PRESS DIGEST - Hong Kong - May 8
HONG KONG May 8 (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
-- A Shenzhen court sentenced Hong Kong publisher Yiu Man-tin to 10 years in jail on Wednesday for "smuggling ordinary goods", his lawyer said. Prior to his arrest he had been preparing to publish a book entitled Godfather Xi Jinping by dissident and writer Yu Jie, according to his family and friends. (link.reuters.com/sek29v)
-- Macau is facing a major capital-flight crackdown amid Beijing concerns that tens of billions of yuan in illicit funds are being funnelled out of the mainland and into casinos in contravention of national currency controls. (link.reuters.com/tek29v)
-- The Securities and Futures Commission wants the Market Misconduct Tribunal to impose a "cold shoulder" order on U.S. hedge fund Tiger Asia Management and its two senior executives that bans them from trading in the local market for five years, the tribunal heard. (link.reuters.com/zek29v)
-- The graft trial of two of Hong Kong's richest tycoons and a former chief secretary, which begins in the High Court on Thursday, is expected to set new marks in legal costs. It is estimated that Sun Hung Kai Properties' Kwok brothers could spend over HK$100 million ($12.90 million) in legal fees. (link.reuters.com/fuk29v)
-- China CNR kicked off a roadshow to raise as much as HK$11.3 billion ($1.46 billion), in what could be Hong Kong's second largest initial public offering this year. (link.reuters.com/huk29v)
-- Alibaba IPO-ALIB.N will be governed by 28 partners with exclusive rights to nominate a majority of its board of directors, a way for founder Jack Ma Yun and his team to control the company. Hong Kong regulators had refused to allow such rights, which saw the e-commerce giant seek a U.S. listing. (link.reuters.com/kuk29v)
HONG KONG ECONOMIC JOURNAL
-- Cleaning and waste treatment services provider Baguio Group plans to kick off its initial public offering in Hong Kong next week, to raise capital to upgrade facilities, according to market sources.
HONG KONG ECONOMIC TIMES
-- Pacific Century Premium Developments Ltd Chairman Richard Li said he had no plan to reduce his stake in the property development firm or to take it private.
For Chinese newspapers, see............... ($1 = 7.7519 Hong Kong Dollars) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)