HK-listed chemical firm Dongyue on Shenzhen spinoff progress

Dongyue

24/02/2020 02:06

** Shares of chemical engineering firm Dongyue Group Ltd
 0189.HK  rise as much as 8.4% to HK$4.38, their highest since
Jan. 7 
    ** Dongyue says its proposed spin-off of Dongyue
Organosilicone and plans to list unit on the Shenzhen stock
exchange has obtained regulator's approval to issue not more
than 300 mln class A shares at an offer price yet to be
determined  urn:newsml:reuters.com:*:nFWN2AM11M
    ** Company says it will make further announcements on any
developments relating to the proposed spin-off and the share
offering 
    ** As of last close, the Hong Kong-listed stock of company
had slid 6.5% so far this year
    ** Shandong-based Dongyue has outperformed the Hang Seng
Property Index sector  .HSNP  by 5.2 percentage points in the
past one month
    ** The Hang Seng China enterprises index  .HSCE  declines
1.5% and the benchmark index  .HSI  falls 1.3%

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