Reuters Insider - Asia End of Day Market Update March 12, 2015

Stella International Holdings

13/03/2015 08:31

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        An afternoon roundup of Asia market news          
 
 
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Transcript (May be auto-generated)

 Shares in the city rose, helped by gains in Mainland banks listed on the Hang 
Seng. Investors optimistic on hopes that Beijing will set up quantitative easing
both from local government debt swap plans and also the likelihood of further 
interest rate or reserve requirement cuts. Medicine maker Hao Wen soared 12%, 
reaching an 18-month high after it confirmed that it's in talks to buy a stake 
in troubled Hong Kong broadcaster Asia Television. The company said it may 
conduct fundraising activity should the acquisition move forward. Chinese 
developer Country Garden fell 1.7% today. The property firm set a conservative 
sales target this year, up nearly 5% from its actual sales last year. Hong 
Kong's second largest broadband Internet provider HKBN is set to debut trading 
tomorrow. Shares are expected to trade flat following lukewarm demand from 
retail investors for the $750 million IPO. And Kaisa bondholders are pushing to 
get better restructuring terms including a guarantee for their bonds from Sunac 
China. Sunac has proposed a takeover of Kaisa to rescue the company from 
defaulting on its debt but it's unclear whether bondholders will get their way 
as their bargaining power is limited. The cash-strapped developer unveiled plans
for its offshore and convertible debt. The proposal is expected to have its 
coupon burden and delay cash payment until after 2017, which means that payments
that are due next week are set to be skipped. A strike at Stella International 
shoe factory has ended. The company lists several well-known fashion houses 
including Michael Kors, Prada, and Burberry among its customers. The strike 
started this weekend with workers concerned about government housing and a 
benefit payout. A labor group claims 5,000 to 6,000 workers participated but a 
spokesperson from Stella said only a few hundred workers went on strike, adding 
that discussions are still ongoing. Shares of the shoemaker down 0.5%