China Cinda jumps most in 8 years on investing in Ant unit

China Cinda Asset Management

28/12/2021 06:08

** Shares of China Cinda Asset Management Co Ltd  1359.HK 
jump as much as 24.6% to HK$1.62, on track for their biggest
daily percentage gain since listing in December 2013
    ** Stock hits highest since June 28; biggest percentage
gainer in the Hang Seng Composite Index on financial stocks
 .HSCIF  
    ** Consumer finance unit of Ant Group  688688.SS  to boost
co's capital to 30 bln yuan ($4.71 bln) from 8 bln yuan, and
introduce 4 new strategic investors - exchange filing on Friday
 urn:newsml:reuters.com:*:nL1N2T90B3
    ** China Cinda Asset Management, one of co's new investors
and one of the country's four biggest state asset managers, said
to invest 6 bln yuan as part of the exercise 
    ** After the deal, Beijing-based China Cinda will become the
second biggest shareholder with a 24% stake in the consumer
financing unit, including a 20% stake it holds directly and a 4%
stake held by subsidiary Nanyang Commercial Bank Ltd
    ** The Hang Seng Composite Index on financial stocks
 .HSCIF  climbs 0.4%
    ** The Hang Seng China Enterprises Index  .HSCE  gains 0.3%
and the Hang Seng Index  .HSI  climbs 0.1%
    ** China Cinda stock had fallen 11.6% this year, as of last
close 

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