PRESS DIGEST - Hong Kong - Nov 25

HONG KONG, Nov 25 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy. SOUTH CHINA MORNING POST

-- A small Hong Kong-based privately-owned engineering contractor Far East Aluminium Works has launched insolvency proceedings against China state-owned China Metallurgical Group Corp to recover unpaid debt, in an unusally aggressive legal move by a local companies against a state giant. China Metallurgical Group is the majority shareholder of Metallurgical Corp of China (1618.HK) (601618.SS).

HONG KONG ECONOMIC TIMES

-- Sun Hung Kai Properties (0016.HK) announced that Michael Wong Yick-kam would become Group Principal Adviser from January 1, 2010, advising on long-term business development and other key issues. He will retire as an executive director and assume the role of non-executive director on the same date.

SING TAO DAILY

-- Bank of China (Hong Kong) (2388.HK) said it has signed clearing and settlement agreements with numerous banks frim Association of Southeast Asian Nations countries to boost yuan business in the city.

-- Non-ferrous metal trader EPI (Holdings) (0689.HK) said it is in talks with one of the three largest oil companies in China to set up a refinery and export facility at its Mendoza oil field project in Argentina.

ORIENTAL DAILY

-- The retail tranche of the initial public offering of Futong Technology Development was over 14 times oversubscribed, according to sources.