Shang Hua Holdings Ltd surged 154% or HK$1.17 after Beijing Enterprises agreed to acquire 74.78% of the company at HK$98.8 million. The stock purchase is at a 47% discount to the closing price of HK$0.76 on January 28. The computer and related parts trading will shift its business to water treatment.

Beijing Enterprises rose 2% to 55 cents or HK$32.84 after the news.

The China Oilfield Services preliminary revenue for the year ended 31 December 2007 is estimated to increase by around 40% over the previous year, while the net profit is estimated to increase by around 95% as compared with the previous year.

China Oilfield net profit in 2006 was Rmb 128 billion and earnings per share Rmb0.2823.

China Life Insurance projected 2007 earnings increase of 50% from 2006 earnings of Rmb 14.384 billion and earnings per share growth was not estimated. Earnings per share in 2006 were Rmb 0.51.



Japan Stocks

Seasonally adjusted unemployment rate in Japan fell to 3.8% after the number of unemployed fell to 2.31 million, a decline of 130,000 from a year ago.

Statistics Office in Japan reported average monthly consumption and income for the December month.

The average amount of monthly consumption expenditures per household in December 2007 was 351,667 yen, up 3.1% in nominal terms and up 2.2% in real terms from the previous year. The average amount of monthly income per household stood at 950,654 yen, down 1.8% in nominal terms and down 2.7% in real terms from the previous year. The amount of consumption expenditures was 379,388 yen, up 2.7% in nominal terms and up 1.8% in real terms from the previous year.

Mitsubishi UFJ, largest bank in Japan added 45 or 4.6% to 1,030 yen followed by similar rises in other banks. Real Estate companies advanced as well. Sumitomo Realty surged 6.1% or 145 yen to close at 2,525 yen.

As the fears of recession in the U.S. fades, shipping lines, exporters, and auto companies advanced. Toyota Motor added 3%, Nippon Yusen increased 8.1% to 825 yen, and Isuzo surged 10% or 38 yen to 433 yen.

Mitsui & Company added 7.2% or 141 yen to close at 2,950 yen as prices of commodities and metals advanced.