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Wynn Resorts Ltd. plans to raise as much as US$1.63% in a Hong Kong initial public offering of its Macau casino assets. The US gambling company founded by Stephen Wynn plans to sell 1.25B shares for between HK$8.52 and HK$10.08 apiece. The sale would represent about 25% of the Macau business, they said. Wynn’s profit has fallen for the past two years as a global economic slowdown hurt travel and spending at its Las Vegas casinos and hotels. In contrast, net income at Wynn’s Macau operations rose 48% last year as gambling revenue in the only Chinese region where casinos are legal climbed. Global investors are likely to be drawn to the IPO, as it’s the first foreign casino operator to be listed in Hong Kong. JPMorgan Chase & Co., Morgan Stanley and UBS AG were hired to manage the sale, and will begin offering the stock from tomorrow. The price is due to be fixed on Oct. 2. Shares of Macau casino operators listed in Hong Kong have jumped this year. Read more

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HK shares rally for 5th month, up 3% on week. Both markets recorded another month of hefty gains in July, the seventh successive monthly gain for Shanghai and the fifth winning month for Hong Kong, fuelled by positive earnings momentum and analyst upgrades. In the absence of a major disappointment in US economic data due next week, or in corporate earnings that will continue to trickle in through August, analysts expect the stock markets to continue their upward trajectory. China’s 4 trillion yuan (US$585.5B ) stimulus package, unprecedented lending growth and stabilising economy have helped to propel a more than doubling of the Shanghai index from last October’s two-year low and fuelled a 43 % surge in Hong Kong shares

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A visiting Chinese business delegation sealed deals amounting to 2 billion U.S. dollars with British firms in London on Friday afternoon in a significant move to stave off protectionism in the wake of the global financial crisis. The agreement between Hainan Airlines Co. Ltd and Rolls-Royce Plc was the largest deal totaling 1.2 billion dollars.

Rolls-Royce is to provide 20 engines for the Airbus 330 of the Hong Kong fleet, in addition to a 15-year service support. The 11 procurement deals and agreements covered areas ranging from textile, metal services, airplane and automobile parts, pharmaceutical, new materials, eco-town building, and motion picture production.

Chen Deming, China’s commerce minister who led a 150-strong delegation of government officials and entrepreneurs, said at a China-UK business symposium on trade and economic cooperation that the trip is aimed at boosting bilateral business confidence amid the current economic downturn. According the Chen, trade between China and Britain dropped 2.6 percent in January this year, a clear sign of the global economic recession.

However, he believed that Chinese businesses would like to take advantage of the British strength in research and development, high technology, even retail and textile to find ways for collaboration. “This is just a beginning of our trade ties this year. A further group of Chinese businesses will come to Britain in a week’s time to explore trade and investment opportunities,” said the minister.

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