Gas assets

Cnooc, Li & Fung, PetroChina, PCCW: Hong Kong Equity PreviewThe following companies may have unusual price changes in Hong Kong trading. Stock symbols are in parentheses, and share prices are as of the last close.

The Hang Seng Index slipped 310.91, or 2.3 percent, to 13,228.30. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, dropped 3.1 percent to 7,367.56.
Oil producers: Crude oil futures dropped 5.5 percent to $33.98 a barrel in New York yesterday, the lowest settlement since Dec. 19. The contract was recently at $34.56 in after-hours trading.
Cnooc Ltd. (883 HK), China’s biggest offshore oil producer, slipped 2.3 percent to HK$7.16. PetroChina Co. (857 HK), the nation’s largest oil producer, fell 3.4 percent to HK$6.18.

CNPC Hong Kong Ltd. (135 HK): The company forecasts it will double its profit and assets within the next five years by buying projects from its parent company, the South China Morning Post reported. The company will eventually buy all of PetroChina Co. and China National Petroleum Corp.’s gas distribution assets, the newspaper said, citing Chairman Li Hualin. CNPC dropped 0.4 percent to HK$2.25.

Li & Fung Ltd. (494 HK): HSBC Holdings Plc cut its rating on the stock to “neutral” from “overweight,” saying gains may be limited following a five-day rally. Li & Fung, the biggest supplier of toys and clothing to Wal-Mart Stores Inc. and Target Corp., advanced 4.6 percent to HK$16.82.
PCCW Ltd. (8 HK): Hong Kong’s biggest phone carrier said yesterday a court hearing on Chairman Richard Li’s HK$15.93 billion ($2.05 billion) buyout offer would be held on Feb. 24, later than previously announced. The stock was unchanged at HK$4.08.

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