China's Feiyang International falls on discounted share sale

Feiyang International Holdings

08/06/2023 05:27

** Shares of China's package tours services group Feiyang
International Holdings Group Ltd  1901.HK  fall as much as 9.4%
to HK$1.25
    ** Stock marks biggest intraday pct decline since March 21,
if losses hold
    ** The Zhejiang-based co plans sale of 160 mln new shares,
or 16.7% of the enlarged share capital, to third-party investors
raising HK$200 mln ($25.52 mln) for investment in travel and
tourism businesses, for loan repayment and working capital
    ** The share will be issued at HK$1.25 apiece, or a 9.4%
discount to Wednesday's close of HK$1.38 
    ** The Hang Seng Commerce & Industry Index  .HSNC  falls 1%
and the Hang Seng Composite Index  .HSCI  slips 0.5% and the
Hang Seng Index  .HSI  eases 0.4%
    ** As of last close, stock up 64.3% this year

     ($1 = 7.8367 Hong Kong dollars)

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