CStone Pharmaceuticals drops most in near 5 months on discounted share sale

CStone Pharmaceuticals

08/02/2023 04:14

** Shares of immuno-oncology drugs manufacturer CStone
Pharmaceuticals  2616.HK  drop as much as 8.9% to HK$4.63, on
course for the biggest daily pct decline since Sept. 19, 2022 if
losses hold
    ** Stock hits the lowest since Jan. 3 on the third straight
session of fall; biggest pct loser in the Hang Seng Composite
Index  .HSCI  
    ** Shanghai-based co plans sales of 84.8 mln new shares, or
6.61% of the enlarged share capital, to third party investors,
raising HK$392.8 mln ($50.05 mln) for commercialization,
expansion and development of products  
    ** Says the new shares will be issued at HK$4.633 apiece, or
a 8.8% discount to Tuesday's close of HK$5.080 each
    ** The Hang Seng Commerce & Industry Index  .HSNC  eases
0.4%, the healthcare index  .HSCIH  climbs 0.7%, and the Hang
Seng Index  .HSI  gains 0.3%
($1 = 7.8486 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))