HK Hot Stocks: Pacific Basin slides, insurers up
HONG KONG, Dec 4 (Reuters) - Here are some stocks on the move in Hong Kong on Tuesday:
The blue-chip Hang Seng Index .HSI was up 0.2 percent by 0215 GMT, having opened down 0.4 percent at 28,544.18.
STOCKS ON THE MOVE:
* Dry bulk shipper Pacific Basin (2343.HK) slumped 4.5 percent to HK$14.5 in heavy trade after saying it planned to issue US$350 million worth of bonds that are convertible into company shares at HK$19.28 per share, to fund acquisitions. here
* China Resources Land (1109.HK) surged 5.7 percent to HK$20 after saying it would buy property interests from its parent for US$582 million, in a deal to be settled by an issue of 269.09 million in new shares. here
* Ping An Insurance (2318.HK), China's second biggest life insurer, gained 2.3 percent to HK$89.05. It said on Tuesday it had obtained Chinese government approval to invest up to 15 percent of its assets overseas [ID:nSHA25969].
Other mainland insurers also rose.
PICC Property and Casualty Ltd (2328.HK) jumped 1.3 percent to HK$12.76 and China Life (2628.HK) rose nearly 1 percent to HK$43.26.
* China Coal (1898.HK) slipped 1.6 percent to HK$24.05. The mainland coal producer said there was no time table for issuance of A shares in mainland stock markets, denying a media report it planned to launch a 22 billion yuan ($2.97 billion) share offer before the end of the year.
* Huaneng Power International Inc (0902.HK) gained 1.6 percent to HK$8.53 after saying on Tuesday it had agreed to buy control of a power plant in east China from Huaneng's state parent for 420 million yuan ($56.7 million) [ID:nSHA25623].
* LCD maker TPV (0903.HK) climbed nearly 3 percent to HK$5.01 after saying it would sell 150.5 million shares, or 7.12 percent of its enlarged share capital, to Chi Mei Optoelectronics Group at HK$5.39 per share, raising HK$811.2 million for working capital. here
* Hong Kong-based I.T. Ltd (0999.HK) surged 4.3 percent to HK$2.67 after upmarket French department store group Galeries Lafayette said on Monday it was holding talks with the retailer that could lead to the opening of one or more Lafayette-branded stores in China [ID:nL0314453]. (Reporting by Rita Chang, editing by Dominic Whiting)
