HK-listed China Traditional Chinese Medicine hits over 6-month high on privatisation report

China Traditional Chinese Medicine Holdings Co

27/01/2021 07:31

** Shares of China Traditional Chinese Medicine Holdings Co
Ltd  0570.HK  rise as much as 7.9% to HK$4.35, their highest
since July 9, 2020, after a report that a consortium led by its
parent plans to take the Chinese medicine maker private
    ** Stock last up 6.7%, set for the best session since Nov.
30, 2020
    ** Shares jump 8.8% to HK$4.35 in early afternoon trade from
HK$4 by lunch break, prior to a trading halt 
    ** The consortium led by state-owned Sinopharm plans to take
private China TCM in a deal that would value the firm at least
$3.3 bln, said two people with direct knowledge of the matter
 urn:newsml:reuters.com:*:nL8N2K12G1
    ** The consortium plans to offer at least HK$5.10 per share
for China TCM, they said
    ** Sinopharm, China TCM's parent and major shareholder, is
teaming up with the next two biggest stockholders, Ping An
Insurance Group Co of China  601318.SS  2318.HK  and executive
director Wang Xiaochun, they added
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.2%, and the benchmark index  .HSI  edges up 0.01%

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