HK subcontractor Chong Kin soars on share sale to fund potential acquisition

Chong Kin group

08/12/2020 03:35

** Shares of building subcontractor and logistics services
provider Chong Kin Group Holdings Ltd  1609.HK  soar as much as
46.5% to HK$4, their highest since October 2019
    ** Stock last up 42.9%, set for its best day since listing
in October 2016; biggest percentage gainer among all listed
companies on the Hong Kong bourse 
    ** Co plans sale of 109.73 mln new shares to at least six
third-party investors at HK$2.3 each, raising HK$252.4 mln 
($32.56 mln) for potential acquisition or investment, and for
general working capital  urn:newsml:reuters.com:*:nFWN2IN0TM
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
climbs 0.9%, while the benchmark index  .HSI  slips 0.5%
    ** As of last close, stock had slid 3.2% this year
($1 = 7.7510 Hong Kong dollars)

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