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PRESS DIGEST - Hong Kong - May 16

HONG KONG, May 16 (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.


-- Wynn, one of the world's biggest casino operators, issued an angry rebuke last night after a United States trade union boss accused it of allowing organised crime-linked junket operators to do business at its Macau property. (http://link.reuters.com/tud49v)

-- The first batch of Hong Kong's 30-tonne stockpile of seized ivory was reduced to ashes on Thursday, a symbolic move aimed at boosting the fight against the illicit trade. (http://link.reuters.com/vud49v)

-- Electronic component manufacturer Johnson Electric reported a record profit for the financial year to the end of March after sales in all major markets rose, but the firm is forecasting a decline in gross profit margin for the coming year due to aggressive investment in new plant and rising labour costs on the mainland. (http://link.reuters.com/wud49v)


-- Power Assets is opposed to the Hong Kong government's plans to import a third of the city's energy needs from the mainland. The sole power provider to Hong Kong Island said the move would be costly and a step backward for local power reliability and the environment. (http://link.reuters.com/xud49v)

-- Local cleaning services provider Baguio Green has been oversubscribed by more than 400 times in the retail tranche, freezing HK$4.8 billion ($619.21 million), market sources said. (http://link.reuters.com/zud49v)

-- Global exporter Li & Fung expects this year's business performance to be unimpressive due to poor weather in the United States. (http://link.reuters.com/byd49v)


-- Chinese property developer Sunac China Holdings Ltd said it was in talks with Greentown China's vice chairman Shou Bainian to buy up to 30 percent interest in his company, with market experts estimating the deal to be worth at least HK$5 billion ($645.01 million).


-- The retail portion of the initial public offering of mainland railway equipment manufacturer China CNR Corp Ltd is seen under-subscribed while its international portion has been three times subscribed, according to market sources.

For Chinese newspapers, see...............

($1 = 7.7519 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Sunil Nair)