Shanghai Henlius Biotech at 9-month low as shareholders reject buyout offer
23/01/2025 01:49
** Shares of Shanghai Henlius Biotech 2696.HK drop 11.1%
to HK$15.20, their lowest since April 24, 2024
** Stock set for the biggest one-day pct drop since May 2023
and on course for a tenth straight session of decline
** Hong Kong shareholders of Shanghai Henlius Biotech on
Wednesday rejected Chinese conglomerate Fosun International's
0656.HK buyout offer, which would have valued the drugmaker at
HK$13.37 bln ($1.72 bln)
** Fosun unit Shanghai Fosun Pharmaceutical 2196.HK
600196.SS , which already holds a 59.6% stake in Henlius, had
offered HK$24.60 per share in June for the remaining stake
** A requisite majority of H-class shareholders did not
approve the buyout, the proposed privatisation will not proceed
and the listing of the Henlius's H Shares will be maintained,
the companies said
** Hong Kong shares of Fosun Pharmaceutical rise 2.8% and
Fosun International climbs 2.4%
** Hong Kong's healthcare index .HSCIH gains 1.5% and Hang
Seng Index .HSI adds 1.3%
** Shanghai Henlius stock soared 70.5% last year
($1 = 7.7880 Hong Kong dollars)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))