Cosco Shipping

Business Digest, February 7, 2013

PUBLISHED : Thursday, 07 February, 2013, 12:00am
UPDATED : Thursday, 07 May, 2015, 3:04pm

Shareholders' revolt brews in China Cosco

Hong Kong and Shanghai-listed China Cosco Holdings could face a revolt by minority shareholders in China as it risks being delisted from the Shanghai stock exchange when it posts its third net loss in a row. Shareholder Zhang Yuanzhong, from the Beijing Wentian law firm, is canvassing support for an emergency general meeting that is likely to call for the ousting of China Cosco chairman Captain Wei Jiafu. China Cosco warned of a "significant net loss" for 2012, estimated at around US$1.5 billion, in a stock exchange announcement on January 25. Keith Wallis


ZTE credit ratings downgraded by Fitch

ZTE had its long-term foreign and local-currency issuer default ratings cut by credit ratings agency Fitch to a highly speculative B-plus grade after China's second-largest telecommunications equipment manufacturer announced a profit warning for last year. Fitch said ZTE's turnaround "could take several quarters" to achieve. Bien Perez


Chinese Estates sells flat for HK$22.7m

Chinese Estates announced it has sold a flat with saleable area of 848 square feet at One Wan Chai to Chan Hoi-wan, an associate of the firm's chairman Joseph Lau Luen-hung for HK$22.7 million. Chan is the mother of Lau's two children. Sandy Li


Now TV wraps up deal with Premier League

Now TV, the pay-television arm of PCCW, yesterday formally signed its exclusive deal to broadcast English Premier League football matches in Hong Kong for three seasons, in August. The agreement, which was first reported in November, will see Now TV broadcast all scheduled matches for the first time in both high-definition and standard formats. Financial terms were not given. The previous three-season deal that HK Cable TV, a subsidiary of iCable Communications, signed in 2009 was reportedly worth HK$1.8 billion. Bien Perez