotus' stores in Beijing have suspended operations for three days with losses estimated at 10 million yuan ($1.64 million) so far.
MING PAO DAILY NEWS
-- Suning Commerce Group has teamed up with China Unicom and China Telecom, allowing the home appliance retail chain operator to provide mobile telecommunication subscription services to customers, a senior management official from Suning said in his blog.
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