Hong Kong Aerospace jumps on dual listing plan in Middle East

China Strategic Technology

07/12/2023 03:37

** Shares of satellite manufacturing, communication and
launching group Hong Kong Aerospace Technology Group Ltd
 1725.HK  jump 26.3% to HK$4.66, their highest since Nov. 21
    ** Stock heads for second session of gain
    ** Stock to log biggest one-day pct rise since May 10, if
trend holds; fifth biggest pct gainer on Hong Kong bourse
    ** Co says it has resolved to proceed with a potential dual
listing of its shares on a stock exchange in the Middle East,
which is subject to approval from the relevant regulatory
authorities 
    ** Says listing will allow the company to gain access to
securities market in the Middle East, broaden its shareholder
base and fundraising channels in the future
    ** Co has appointed United Arab Emirates-based investment
bank Canaccord Genuity Dubai as the financial advisor and
arranger of the deal
    ** Hang Seng Tech Index  .HSTECH  falls 1.8%, Hang Seng
Index  .HSI  down 1.5%
    ** Stock down 26.9% YTD 

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