China Hongqiao jumps most in 8 weeks as key shareholder raises stake

China Hongqiao

18/06/2024 04:58

** Shares of aluminium products manufacturer China Hongqiao
Group Ltd  1378.HK  jump 4.9% to HK$12.38, on course for the
biggest one-day pct gain since April 24
    ** Stock third-biggest gainer in Hong Kong's material index
 .HSCIM  and Hang Seng Index  .HSI  
    ** China Hongqiao says its controlling shareholder has
purchased a total of 6.65 mln shares in the open market on June
17 at an average price of HK$11.76 per share, raising its stake
in the company to 64.27% from 64.20%
    ** Co says the increase in shareholding reflects controlling
shareholder's confidence in the company's prospects and
long-term growth and it would further increase its shareholding
in the company
    ** Hong Kong's material index  .HSCIM  and Hang Seng
Composite Index  .HSCI  both slip 0.2% while Hang Seng Index
 .HSI  eases 0.4%
    ** Stock up 90.9% YTD  

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