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PRESS DIGEST - Hong Kong - Dec 6

Source: Reuters - Fri, 6 Dec 2013 01:35 AM
Author: Reuters
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HONG KONG, Dec 6 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

-- The mainland's central bank has barred financial institutions from trading in bitcoin. This is the first step towards regulating the virtual currency, which has seen a surge in value because of its popularity with mainland investors. (http://link.reuters.com/xab35v)

-- Kwong Siu-hing, the 84-year-old matriarch who controls Sun Hung Kai Properties, has confirmed that she has transferred shares worth an estimated HK$33 billion ($4.26 billion) to the families of two sons, who are co-chairmen of the HK$260 billion business empire. (http://link.reuters.com/jeb35v)

-- Police in China shut down six public relations companies and detained dozens of suspects in a recent crackdown on businesses deleting online posts, which help clients to delete negative information online by offering bribes to website editors and technicians, according to state media report. (http://link.reuters.com/beb35v)

THE STANDARD

-- The 3 billion yuan ($492.51 million) worth of Chinese sovereign bonds meant for Hong Kong retail investors were fully oversubscribed within one week, the Bank of China (Hong Kong) revealed. (http://link.reuters.com/qeb35v)

-- Cathay Pacific announced an average pay rise of 4.5 percent, an offer described by staff unions as acceptable. (http://link.reuters.com/peb35v)

-- Hong Kong Television Network chairman Ricky Wong Wai-kay, who was denied a free-to-air TV license last month, is believed to be negotiating with ATV investor Wong Ching to buy a majority stake in his station. (http://link.reuters.com/reb35v)

HONG KONG ECONOMIC JOURNAL

-- Kerry Logistics Network, a spinoff of Kerry Properties Ltd, said 51 percent of the proceeds to be raised from its Hong Kong IPO will be used to fund expansion and acquisition but it has no immediate plan to team up China's online market Taobao in pursuing logistics initiatives.

MING PAO DAILY NEWS

-- Healthcare services group Town Health International Investments had bought 46.93 million shares of Convoy Financial Services in the open market on Dec. 3, raising its stake in the firm to 14.49 percent from 4.35 percent, according to a disclosure from the Hong Kong bourse.

For Chinese newspapers, see............... ($1 = 7.7540 Hong Kong dollars) ($1 = 6.0913 Chinese yuan) (Reporting by Donny Kwok; Editing by Sunil Nair)

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