HK foreign currency reserves on the rise Hong Kong's official foreign currency reserve assets increased to US$123.6 billion at the end of last month from US$121.5 billion a month earlier, according to the Hong Kong Monetary Authority. Hong Kong remains in sixth spot in foreign currency reserves rankings, after Japan, the mainland, Taiwan, Korea and India. Cosco takes big slice of CImc in share transfer Cosco Pacific has become one of the largest shareholders of Shenzhen-listed China International Marine Containers (CIMC) after a share transfer from its parent. In October last year, the Hong Kong-listed company said it would buy a 1.05 billion yuan stake or 163.7 million legal person shares of CIMC from Cosco Group. Kingboard to take E&E private with share buyout Kingboard Chemical Holdings will acquire all the shares of Elec & Eltek International Holdings (E&E) and privatise E&E. Both companies are listed on the Hong Kong stock exchange. As of Thursday, Kingboard held 95.26 per cent or 1.16 billion shares in E&E. It will acquire all remaining E&E shares at $1.90 each. Three gorges boost for China Yangtze power A-share China Yangtze Power, operator of the Three Gorges hydropower project, said its power generation totalled 56.16 billion kilowatt hours (kWh) last year. Generation from the Three Gorges project amounted to 35.79 billion kWh, up 73.46 per cent from 2003. The remainder was generated by the Gezhou Dam hydro project. China power lifts output Red chip China Power International Development said in a statement that its total power generation grew 5.74 per cent last year to 15.7 billion kilowatt-hour.