Shanghai Henlius hits 27-month peak on Fosun's buyout offer at premium

FOSUN INTERNATIONAL

25/06/2024 03:07

** Shares of Shanghai Henlius Biotech  2696.HK  jump 21.3%
to HK$22.85 in resumed trade, their highest since March 2022
    ** Stock last up 18.9%, on track for biggest one-day pct
gain since March 2022
    ** Chinese conglomerate Fosun International  0656.HK  will
buy the remaining stake in Shanghai Henlius Biotech it does not
already own in a deal that values the drugmaker at HK$13.37 bln
($1.71 bln), the companies said on Monday
    ** Fosun International, through its unit Shanghai Fosun
Pharmaceutical  600196.SS , is offering HK$24.60 per Henlius
share, representing a 30.6% premium to the closing price of
HK$18.84 on May 22 prior to a trading halt
    ** "The listing status of Henlius no longer provides
meaningful access to capital and imposes additional costs on
Henlius" - Fosun International 
    ** Shares of Fosun International gain 0.5%; Shanghai Fosun
Pharmaceutical's Hong Kong shares  2196.HK  rise 2.8% and
Shanghai shares  600196.SS  climb 1.1%  
    ** The Hang Seng Commerce & Industry Index  .HSNC  adds 0.4%
and the Hang Seng Index  .HSI  gains 0.5%
    ** Stock of Shanghai Henlius Biotech up 59.7% YTD, while
Fosun International down 5.7% 

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