PRESS DIGEST - Hong Kong - Aug 15

HONG KONG, Aug 15 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

HONG KONG ECONOMIC TIMES

-- Ping An Insurance (2318.HK) is set to announce its interim results on Friday. Earnings at insurance firms are considered to be difficult to predict, but analysts estimate a 4 percent to 26 percent on-year decline in Ping An's half-year net profit.

APPLE DAILY

-- Wing Lung Bank 0096.HK said it is not in any talks for more stake sales, though mainland lenders are eyeing the Hong Kong bank after its sold a stake to China Merchants Bank (3968.HK).

MING PAO DAILY NEWS

-- Five major institutions have revised down their target price predictions on Hong Kong Exchanges and Clearing (0388.HK), with Morgan Stanley having the most pessimistic level at HK$85 a share. The stock dived to as low as HK$97.65 on Thursday before closing at HK$101.

SING TAO DAILY

-- Mainland China's industrial production grew 14.7 percent in July from a year earlier, far below market expectations. Production linked to pollution and high consumption was halted ahead of the Olympics.

SOUTH CHINA MORNING POST

-- The People's Bank of China has established a department to formulate and oversee its exchange-rate policy, adding evidence to the speculation that the mainland will extend the flexibility of the yuan.

-- China South Locomotive & Rolling Stock Corp raised HK$4.16 billion from its initial public offering after pricing its shares at the middle of an indicative range.

THE STANDARD

-- Troubled Disneyland has turned to a Hong Konger in its struggle to bring back some of the missing magic. New managing director Andrew Kam Min-ho, a former Coca-Cola executive, has been tasked with reviving Hong Kong Disneyland. A source said the park is trying to balance the ratio of locals to Americans, who still dominate management.

-- Hang Lung Properties (0101.HK) said its rental income from property leasing in the mainland is expected to surpass the contribution from Hong Kong in June 2010.

HONG KONG ECONOMIC JOURNAL