Chong Hing Bank

Chong Hing out to play catch up

Chong Hing Bank's chief executive Lau Wai-man (left), with Margaret Leung and chief financial officer Frederick Chan Hoi-kit. Photo: K.Y. Cheng

Chong Hing Bank is targeting double-digit growth in net profit and return on equity from an expected boost in cross-border business after the takeover of the bank by a mainland company.

Thursday, 27 February, 2014, 1:08am

Yue Xiu may beef up Chong Hing Bank after acquisition

Chong Hing Bank

Yue Xiu, the investment vehicle backed by the Guangzhou government, said it has no plans to privatise Chong Hing Bank and has signalled it may inject more capital into the newly acquired lender.

18 Feb 2014 - 4:34am

OCBC-Wing Hang Bank takeover deal a question of price

Wing Hang Bank is in exclusive talks with OCBC about a possible acquisition by the Singapore bank. Photo: Sam Tsang

Oversea-Chinese Banking Corp's plan to take over Wing Hang Bank, the city's second-largest family-controlled bank, raises the question of what would be a reasonable price for both parties to gain from the deal.

20 Jan 2014 - 5:11pm

Despite its regional ambitions, ANZ finds banks in Hong Kong too pricey to purchase

Michael Smith, in a panel discussion during the Asian Financial Forum, said he prefers a regional banking model. Photo: Bloomberg

Australia and New Zealand Banking (ANZ), Australia's third-largest bank by market value, aims to build itself into a regional bank in Asia, but an acquisition in Hong Kong is not part of its plans.

15 Jan 2014 - 8:40am

More than HK$40b to take Wing Hang Bank private, says source

The family of chairman and chief executive Patrick Fung Yuk-bun and Bank of New York together control 45 per cent of Wing Hang Bank.

Wing Hang Bank's potential suitors may need to pay more than HK$40 billion to take the city's second-largest family-owned bank private. More than three parties were talking to Wing Hang, a person familiar with the situation said.

4 Dec 2013 - 6:12am

Chinese buyer seen as negative for Wing Hang

Wing Hang Bank is currently in takeover talks. Photo: Dickson Lee

Wing Hang Bank, Hong Kong’s second-largest family-owned lender, which is in takeover talks, would likely have its credit rating downgraded if the acquirer was based on the mainland, Moody’s Investors Service said.

31 Oct 2013 - 2:55am

Chong Hing sale sounds alarm bells for Hong Kong's small businesses

Chong Hing has been a witness of Hong Kong's ups and downs since it was founded in 1948.

The sale of Chong Hing Bank, one of the four remaining family-owned banks in Hong Kong, may be good news for its shareholders who can cash out at a high premium, but it is sad news to many Hongkongers when we try to find a way for the city's small businesses to prosper.

28 Oct 2013 - 7:53am 4 comments

Chong Hing sale talk puts others in the frame

Chong Hing sale talk puts others in the frame

The possible sale of Chong Hing Bank, one of Hong Kong's four remaining family-controlled banks, could trigger more such acquisitions if the deal results in a healthy premium above the market price, analysts said.

12 Aug 2013 - 4:04am

Now Hong Kong becomes the place to put a few assets in the trolley

Li Ka-shing decided to put one of the city's most popular supermarket chains, ParknShop, up for sale.

Hong Kong has long been known as a shopping paradise, in particular among fashion-conscious women. But lately it's more than just fashion that is on offer, as a growing number of billion-dollar family businesses have been put up for sale.

12 Aug 2013 - 12:29pm 1 comment

Chong Hing Bank shares surge after report says controlling family may sell

Transaction volume increased fourfold, to 2.58 million shares, compared with the previous trading day.

Shares in the Liu family-owned Chong Hing Bank rose to a 25-month high yesterday after reports said the Lius were ready to sell the lender. The stock jumped 9.8 per cent to close at HK$20.90, after rising as much as 14 per cent. The price surge followed a similar jump the previous day.

3 Apr 2013 - 3:28am

Chong Hing rises after 'for sale' notice

Chong Hing's net profit fell 3.1 per cent last year. Photo: Warton Li

The sharp rise in the share price followed a statement from chief executive Felton Lau Wai-man at a press conference on Thursday that Chong Hing was open to proposals from potential buyers for all or part of the bank.

9 Mar 2013 - 4:40am

Chong Hing rises on new outside bank chief

Shares in family-controlled Chong Hing Bank advanced the most since July 2010 yesterday as the appointment of a chief executive from outside the family spurred buying on speculation that it would be sold.

Liu Lit-chi, 73, will step down as chief executive, a position he has held since April 2002.

30 Nov 2012 - 2:53am

Chong Hing Bank jumps as Liu’s exit sparks takeover speculation

Chong Hing Bank (1111.HK) shares gained the most since July 2010 as the appointment of a chief executive from outside the controlling shareholders’ family prompted speculation the lender may be sold.

29 Aug 2013 - 4:13am

Briefs, November 29, 2012

Lenovo started selling smartphones in Russia.

Four Spanish banks to get €37b in loans

The European Union has approved the payment of €37 billion (HK$371 billion) in bailout loans to four of Spain's struggling banks - provided each of them cut its loans and investments by 60 per cent. The sum is part of a €100 billion credit line approved by the other 16 euro-zone countries to shore up Spain's banks. AP


29 Nov 2012 - 3:46am

Directors lose appetite for shares

Large buys in gold mining firm China Precious Metal Resources were reported last week. Photo: Reuters

Buying of their own company shares by directors fell for the second straight week, based on filings made with the stock exchange from October 29 to November 2, with 17 companies reporting 73 purchases worth HK$156.7 million.

5 Nov 2012 - 7:05am