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Ben Kwok

CCB sees heavy action on buy side as stock finally breaks free

After 11 days and almost $15 billion in trading turnover, China Construction Bank finally broke free.

Yesterday, shares in CCB, which recently launched the world's largest initial public offering in four years, closed up 4 per cent at $2.45. It was its heaviest trading day yet, with scrip worth $6.34 billion changing hands.

Over the past fortnight, sponsor Morgan Stanley has been the most active buyer at $2.35, helping to stabilise CCB's stock at its listing level. During that period, CCB fell under water only once, on November 2, when it closed at $2.325.

More than 260,000 retail punters had a piece of CCB's share sale.

Do we see chairman Guo Shuqing flashing that I-told-you-so smile?

henderson land's mazy trail

Having trouble following the fallout from Henderson Land's proposed all-share $9.88 billion privatisation of subsidiary Henderson Investment? Let Lai See try to map at least some of it out for you.

Henderson Land chairman and majority shareholder Lee Shau-kee will sell 19 million Henderson Land shares back to Henderson Land, lowering his stake to 52.72 per cent from 61.56 per cent.

Henderson Land then uses those shares to compensate Henderson Investment shareholders including - guess who - Mr Lee, who owns 1.2 per cent of Henderson Investment.

Got it?

And while we're at it, don't forget the charity angle. When Henderson Land tried - and failed - to privatise Henderson Investment two years ago through a cash offer, vice-chairman Colin Lam Ko-yin promised to donate the  $83,600 he would have made in the transaction to charity. Similarly, when Henderson Cyber was privatised earlier this year, Mr Lam donated his 55 Henderson Cyber shares - worth a whopping  $23.10 - to charity.

All told, Mr Lam, Mr Lee and other Henderson Land directors own about 57 million Henderson Investment shares, for which they will receive 21.9 million Henderson Land shares worth (at last close) $753 million. Surely that will be pledged to charity as well?

lost deposit that might not have been

Like Lai See, did you ever take a philosophy course where you had to ponder metaphysical mysteries, such as whether God can create a rock so heavy that even He cannot lift it?

Now try this one, courtesy of one of the lesser lights listed on the  stock exchange's main board. Yesterday, First Dragoncom Agro-Strategy Holdings disclosed that it could not locate a  $126 million deposit that might have never existed. (In a statement, the company referred to 'the 'Non-existent Deposits''. Neither could auditor CCIF, financial adviser HLB Hodgson Impey Cheng or the Commercial Crime Bureau.)

Happy hunting, guys.

ground lost despite dogged defence

Spare a thought or two for ex-Bloomberg scribe-turned PR man Paul Scanlon, who we hear is about to become homeless. The Barclays Capital Communications officer has just lost a court battle that will see him turfed out of his  $20,000-a-month Clearwater Bay rental home to make way for new owners who want to make it their own abode.

A judge ruled yesterday that the new owner, an accountant named Simon Cox, had every right to move in and had served the appropriate notice on Mr Scanlon.

All is not lost, however. The former journalist has chosen to move into one of the two flats he already owns on Hong Kong Island, even though he argued in court that it could not be refurbished in time.

Despite pulling out these and other stops, poor Mr Scanlon wasn't getting much sympathy from the bench. Not even a medical report showing the stress and suffering the incident has inflicted on his dogs managed to sway the judge. Ruff justice indeed.



Lai See