Press Digest: Hong Kong - July 2

China Huarong Energy Co

02/07/2015 02:42

HONG KONG, July 2 (Reuters) - These are some of the leading 
stories in Hong Kong newspapers on Thursday. Reuters has not 
verified these stories and does not vouch for their accuracy. 
         
    SOUTH CHINA MORNING POST  
    -- As Beijing passed a sweeping new national security law, 
Chief Executive Leung Chun-ying was quick to assure Hong Kongers 
that it would not apply to the city, and that the government had 
no plans to enact the controversial Article 23 of the Basic Law. 
But Leung said the city did have a responsibility to help ensure 
national security, which it should do by local legislation.(http://bit.ly/1RSRCdP) 
    -- Hong Kong is one of the most expensive places in the 
world to construct buildings, especially if they are residential 
properties, according to a new survey. At $3,200 per square 
metre in construction costs, Hong Kong was only surpassed by New 
York and London in the International Construction Market Survey 
2015 conducted by Britain-based consultancy Turner and 
Townsend.(http://bit.ly/1gbRjPz) 
    -- China Huarong Energy Co  1101.HK , formally known as 
China Rongsheng Heavy Industries, said in a regulatory filing 
that a memorandum of understanding on the disposal of assets to 
an unnamed buyer has expired. Huarong announced in March a 
potential sale of its core shipbuilding and engineering 
business, subject to formal agreement. (http://bit.ly/1dz6joG) 
 
    THE STANDARD 
    -- China's Financial Futures Exchange has squashed rumours 
that foreign investors including Goldman Sachs have been 
shorting Chinese stocks using index futures, the latest move by 
regulators to calm market anxiety following two weeks of panic 
selling. The exchange said the 63 overseas institutions that 
currently trade index futures in China can only trade for 
risk-hedging purposes. (http://bit.ly/1UanA9k) 
    -- Far East Horizon  3360.HK  said it will issue new shares 
worth HK$4.47 billion ($576.62 million) to raise equity capital 
for future development. The mainland financial services provider 
will issue 658 million new shares at HK$6.90 per share, or a 
discount of 6.5 percent to the previous close. (http://bit.ly/1R622M5) 
    -- The asset management arms of Bank of China  3988.HK  and 
HSBC  0005.HK  are among the first to apply for cross-border 
fund sales under the Mutual Recognition of Funds scheme that 
takes effect from Thursday. Bank of China Investment Management, 
a mainland joint venture of BOC and BlackRock, is set to 
introduce two mainland-domiciled funds to local investors. (http://bit.ly/1GOUVMY) 
         
    HONG KONG ECONOMIC JOURNAL  
    -- Alibaba Health Information Technology Ltd  0241.HK , a 
unit of Alibaba Group Holding Ltd  BABA.N , posted a 35.3 
percent year-on-year increase in revenue to HK$37.2 million  
($4.80 million) for the year ended in March, while net loss 
attributable to owners amounted to HK$101.5 million, against a 
HK$39.2 million loss in the year-ago period.      
     
    For Chinese newspapers, see............... PRESS/CN    
($1 = 7.7521 Hong Kong dollars) 
($1 = 6.2008 Chinese yuan renminbi) 
 
 (Reporting by Donny Kwok; Editing by Edmund Klamann) 
 ((donny.kwok@thomsonreuters.com)(+852 2843 6470)(Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: PRESS DIGEST HONGKONG/