HK Dec exports rise 14.4% y-o-y

Hong Kong's exports rose 14.4 percent from a year earlier to HK$311.0 billion in December, the government said on Thursday.

That beats the consensus of 12 economists surveyed by Bloomberg, whose median estimate is a 9.2 percent rise.

Meanwhile, imports rose 11.9 percent over a year earlier to HK$358.9 billion in the same month. That compared with the median 8.3 percent increase of the 12 economists' estimates.

A visible trade deficit of $48.0 billion, equivalent to 13.4 percent of the value of imports of goods, was recorded in December 2012.

Chinalco unit's IPO in mid-pricing

Chinalco Mining Corp International, a unit of the country's top aluminium group Aluminum Corporation of China (Chinalco), is set to price its Hong Kong IPO at HK$1.75 per share, near the mid-point of an indicative range, sources with knowledge of the deal said on Thursday.

The company, which is developing a copper-molybdenum-silver mine in central Peru, offered 1.76 billion new shares, putting the total deal at HK$3.1 billion ($400 million). It had marketed the initial public offering at HK$1.52 to HK$1.91 per share.

Underwriters have recommended that the company price the IPO at HK$1.75 per share, but the final decision will be made at a Chinalco board meeting in Beijing, said the sources, who were not authorised to speak publicly on the matter. The stock is set to start trading on the Hong Kong stock exchange on Jan 31.

Melco Crown to sign $1.4b loan

Melco Crown Entertainment Ltd on Friday will sign the $1.4 billion syndicated loan backing its Macao Studio City project, banking sources said.

The loan was led by eight mandated lead arrangers and bookrunners, including Bank of China Macau, Industrial & Commercial Bank of China Macau, ANZ, Bank of America Merrill Lynch, Citigroup, Deutsche Bank, Credit Agricole CIB and UBS.

BOC and ICBC hold $300 million and $250 million, respectively, while CA-CIB and UBS hold $65 million and $60 million. The rest ended up with $75 million each.

Sixteen other banks joined in general syndication, ending up with $425 million of the deal. Bank of Communications Macau came in with $100 million as MLA, while six joined as lead arrangers.

SHK expected to increase loan size

Sun Hung Kai Properties is expected to complete a five-year loan it's seeking to refinance debt as a large club and may increase the facility in size, according to a person familiar with the matter.

Several of the developer's relationship banks are processing credit approvals and the company has indicated it wants to complete the loan by the end of March, the person says, asking not to be identified because the details are private.

HSI sees technical correction

Hong Kong's Hang Seng Index fell a second day from a 19-month high as a technical indicator signaled the gauge may have risen too fast, and China Mobile Ltd led declines among telecommunications shares. Losses were limited on a report China's manufacturing is expanding.

China Mobile slid 2.2 percent after JPMorgan Securities Ltd recommended selling the shares. AAC Technologies Holdings Inc, a maker of audio components that supplies Apple Inc, fell 6 percent after the iPhone maker reported the weakest sales since 2009.

The Hang Seng Index lost 0.2 percent to close at 23,598.90. The gauge erased gains of 0.2 percent after North Korea threatened to conduct a nuclear test. The Hang Seng China Enterprises Index of mainland companies dropped 0.6 percent to 12,095.77.

Futures on the Hang Seng Index were little changed at 23,607.

bloomberg-Reuters

(HK Edition 01/25/2013 page2)