PetroChina A shrs Listing on October.

BEIJING (XFN-ASIA) - PetroChina Co Ltd (HK 0857) is expected to make its mainland stock market debut as early as October, the official China Daily reported. ""We have tentatively set October for the listing,"" an official of parent company China National Petroleum Corp (CNPC) was quoted as saying. The official said PetroChina's Mainland listing will raise at least 40 bln yuan. Earlier, PetroChina announced that it filed an application with mainland regulators to issue up to 4 bln A-shares through an initial public offering in Shanghai. ""The new shares will be priced on the basis of PetroChina's share price in Hong Kong. The indicative price for the initial public offering might hover around 10 yuan,""he said. PetroChina has chosen UBS Securities, the Swiss bank's joint venture with Beijing Securities, China International Capital Corp and Citic Securities to underwrite the offering, the official said. PetroChina closed THE morning at 10.76 hkd, up 0.16 hkd.

HSI chart

HS Index is touching a critical level at 22,ooo pts. Global stock markets are also tumbling, all blaming the US Sub-prime mortgage issue.Looking at the chart, the strong support will only set in around the 21000. Pls fasten your safety belt as the voyage ahead will be very very volatile.

Hong Kong Stocks in US

Last sale prices (per share) of Hong Kong stocks in US on 31 July 2007 are as follows:
(Source: NYSE website www.nyse.com, NASDAQ website http://www.nasdaq.com/,
for reference only)

HK$ Equivalent
US$ (@7.80 rounded to 4 decimal )
--------- -----------------------------------
APT SATELLITE 0.23125 1.8038
ASIA SATELLITE 2.191 17.0898
BRILLIANCE CHI N/A N/A
CHALCO 2.0144 15.7123
CHINA EAST AIR N/A N/A
CHINA LIFE 4.312 33.6336
CHINA MOBILE 11.478 89.5284
CHINA SOUTH AIR 0.8448 6.5894
CHINA TELECOM 0.577 4.5006
CHINA UNICOM 1.77 13.8060
CITY TELECOM 0.258 2.0124
CNOOC 1.186 9.2508
GUANGSHEN RAIL 0.7688 5.9966
HUANENG POWER 1.1195 8.7321
HUTCH TELECOM 1.23 9.5940
PETROCHINA 1.4726 11.4863
SHANGHAI PECHEM 0.6225 4.8555
SINOPEC CORP 1.0497 8.1877
SMIC 0.1286 1.0031
TOM ONLINE 0.17725 1.3826
YANZHOU COAL 1.7816 13.8965

New listing: SHENHUA-C1, CNOOC-C1, CHALCO-C1

China ShenHua (1088) closed at HKD 30.75 ;
ShenHua-C1 is currently at 21.71% premium.
Price expectation: Not much upside, as it is already having a high premium. You can hope to sell at 12.5 cents, but do not put too high hopes.

CNOOC (0883) closed at HKD 9.09 ;
CNOOC-C1 is currently at 17.78% premium.
Price expectation: Since the Dow is looking good now, it could probably gain 1.5 cents (+15%).

CHALCO (2600) closed at HKD 16.67 ;
CHALCO-C1 is currently at 16.67% premium.
Price expectation: Same as CNOOC-C1, probably a 1.5 cents gain too (+15%).

DowJone Index supported at.....

First support will be around 13250, if this breaks, the next support level will be 12750, the strongest support will be at 12000 which no one would like to see it happens.

JP Morgan & CitiGroup both raised CCB's (0939.HK) target price to HKD6.80

Citigroup and JP Morgan both maintained “BUY” call on CCB and raised its target price by 13% to HKD6.80.

Hong Kong-listed China Construction Bank (CCB) is expected to post a first half to June net profit of 35.65 billion yuan, up 54 % from a year earlier, driven by a strong net-interest margin (NIM) and solid growth in customer loans, according to JP Morgan.

CCB's loans may have grown by nearly 10 % in the first half to June from the preceding six months and its non-performing loans declined to 3.01 % in the period.

Net profit forecast is raised from 2007-2009 by 2-14 % on higher net interest margin (NIM) of 2.85-2.92 % as a result of rising bond yields, up 50-100 basis points since March.

Citigroup estimated that for every increase in investment yields of 100 basis points for its short-term yuan-denominated bonds of 736 billion yuan, CCB's net interest and profit before tax will be raised by 11bps and 7 % for 2008.

Meanwhile, JP Morgan expects CCB's earnings per share (EPS) to grow more than 20 % in 2008 and 2009 partly through lower credit costs. It has forecast 2008 EPS at 0.37 yuan and 2009 at 0.45 yuan.

However, the stock is vulnerable to a correction in the near term as CCB's share price has risen by 29 % since it announced its planned A-share listing last month.
Nevertheless, a correction in the share price is a buying opportunity as strong earnings growth will continue to drive its share performance.

CCB closed at HKD5.85, down 4 cents.

CHINA MOBIL.......

China Mobile said its net new subscribers in June totaled 5.53 mln, taking its user-base at the end of first half of the year to 332.38 mln.

China Telecom announced that it added a net 210,000 subscribers in June, against 200,000 in May.

China Mobile subscribers is 12.8X the Malaysia's population!!
It's new subcribers takes onle 5.2 months to equate the Malaysia's population.

China Mobil shares is definitely a BUY! Another better alternative is to buy the ChinaMobil CAll Warrant (CHMobil-C1 or C3). For detail, pls refer to the previous posting.