Xinyi Glass earnings surge 49pc on strong turnover growth
Xinyi Glass Holdings has reported a 49.3 per cent increase in net profit to HK$388.23 million on a 40 per cent increase in turnover to HK$1.93 billion, boosted by substantial growth in vehicle glass exports and sales in construction and float glasses in Greater China.
Chairman Lee Yin-yee said the group saw the staging of the 2008 Olympic Games in Beijing, the World Expo in Shanghai 2010 and continuous urbanisation as factors that hastened the advance of China's vehicle and construction industries, which will drive growth in demand for glass products.
The board recommended a final dividend of seven HK cents per share.
Together with the interim dividend of four HK cents, the total dividend for the year is 11 cents.
Xiwang Sugar gets profit boost from growing health awareness
Xiwang Sugar Holdings, a producer of starch-based sweeteners and refined corn products, saw net profit surge 38.3 per cent to 290.2 million yuan for the year to December on a 33.5 per cent rise in turnover to 1.38 billion yuan.
Chairman Wang Yong said rising living standards had spurred more health-conscious consumers to shift from cane sugar to starch sweeteners such as glucose.
The directors recommended a final dividend of 14 fen per share, a payout ratio of 40 per cent.
Mainland to launch Nasdaq-like exchange for technology plays
China was likely to launch next year a stock exchange with lower listing requirements aimed at start-up companies, an industry analyst said yesterday.
The exchange would be similar to the Nasdaq Stock Market or the Growth Enterprise Market, allowing a platform for newer firms that focus on technological innovation to list.
Liu Jipeng, a professor at Chinese University of Politics and Law who is often consulted on the development of China's stock market, told a financial forum:
'It's very likely that we will have [the new board] next year.'
CC Land income rises to HK$628m on excess fair value of new asset
CC Land Holding yesterday said net profit last year grew 14.24 times to HK$627.9 million, driven by a HK$558 million excess fair value in the cost of its acquisition of Chongqing Zhongyu Property Development.
Turnover for the year to December last year surged 78.6 per cent to HK$794.98 million. The firm said last year's results combined contributions from the new mainland property business and its ongoing manufacturing operation.