• Henderson Land Development (12)

Henderson Land Development’s vision for the waterfront of Hong Kong’s Central district is one step closer to reality with the city’s Town Planning Board approving the developer’s designs for a HK$73bn (US$9.3bn) commercial project.

The design plan for the 172,819 square metre (1.8m sq ft) project known as Site 3, which adjoins the IFC complex in Central. Hong Kong’s third-largest developer by market capitalisation submitted the plan last November, after securing the site with a record HK$50.8bn (US$6.48bn) bid a year ago.

Henderson, which is controlled by the family of billionaire Lee Shau-kee, has also been marketing space in an office project a few blocks to the west of Site 3. US private equity firm Carlyle Group agreed last July to lease about 20,000 square feet in the 36-story property, dubbed The Henderson, which is nearing completion on Murray Road.

• Lenovo Group Ltd (992)

Lenovo Group Ltd said revenue from its non-PC businesses reached 41% in 3QFY3/23, as the Chinese tech company made progress in building a diversified growth engine. The company recorded a revenue of US$15.3bn and a net income of US$437m in the quarter.

While the industry faces significant macroeconomic pressures, Lenovo said it sees long-term opportunities ahead as the global trends of digitalization and intelligent transformation continue accelerating and IT spending is expected to recover to a moderate growth rate in the mid-to-long term.

• Ping An Insurance Group Co (2318)

Ping An Insurance Group (PAIC) and Ariel Re of Lloyd’s of London, a world-famous reinsurer institution, will provide 25-30 years of power loss compensation liability insurance service for the highly efficient module products of SolarSpace.

With the successful implementation of the long-term effectiveness and power performance insurance, represent the recognition of SolarSpace and its products deserve as a leading solar manufacturer in the industry. The acknowledgements and supports from two world-famous insurance companies means that the position of SolarSpace in the field of PV industry could be enhanced as a result of its reliability and quality of PV module products.

• MTR Corp (66)

Hong Kong’s MTR Corporation has ended a tender for a HK$10bn (US$1.27bn) project in northern Lantau island without finding a buyer after the three bids received for the commercial and residential site fell short of the government-backed transport firm’s expectations.

The transit operator said it rejected the three bids submitted for the first phase of its Oyster Bay project, which can accommodate up to 1,900 new homes and a shopping centre right on top of an upcoming MTR station.

The futile exercise marked the third failed land sale in Hong Kong so far this year, following the Urban Renewal Authority’s rejection of the sole bid for a Kwun Tong site earlier this month and the unsuccessful tender for a luxury residential site in the Stanley area which was scratched after drawing four subpar bids.

• BYD Co Ltd (1211)

BYD continues to increase its plug-in electric car sales, achieving a very strong result in January, both in terms of volume and growth rate. According to the company's report, in January, BYD passenger plug-in car sales amounted to 150,164 (the best January ever), which is nearly 62% more than a year ago.

Both all-electric and plug-in hybrid car sales increased YoY. Out of the total number, some 10,409 BYD plug-ins were exported. Besides passenger cars, BYD sold 1,177 commercial electric vehicles for a total of 151,341 plug-in vehicles in January.

Source: Rakuten Research - 22 Feb 2023