In Brief

PUBLISHED : Tuesday, 14 September, 2010, 12:00am
UPDATED : Tuesday, 14 September, 2010, 12:00am

Bawang shares climb 1.4pc after company clarification

Shares in shampoo maker Bawang International bounced back as much as 5.6 per cent to HK$3.77 after it said its product labels with misleading information had nothing to do with its quality. Bawang received a warning from the State Food and Drug Administration of China for the false claims about hair growth on the packing of its shampoos last week. The share price of Bawang rose 1.4 per cent to HK$3.62 yesterday following its trading suspension last Friday. Celine Sun

IDS privatisation gets investor OK

Shareholders yesterday voted for Li & Fung Group's plan to privatise Integrated Distribution Services Group, its logistics service division. Li & Fung said the privatisation of IDS would be positive given the ability of the unit to raise funds from equity markets had been limited. Amanda Lee

Air China flies more passengers

Air China carried 16 per cent more passengers last month than a year earlier on robust demand during the holiday season. The carrier flew 4.4 million passengers in August and 30.9 million in the first eight months, up by 18 per cent year on year. Growth in cargo tonnage slowed down 12.2 per cent. Charlotte So

A-share market to hit US$17tr

CLSA Asia-Pacific Markets forecast yesterday that the A-share market capitalisation may increase from US$3.5 trillion currently to about US$17 trillion by 2015. Generic growth in listed companies will tack on US$4.4 trillion of the increase and fair value restoration will account for US$2.5 trillion. IPOs and placements will contribute US$3 trillion and yuan appreciation will add US$3.5 trillion. Nick Westra

Ningbo Port to downsize IPO

Ningbo Port has drastically cut the size of its IPO in Shanghai, possibly by as much as half its planned proceeds. Yesterday, Ningbo Port said it would issue 2 billion A shares, 20 per cent less than the planned 2.5 billion shares. The offer price range is from 3.18 yuan (HK$3.65) to 3.70 yuan per share. Thus the firm will raise 6.36 billion yuan to 7.4 billion yuan, which could be as low as half its original target of 13.03 billion yuan. Toh Han Shih

8 builders bid for URA project

Cheung Kong (Holdings), Sun Hung Kai Properties, Henderson Land, Kerry Properties, Sino Land, China Overseas Holdings and Wheelock Properties yesterday submitted bids for the tender of the Urban Renewal Authority's redevelopment project in Third Street in Sai Ying Pun. Yvonne Liu