Hong Leong set to get 90% of Frestech State-owned shares amounting to 39% of electronics manufacturer Frestech have been authorized to be turned over to Singapore's Hong Leong, The Beijing News reports. Hong Leong was the majority shareholder in Frestech, with 51% of the company - this move will push its stake to 90%. The authorization came as expected; in fact, talks have been going on for several years to sell off the state-owned shares of Frestech. The value of the sale will be less than 510 million yuan (US$63 million), far below the original estimate of 600 million (US$71.4 million). Link: http://www.thebeijingnews.com/news/2005/1011/05@084703.html   Yongle sets IPO price Electronics retailer Yongle set the price of its Hong Kong IPO at HK$2.25 per share, National Business Daily reports. This price is 16.3 times the estimated per-share earnings for 2005. The company will issue 455.8 million shares, for a total IPO value of US$132 million. While analysts had predicted that 90% of the shares would be offered to institutional investors, Yongle announced that it would split 50-50 between individuals and institutions. Link: http://www.nbd.com.cn/admin/module/news/newsFile/2005101023651.htm   Hisense revises agreement with Kelon According to a report in The Beijing News, Kelon's majority shareholder Hisense has revised the terms of its acquisition agreement in order to avoid pouring money into a financial black hole. The original agreement made no mention of the status of the shares to be exchanged; Hisense requests in the revised version that all shares be free of restrictions, such as being frozen or mortgaged. In addition, the previously quoted figure of 900 million yuan (US$111 million) that Hisense was to pay for Kelon may end up being considerably less, depending on the results of an audit of Kelon's assets. Link: http://www.thebeijingnews.com/news/2005/1011/05@084523.html   China Yongle: 0503.HK Kelon: 000921