MIRAMAR Hotel and Investment director and general manager Young Bingching denied on Monday the bid from Cheung Kong and CITIC Pacific was friendly. Li Ka-shing and CITIC Pacific raised their takeover offer for Miramar by $1 a share to $16.50. China announced it is to establish a US$110 million (HK$850 million) fund aimed at investing in unlisted mainland industrial enterprises. Utilities are the best regarded companies in the Hang Seng Index, according to a Business Post survey of research analysts. Wharf raised its offer to privatise subsidiary Harbour Centre Development to $10.50 a share from $9, which will cost an additional $200 million. Peregrine Investment Holding will launch an American depositary receipt programme on its own shares to make investment easier for US funds. Mainland enterprises will be able to obtain a primary listing in the territory with the issue of new rules allowing trading in yuan denominated shares for the first time. The Hang Seng index tumbled 115.73 points on Thursday, closing at 7,189.1 following rumours that Beijing had ordered mainland-controlled firms to repatriate money to boost value of yuan. The signing of a co-operation agreement between the stock exchanges and regulatory bodies of Hongkong and China is expected to clear the way for the listing of nine mainland enterprises in the territory. Turnover on the stock market reached a record $112.7 billion last month. Company results DEPARTMENT store firm Yaohan Hongkong Corporation saw after-tax profits rise 2.25 per cent to $51.28 million for the year. Silk garment manufacturer High Fashion International announced a 39 per cent increase in interim profits to $56.9 million. Paging operator ABC Communications reported a 29.6 per cent rise in profit to $77.76 million for the year. Dyeing machine maker Fong's Industries says its taxed profits for the year quadrupled to $44.98 million. Tai Cheung Holdings reported a 45 per cent increase in annual profits to $464 million for the year. Hung Hing Printing reported a 46 per cent jump in after-tax profits to $90.64 million for the year.