HK-listed Chongqing Hongjiu Fruit falls on discounted share sale

Chongqing Hongjiu Fruit Co

12/04/2023 04:02

** Shares of China's Chongqing Hongjiu Fruit Co Ltd
 6689.HK  drop as much as 21% to HK$23.30, their lowest since
Feb. 1, and on course to snap two sessions of gain
    ** Biggest pct loser in Hang Seng Composite Index  .HSCI 
and second biggest pct decliner on the Hong Kong bourse
    ** Co plans sales of 15 mln new H shares to third party
investors, raising HK$353.6 mln ($45.05 mln) for enhancement of
fruits supply chain, expanding its customers and network at the
downstream sales and replenishment of working capital
    ** Co says the new shares will be sold at HK$23.60 apiece,
representing a 20% discount to Tuesday's close of HK$29.50
    ** Hang Seng Commerce & Industry Index  .HSNC  falls 1.5%
and Hang Seng Composite Industry Index tracking consumer staples
 .HSCICS  drops 2.2%
    ** Hang Seng Composite Index and Hang Seng Index  .HSI  both
slip 0.7%
    ** As of last close, the stock has fallen 7.8% this year

($1 = 7.8499 Hong Kong dollars)

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