HK-listed Founder hits near 6-year high on potential change of control

Founder Holdings

03/05/2021 03:53

** Shares of Chinese software developer and systems 
integration group Founder Holdings Ltd  0418.HK  soar 125.5% to
HK$1.06, their highest since June 2015, on course for second
session of gains
    ** Stock last up 87.2%, on track for the best day since
listing; the biggest percentage gainer on the Hong Kong bourse
    ** Founder says it has been notified by major shareholder
Peking University Founder Group Co Ltd of a potential change of
control of the company upon approval by the court and a
creditor's meeting of five companies regarding restructuring of
the major shareholder  urn:newsml:reuters.com:*:nFWN2MN1YU
    ** Says the major shareholder's stake in the company will be
held by five restructuring investors, including Zhuhai Huafa
Group Co Ltd, Ping An Insurance (Group) Company of China Ltd
 2318.HK , and Shenzhen SDG Group Co Ltd 
    ** Hong Kong shares of Ping An Insurance fall 2.4%, the
lowest since November 6
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  slips 0.7%, and the Hang Seng Tech
Index  .HSTECH  falls 1%
    ** The Hang Seng China enterprises index  .HSCE  falls 1.1%,
and the benchmark index  .HSI  drops 1.4%
    ** As of the previous close, the stock had risen 23.7% this
year

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