China's First Service hits record high as Sunac Services offers to buy stake

First Service Holding

01/11/2021 05:43

** Shares of First Service Holding Ltd  2107.HK  jump 59.9%
to HK$2.19, deliver their highest and biggest daily percentage
gain since debut in October 2020 
    ** The property management services provider's stock is
third-biggest percentage gainer on the Hong Kong bourse
    ** Sunac Services Holdings Ltd  1516.HK  has agreed to buy a
32.22% stake of First Service for 692.7 mln yuan ($108.2 mln)
from major shareholders  urn:newsml:reuters.com:*:nFWN2RP2TV 
    ** The property management arm of Sunac China Holdings Ltd
 1918.HK  will then make a mandatory cash offer for all
outstanding First Service shares at HK$2.6167 each, or 91%
premium to the previous close on Oct 7 - prior to a trading halt
    ** Sunac Services stock falls 1.1% and Sunac China down 2.6%
  
    ** The Hang Seng sub-index tracking property firms  .HSNP 
drops 1.7%, and Hang Seng Mainland Properties Index  .HSMPI 
falls 1.9%
    ** The Hang Seng Composite Index, tracking properties and
construction stocks  .HSCIPC , declines 1.8% and the benchmark
index  .HSI  slips 1%
    ** Stock of Beijing-based First Service up 29.3% this year,
as of last close 

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