HONG KONG NEWSPAPER HIGHLIGHTS - MARCH 2, 2009.

HONG KONG, March 2 Asia Pulse - Highlights of today's newspapers:

SOUTH CHINA MORNING POST:

- Hutchison Telecommunications International (SEHK: 2332) Ltd is planning to spin off its Hong Kong fixed-line and mobile telephone businesses, valued at as much as HK$12 billion, in an initial public offering in the city later this year, sources said.

- HSBC Holdings (SEHK: 0005, announcements, news) will announce its full-year results today, leading off a peak reporting season that is set to add volatility to the stock market as earnings are expected to have been hit by one of the worst years in modern economic history.

- The mainland has passed legislation that introduces sweeping changes aimed at overhauling the insurance sector, which is troubled by claim disputes.

- Warburg Pincus-funded Red Star Furniture Group, which operates a chain of furniture retail stores on the mainland, plans to launch an initial public offering in either Shanghai or Hong Kong in 2011, expecting to raise at least 1 billion yuan (HK$1.13 billion).

- The cancellation of US$10 billion worth of Airbus aircraft orders by the mainland government was a result of the worsening economic climate, not political considerations, an official of the Civil Aviation Administration of China was quoted by state media as saying.