Value Partners posts a 65.8% rise in profit

Value Partners Group Ltd<806>, a Hong Kong-based funds management firm on Wednesday posted a 65.8% rise in 2007 net profit on gains from funds operations.

Net profit for last year stood at HK$1.42 billion or HK$0.89 per share. Sales increased 70.6% to HK$2.54 billion, according to its annual report filed to the Hong Kong Stock Exchange.

It recommended a final dividend of HK$0.27 a piece.

As the first listed funds company in Hong Kong, Value Partners manages assets in Asia-Pacific area with its investment focus on the Great China region. The total assets under its management hit US$7.3 billion by last year end.

Ping An Insurance<601318><2318>, China's second largest insurer, owns 9% stake in Value Partners, the company said, adding that it will seek opportunities to cooperate with Ping An to grow products in the mainland.

Boosted by the handsome earnings statement, its shares soared 17.52% on Wednesday to HK$5.5.