Beijing Urban Construction hits 19-month low on plans to withdraw Shanghai listing

Beijing Urban Construction Design & Development

27/06/2024 05:12

** Shares of Beijing Urban Construction Design & Development
Group  1599.HK  drop 11.8% to HK$1.65, their lowest since
November 2022
    ** Stock posts biggest intraday pct decline since May 2023 
    ** The construction contractor plans to withdraw the A-share
offering application from the Shanghai Stock Exchange after
considering its future business positioning, arrangements for
business development and capital operation 
    ** Says withdrawal of the A-share offering application is
not expected to give rise to any material adverse impact on co's
financial position or operation 
    ** Hang Seng Commerce & Industry Index  .HSNC  drops 2.3%,
Hang Seng Composite Index  .HSCI  declines 1.7% and Hang Seng
Index  .HSI  falls 1.9%
    ** Stock down 14.1% YTD  

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