Yet another successful IPO sent shares of Greens Holdings Ltd. up 12.3 percent, making it the third Hong Kong company to rise on its debut this week. The company provides energy efficiency solutions and products, including wind power equipment. Luxury residential developer Evergrande Real Estate Group, which began trading earlier this week, fell 2.6 percent today, and menswear company Trinity Ltd, which also kicked off trading this week, lost 3.9 percent of its recent gains.
Oil goliath CNOOC Ltd (CEO) climbed 3.37 percent after agreeing to purchase a stake in four prospects in the Gulf of Mexico from Norway's Statoil. China Daily reports that the deal could be worth up to $100 million, and indicates that China is seeking to diversify its oil supply. The paper reports that China has become the world's second largest oil importer.
Real estate companies in the territory also rose today as executives from top development companies continued to plea for the government to release more land. After recently losing share price, Sino Land Co. Ltd. (SNLAY) gained 3.4 percent, Sun Hung Kai Properties Ltd. (SUHJY) climbed 2.5 percent and Cheung Kong Holdings rose 1.7 percent.
In Tokyo, computer and cell phone maker NEC Corp. (NIPNF) surged 10.1 percent on news that it will sell stock in order to raise $1.5 billion. The last time it offered shares to the public was in 2003, and reports say it plans to use the cash to pay off some of its debt and to finance the development of business in the area of the much-talked-about cloud services – technology which allows data to be stored on remote servers that customers can access through the internet. Hitachi Ltd. (HIT), which owns a stake in NEC, climbed 5.6 percent today.
In China, Daqin Railway continued to climb, rising 4.5 percent and property developer China Vanke, (CVKEF) gained 2.8 percent, saying October sales had surged. Ningbo United Group Co. Ltd, which develops residential and commercial properties in Zejiang province, surged 6 percent today.
Shares in companies related to the development of the newly approved Shanghai Disney have begun to slide, after initially spiking on the news of the approval of the enormous project. Today Shanghai Pudong Road & Bridge Construction Co. Ltd. inched down 0.2 percent, Shanghai Lujiazui Finance & Trade Zone Development Co Ltd., a developer involved in the project, slipped 0.3 percent and Shanghai Jielong Industry Corp Ltd., a printing company that owns much of the land designated for the project and had seen its share price climb on news of the plan, slid 2.6 percent.
Meanwhile, a 65,500 square meter parcel of land about two miles from the Disney site sold today for the record price of $174.3 million, after bids by more than 60 developers, according to TheEdgeProperty.com. The land is slated for residential development with a state-owned group winning the plot. As expected, the Chinese government will get a big piece of the Disney pie.