China Hongqiao faces worst day in 7 months on discounted share sale

China Hongqiao

18/11/2025 02:14

** Shares of China Hongqiao Group 1378.HK fall 8.2% to HK$29.66, on track for their biggest one-day pct drop since April 7

** Shares touch their lowest point since November 6 on their third consecutive session of fall; top pct loser on the Hang Seng materials index .HSCIM, which is down 3%

** Chinese aluminium products maker plans sale of 400 mln new shares to its controlling shareholder in a share placement, raising HK$11.7 bln ($1.50 bln) for development of domestic and overseas projects, debt repayment and for working capital

** The new shares will be issued at HK$29.20 apiece, representing a 9.6% discount to Monday's close of HK$32.30

** The controlling shareholder will buy the new shares following sales of the same amount of existing shares at the same price to third party investors

** YTD, stock up 158.8%, benchmark Hang Seng Index .HSI up 29.7%

($1 = 7.7745 Hong Kong dollars)

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))