PRESS DIGEST - Hong Kong - June 30
HONG KONG, June 30 (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
-- Initial public offerings in Hong Kong are set to accelerate in the second half as financial markets improve, with PricewaterhouseCoopers lifting its forecast for funds raised from share issues this year to HK$100 billion from a previous estimate of HK$70 billion.
-- A major institutional investor in China Yurun Food Group, the country's biggest hog processor, sought to sell a 4.62 percent stake for up to HK$851 million after the market closed yesterday, the newspaper reported, quoting a source.
HONG KONG ECONOMIC TIMES
-- None of the 16 banks that issued Lehman Bothers mini-bonds and met with the Securities and Futures Commission on Monday has agreed to buy back the bonds at 100 percent of the original cost, with some even unwilling to accept Bank of China's solution to compensate customers at a cost of 60 to 70 percent, according to people who attended the meeting.
HONG KONG ECONOMIC JOURNAL
-- Chinese herbal shampoo producer Bawang International (1338.HK), which reported that its IPIO was oversubscribed, has decided to offer additional shares equivalent to 20 percent of the subscribed amount, which means investors could receive 2,000 shares if they subscribed to 100,000, the report said, quoting a source.
THE STANDARD
-- Prices in Hong Kong's residential property market could rise as much as 10 percent by the end of this year, according to New World Development (0017.HK) executive director Steward Leung Chi-kin.
MING PAO
-- Soy milk producer VitaSoy International's (0345.HK) revenue increased 3 percent to HK$217 million last year, strengthening its market position in Hong Kong and Macao. Revenue at its mainland branches jumped 56 percent, giving the company a 20 percent market share, the newspaper reported, quoting senior director William Chi-chung Lo.
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