PRESS DIGEST - Hong Kong - July 6
HONG KONG, July 6 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy. HONG KONG ECONOMIC JOURNAL
-- China Life (2628.HK) intends to invest $100 million in building material producer BBMG Corporation, which plans to offer 930 million shares in an initial public offering, according to a source. BBMB is set to begin its roadshow July 13.
HONG KONG ECONOMIC TIMES
-- Agile Property (3383.HK) said its apartment sales in the first half of 2009 amounted to 10.3 billion yuan ($1.51 billion), 64 percent of the firm's 16 billion yuan annual target.
-- The retail portion of the initial public offering of listing hopeful Amber Energy (0090.HK) is seen 1,250 times subscribed and pricing is expected to be at the top end of an indicative range of HK$1.66 per share, raising about HK$166 million ($21.42 million), according to sources.
SOUTH CHINA MORNING POST
-- Beijing Automotive Industry Corp is set to announce a merger with Fujian Motor Industry to form the country's fourth largest carmaker later this month after Beijing Automotive raised its bid for Fujian to 700 million yuan ($102.5 million) from 500 million yuan, according to sources.
-- China Eastern Airlines (0670.HK) said it raised 7 billion yuan by selling 1.43 billion A shares and 1.43 billion H shares to its parent, China Eastern Air Holdings, to strengthen its balance sheet amid a deteriorating operating environment. Its parent's stake in the airline was boosted to 74.65 percent from 59.65 percent.
-- China home-grown menswear designer Li Lang plans to raise US$100 million in an initial public offering in Hong Kong later this year and has hired Bank of America's securities unit Merrill Lynch to manage the deal.
MING PAO
-- Automobile maker BYD Co (1211.HK) plans to launch sales of its first electric vehicle, E6, before the end of this year in China with a target price of about 300,000 yuan ($43,910), according to a senior executive.
APPLE DAILY
-- Footwear distributor Belle International (1880.HK), whose market capitalisation has surpassed Esprit (0330.HK), said the sportswear market had bottomed out in March and improved in April and May, but slowed down again in June, JP Morgan said in a report, citing Belle's management.
(Editing by Jonathan Hopfner)
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