China Life, Greentown, Hopson, HSBC: Hong Kong Equity Preview

By Hanny Wan

April 22 (Bloomberg) -- The following companies may have unusual price changes in Hong Kong trading. Stock symbols are in parentheses, and share prices are as of the last close.

The Hang Seng Index slipped 3 percent to 15,285.89. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, slid 2.1 percent to 9,039.09.

Insurers: China’s insurance regulator plans to start a trial program that would let insurers invest in property, securities backed by pools of loans and real-estate investment trusts, it said yesterday.

China Life Insurance Co. (2628 HK), the nation’s biggest insurer, dropped 1.6 percent to HK$27.75. Ping An Insurance (Group) Co. (2318 HK), the second largest, fell 2.8 percent to HK$51.25.

Greentown China Holdings Ltd. (3900 HK): The largest builder in the country’s Zhejiang province is seeking to repurchase all $400 million of 9 percent senior notes due in 2013 at 85 cents on the dollar. It will fund the purchase from “internal resources,” it said yesterday. The stock slid 5.9 percent to HK$4.47 before being suspended yesterday. Trading resumes today.

Hopson Development Holdings Ltd. (754 HK): The Hong Kong- based developer of real estate in China was raised to “outperform” from “neutral” at Credit Suisse Group, which cited the company’s “high earnings visibility” in 2009. The stock climbed 1.1 percent to HK$6.23.

HSBC Holdings Plc (5 HK): Europe’s largest bank said yesterday it eliminated 100 positions at its private-banking department in Hong Kong, which employed 1,200 people.

Separately, the bank may reduce its 48.9 percent stake in British Arab Commercial Bank Ltd. after talks with other shareholders. British Arab’s shareholders and regulators would need to approve any change in the ownership structure, HSBC said yesterday. The stock fell 5.1 percent to HK$52.15.

Huaneng Power International Inc. (902 HK): China’s largest electricity generator said first-quarter profit more than doubled to 549.9 million yuan ($80.5 million) on higher power prices. The stock slid 1.7 percent to HK$5.18.

Yue Yuen Industrial (Holdings) Ltd. (551 HK): The world’s largest supplier of branded athletic and casual shoes said yesterday it agreed to borrow $500 million to help repay convertible bonds and a loan. The stock fell 1.4 percent to HK$17.20.

To contact the reporter on this story: Hanny Wan in Hong Kong at hwan3@bloomberg.net