May 27, 2013 / 1:00 AM / in 4 years

Hong Kong shares may start the week lower

HONG KONG, May 27 (Reuters) - Hong Kong shares could start the week lower on Monday, tracking Friday’s losses on Wall Street on concern that the U.S. central bank may consider reducing monetary stimulus.

The Hang Seng Index slipped 0.2 percent to 22,618.7 points on Friday, its lowest level since April 29. The China Enterprises Index of the top Chinese listings in Hong Kong lost 0.2 percent. They were down 2 percent and 2.7 percent last week, respectively.

Elsewhere in Asia, Japan’s Nikkei was down 3.4 percent, while South Korea’s KOSPI was flat at 0045 GMT.


* AIA Group, Asia’s No.3 insurer, said Barry Cheung had resigned from the company’s board just days after Hong Kong police launched an investigation into the commodities exchange he founded two years ago.

* Casino operator Sands China Ltd said on Friday that it had chosen Deloitte Touche Tohmatsu as its new auditor.

* Air China Ltd will pay a basic price of $8.9 billion for 100 new Airbus aircraft, the company said in an announcement filed with the Hong Kong stock exchange on Friday.

* Sinopec subsidiary Addax Petroleum wants to buy more North Sea assets this year, its chief executive said, in a sign that Chinese firms may further boost their regional investments after two multi-billion-dollar deals in 2012.

* Mando China Holdings Ltd, controlled by South Korean auto parts maker Mando Corp, said on Friday it had decided to postpone an initial public offering in Hong Kong because of “adverse market conditions” and “significant market volatility.”

* HSBC called on regulators to speed up industry reform as its shareholders urged Europe’s biggest bank to take a lead in cutting pay and criticised it for compliance failings and aiding tax avoidance.

* Shanghai Fosun Pharmaceutical (Group) Co Ltd said its unit Fosun Industrial Co Ltd would sell its minority equity interest in Tongjitang Chinese Medicine Company to optimise deployment of resources.

* Winteam Pharmaceutical Group Ltd, which proposed to change its name to China Traditional Chinese Medicine Co Ltd, said it would buy a 100 percent stake of Tongjitang Chinese Medicine Company from Hanmax Investment Ltd and Fosun Industrial Co Ltd for 2.64 billion yuan, a deal to be partly settled by the issue of 334 million new shares to Hanmax at HK$2.8 apiece.(Reporting by Yimou Lee and Donny Kwok; Editing by Stephen Coates)

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