HK's Analogue hits 3-month low, firm faces legal action

Analogue Holdings

17/06/2022 04:10

** Shares of building services firm Analogue Holdings Ltd
 1977.HK  fall as much as 10.5% to HK$1.45, lowest since March
16
    ** Stock set for the biggest daily pct drop since December
2019, if losses hold; on course to end the week down 17.6% in
the worst week since mid-July 2019 
    ** Competition Commission begins legal action against ATAL
Building Services, which set up by Hong Kong justice chief
Teresa Cheng's husband Otto Poon, and Shun Hing Engineering
regarding price fixing over air-conditioning works worth HK$2
bln ($254.78 mln), SCMP reported (https://bit.ly/3Qq3DxI)
 
    ** Analogue says Competition Commission filed an application
with Competition Tribunal to seek reliefs, while the company and
its wholly-owned ATAL are seeking legal advice on the
proceedings  urn:newsml:reuters.com:*:nFWN2Y306Q
    ** About two years ago, Washington imposed sanctions on Hong
Kong Chief Executive Carrie Lam and 10 other top officials
including Cheng, what it called their role in curtailing
political freedoms in the territory, prompting a sharp rebuke
from Beijing  urn:newsml:reuters.com:*:nL4N2FB07D
    ** Hang Seng Commerce & Industry Index  .HSNC  gains 0.6%
and Hang Seng Index  .HSI  climbs 0.7%
    ** As of last close, the stock had fallen 9% this year


($1 = 7.8499 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))