HK-listed China Traditional Chinese Medicine rises on stake hike by parent

China Traditional Chinese Medicine Holdings Co

22/05/2019 03:51

** Shares of China Traditional Chinese Medicine Holdings Co
Ltd  0570.HK  rise as much as 5.2% to HK$4.28, their highest
since May 10, after co says its parent raises stake 
    ** The Chinese medicine maker says controlling shareholder
China National Pharmaceutical Group Corp acquires 5 million
shares from the market, raising its stake in the firm to 32.16%
from 32.06% 
    ** Co says the controlling shareholder buys the shares at an
average price of HK$4.08 each on May 21 
    ** Co adds parent plans to further increase its stake
amid confidence of sustainable growth of the Hong Kong-listed
firm  urn:newsml:reuters.com:*:nFWN22X0AY
    ** As of Tuesday's close, the stock has fallen 10.8% so far
this year
    ** China Traditional Chinese Medicine has underperformed the
Hang Seng Utilities Index sector  .HSNU  by 16.1 percentage
points in the past one month
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.4%, and the benchmark index  .HSI  gains 0.5%

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