China's 361 Degrees drops to 5-week low on discounted share sale

361 Degrees International

28/04/2026 03:18

** Shares of 361 Degrees International 1361.HK drop 19.7% to HK$5.56, their lowest point since March 25

** Stock on track for the biggest one-day pct decline since September 2017

** Chinese sports footwear and apparel maker plans sale of 100 mln new shares to key shareholder, raising HK$618 mln  ($78.86 mln) for overseas network expansion and working capital

** Says the new shares will be issued at HK$6.18 apiece, representing a 10.7% discount to Monday's close of HK$6.92

** Key shareholder will buy the new shares on completion of sale of the same amount of existing shares at the same price to third party investors

** YTD, stock down 5.1%, while benchmark Hang Seng Index .HSI up 1%

($1 = 7.8365 Hong Kong dollars)

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))