China Cinda falls by most ever after scrapping investment in Ant unit, Alibaba falls

China Cinda Asset Management

14/01/2022 02:22

** Shares of China Cinda Asset Management  1359.HK  drop
12.5% to HK$1.33, biggest daily pct decline since debut in
December 2013
    ** Stock hits lowest since Dec. 24, on course to snap six
consecutive sessions of gains; biggest pct decliner in Hang Seng
Composite index tracking financial stocks  .HSCIF 
    ** Cinda plans to scrap an agreement to buy a 20% stake in
the consumer finance arm of Ant Group worth 6 bln yuan ($943.8
mln)  urn:newsml:reuters.com:*:nL4N2TT38M
    ** Ant is the fintech affiliate of retail giant Alibaba
 BABA.N  
    ** Cinda, one of China's four biggest state asset managers,
says the withdrawal "after further prudent commercial
consideration" will not have any material impact on the company
    ** Hong Kong-listed shares of Alibaba  9988.HK  drop as much
as 4.2%, worst day since Dec. 8; sixth biggest pct decliner in
the Hang Seng Tech index  .HSTECH 
    **  .HSTECH  falls 1.6% and  .HSCIF  slips 0.1%
    ** Hang Seng China Enterprises index  .HSCE  falls 0.9% and
the benchmark Hang Seng index  .HSI  eases 0.6%

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