HK-listed Alibaba Pictures surges on Singapore delisting plan update

Damai Entertainment Holdings

19/06/2020 05:10

** Shares of movie distributor Alibaba Pictures Group Ltd
 1060.HK  rise as much as 10% to HK$1.10, the highest since June
11
    ** The stock later trims gain to HK$1.08, still up 8%,
heading for biggest intraday pct gain since April 2019
    ** Co., backed by Alibaba Group Holdings  BABA.N   9988.HK ,
says it has received confirmation from Singapore Exchange
Securities Trading Ltd saying it has no objection to the firm's
proposed delisting from Singapore stock exchange  urn:newsml:reuters.com:*:nFWN2DV0DM
    ** Co. says maintaining a single primary listing on the Hong
Kong bourse potentially increase trading volume of its shares on
the exchange while reducing its legal risks and compliance costs
    ** As of last close, the stock is down 27% so far this year
    ** Alibaba Pictures has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 4.8 percentage
points in the past one month
    ** The Hang Seng China enterprises index  .HSCE  edges down
0.1%, and the benchmark index  .HSI  slides 0.2%

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