China's Clover Biopharmaceuticals falls on discounted share sale

Clover Biopharmaceuticals

06/12/2022 01:59

** Shares of novel vaccines and biologic therapeutic
candidates developer Clover Biopharmaceuticals Ltd  2197.HK 
fall as much as 11% to HK$4.04, their lowest since Nov 16
    ** Stock to mark its biggest daily pct decline since Dec 1
if losses hold; second biggest pct loser in the Hang Seng
Composite Index  .HSCI  
    ** Sichuan, China-based co plans to sell 128 mln new shares,
or 9.91% of enlarged share capital, to third-party investors,
raising HK$500.5 mln ($64.41 mln) in net proceeds
    ** Co, whose COVID vaccine has been included for emergency
use in China, says the new shares will be issued at HK$3.95
apiece, a 13% discount to Monday's close
    ** Co to use proceeds to strengthen financial position,
expand commercialisation capabilities and production capacity
    ** The Hang Seng Commerce & Industry Index  .HSNC  falls
0.4%, while the healthcare index  .HSCIH  climbs 0.8%
    ** The Hang Seng Composite Index slips 0.1% and the Hang
Seng Index  .HSI  eases 0.2%
    ** As of last close, the stock had dropped 66.6% this year
($1 = 7.7700 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))