PRESS DIGEST - Hong Kong - Nov 14
HONG KONG Nov 14 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- Wing Lung Bank, a subsidiary of China Merchants Bank , says it wants to double or triple its personal unsecured loan portfolio to achieve better interest income returns. (link.reuters.com/xes64v)
-- Tencent raked in over 500 million yuan ($82.06 million) in profit during the "Double 11" single-day online shopping festival through the use of mobile e-commerce, allowing users of its WeChat messaging software to make fast purchases through smartphones. (link.reuters.com/dus64v)
-- China Everbright Bank held a meeting with its syndicate bankers in Beijing on Wednesday, two people familiar with the deal said, prompting speculation of a year-end Hong Kong listing that would raise up to $4 billion. (link.reuters.com/hus64v)
-- Sofa-maker Man Wah reported a 129 percent year on year rise in profit to HK$502.4 million ($64.80 million) for the six months ended September, thanks to Chinese government subsidies the firm received for participating in a nationwide recycling programme, along with foreign exchange gains. (link.reuters.com/kus64v)
-- Tradelink Electronic Commerce will launch a device, which will be applicable to all mobile network providers in Hong Kong, for turning smartphones into electronic wallets in the first quarter of next year. (link.reuters.com/nus64v)
-- A modest pharmacy operator has agreed to fork out HK$1.28 million ($165,100) in monthly rent for a 900-square-foot shop in the highly coveted Russell Street in Hong Kong's Causeway Bay from next May, edging out a luxury handbags retailer that is now paying HK1.1 million a month. (link.reuters.com/vus64v)
HONG KONG ECONOMIC JOURNAL
-- Chinese engineering firm and real estate developer Metallurgical Corp of China Ltd has won a bid for a residential site in Tsing Lung Tau in New Territories for HK$500.18 million ($64.51 million).
-- Lee Shau Kee, chairman of Henderson Land, has through his own investment fund bought 241 million shares, representing 4 percent of the share capital, of property developer CIFI Holdings Group Co Ltd for HK$405 million ($52.24 million), according to market sources.
HONG KONG ECONOMIC TIMES
-- China's YuanShengTai Dairy Farm Ltd is selling 1.22 billion shares, including 244 million existing shares, in its Hong Kong IPO to raise up to HK$3.88 billion ($500.45 million), of which its international offering portion has been oversubscribed, market sources said.
For Chinese newspapers, see............... ($1 = 6.0928 Chinese yuan) ($1 = 7.7531 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Sunil Nair)
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