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Newly Listed Firms Perform Well
The 48 companies that listed on the stock exchange in 1991 raised more than HK$5.5 billion (US$705 million) and the majority of them performed well.
The five leading issues were China Paint, which was over-subscribed 154 times, Team Concepts (103.7 times), Great Wall (58.4 times), Tung Wing Steel (57.1 times) and Chee Shing Holdings (49 times). Of these Great Wall performed best with its share price rising 64 per cent to finish the year at HK$1.69 from its issue price of HK$1.03 in April.
Fairwood to Open in China
Hong Kong fast food chain, Fairwood Holdings, will become the first local operator to open a fast food outlet in China in the early part of 1992. The company has formed a joint venture with China National Chemicals Import and Export Corporation and Beijing Suburb Enterprise Company to open a Thousand Island Food Plaza in Beijing in March.
Fairwood operates some 64 restaurants in Hong Kong with plans to expand into a number of high traffic areas. The company has experienced a 33 per cent growth in the past five years, outperforming the 21 per cent growth in the local fast food industry.
Innovative Profits Surge
Newcomer to the Hong Kong stock exchange, Innovative International (Holdings) Limited, has reported a 36 per cent jump in profit to HK$25.9 million (US$3.3 million) in the six months ended September. Turnover rose 24 per cent to HK$91.5 million (US$11.7 million).
Antennas, primarily for car radios and cellular telephones, are the group's main product, accounting for nearly 45 per cent of turnover during the first half of the year.
Innovative was listed on the stock exchange in October. Although no interim dividend was declared, the company intends to recommend a final dividend of HK5 cents per share for the year ending March 31, 1992.
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