HK's electronics firm Pantronics at all-time high on change of control

Bitfire group

30/08/2018 03:43

** Shares of Pantronics Holdings Ltd  1611.HK  soar as much
as 121 pct to HK$6.80, its highest since listing in November
2016, after a third party buys control and makes a mandatory
cash offer for outstanding company shares 
    ** The stock later trims gains to HK$4.95, still up 60.7
pct, heading for the best day since listing  
    ** Co says investor Huobi Global Ltd has made a mandatory
cash offer of HK$2.72 apiece for all outstanding shares it does
not already own in Pantronics, after it completed purchase of
71.67 percent of the Hong Kong-listed firm for HK$586 million
($75 million) (https://bit.ly/2wpoNon)  
    ** Co, with market value of $201 million, says Huobi will
review its business to include provision of solutions serving
blockchain and the cryptocurrency industry
    * As of the previous close, the stock had risen 170.18
percent so far this year
    ** As of 0222 GMT, about 13.72 million shares of the
electronic products maker change hands, compared with their
30-day moving average of 261,260 shares a day    
         

($1 = 7.8483 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)