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Monday Briefing–Sept. 19, 2011

[Originally pubilshed to CBK’s email newsletter list. See homepage to sign-up.]

  • The China Fund Inc. (NYSE: CHN) announced its financial results for third quarter ended July 31, 2011. For the nine months ended July 31, 2011, the Fund reported a net investment income of approximately $2,266,519 versus a net investment income of approximately $3,391,689 for the nine months ended July 31, 2010. The net realized and unrealized gain for the nine months ended July 31, 2011 was $26,463,231 or $1.16 per share compared to net realized and unrealized gain of $86,264,489 or $3.79 per share for the nine months ended July 31, 2010. The Fund’s total net assets on July 31, 2011 were $770,189,479 and its net asset value per share was $33.81, based on 22,781,762 shares outstanding. After taking into consideration the net investment income dividend and capital gain distribution totaling $2.2742 per share paid on Dec. 29, 2010, the Fund’s total return for the nine months ended July 31, 2011 was 5.30 percent.
  • Xi-an-based China Natural Gas (Nasdaq: CHNG) has entered into a consortium backed by Themes Investment Partners, a China-focused private equity firm to take the company private, at a proposed price of $4.25 per share.
  • Harbin-based SOKO Fitness (OTC BB: SOKF) announced that its management plans to take the company private via a merger.
  • China Security & Surveillance Technology, Inc. (NYSE: CSR; NASDAQ Dubai: CSR), has received an approval notice from the Dubai Financial Services Authority for its application for a waiver from the provisions of the DFSA Takeover Rules Module (“TKO Waiver”). The company applied for the waiver so that it may proceed with the going private transaction contemplated by the Amended and Restated Agreement and Plan of Merger, dated as of May 3, 2011, with Rightmark Holdings Ltd.
  • The board of Xi’an-based China Housing & Land Development Inc. (Nasdaq: CHLN) has authorized the repurchase of up to $5 million of the shares of the company’s common stock, effective in the third quarter 2011. The company originally announced its intent to repurchase shares of stock on its fourth quarter 2010 earnings conference call, but has not yet taken action on any stock repurchases to date. This announcement clarifies the timing and size of the share buyback announced on the company’s 2010 fourth quarter earnings conference call.
  • Baoding-based Orient Paper (Amex: ONP) announced on Sept. 19, that its company chairman and CEO, Zhengyong Liu, intends to purchase up to $400,000 worth of the company’s common shares in the open-market transactions during the next three months.
  • The board of Beijing-based Charm Communications Inc. (Nasdaq: CHRM) has approved a share repurchase program of up to $U.S. $10 million of its issued and outstanding American depositary shares (“ADSs”).
  • Shenzhen-based China Information Technology Inc. (Nasdaq: CNIT) announced that its board of directors had approved the extension of the company’s current $5 million share repurchase program, which it originally announced on September 27th, 2010. The expected duration of the extension will be one year.
  • Beijing-based Hollysys Automation Technologies Ltd. (Nasdaq: HOLI) announced Sept. 19, that serveral members of the company management have completed the previously announced management stock purchase plan of $7.5 million resulting in the acquisition in the market of an aggregate of approximately 1.26 million shares of Sept. 15, 2011.
  • Shanghai-based ShangPharma Corp. (NYSE: SHP) and Jiangsu Hengrui Medicine Co. Ltd. have entered into a strategic partnership through ShangPharma’s wholly-owned subsidiary, Shanghai ChemPartner, for the development of novel therapeutic monoclonal antibodies (“mAbs”).
  • Harbin-based Nutrastar International Inc. (OTC BB: NUIN) announced it plans to significantly expand its organic and specialty food consumer products business over the next 12-18 months.
  • Mobile Internet products and application services provider, Shenzhen-based SKY Digital Stores Corp. (OTC BB: SKYC) announced it has expanded its retail network by franchising 25 new stores throughout the Guangdong province