Tencent-backed China Literature hits 1-month low, shareholder trims stake

China Literature

25/07/2019 07:15

** Shares of China Literature  0772.HK , an online literary
reading and writing platform backed by Tencent  0700.HK , fall
as much as 12.8% to HK32.8, lowest since June 25 
    ** Stock second most actively traded in afternoon trade, and
the seventh biggest percentage loser  
    ** Major shareholder Carlyle raised HK$994 mln ($127.2 mln)
in a sell-down of shares in China Literature, at the bottom end
of an indicative price range  urn:newsml:reuters.com:*:nL4N24Q0UP
    ** Carlyle sold 28 mln shares of China Literature at the
bottom of HK$35.50–$36 range, representing 5.6% discount to
previous close
    ** As of Wednesday's close, stock of China Literature had
risen 3.6% this year
    ** China Literature has outperformed the Hang Seng Commerce
& Industry Index sector  .HSNC  by 8.3 percentage points in the
past month
    ** Shares of Tencent climb as much as 2.1% to their 10-week
high at HK$373.2
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  rises 1.6%
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.6%, and the benchmark index  .HSI  gains 0.3%
($1 = 7.8146 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)