China's Giant Biogene drops most in 8 months on discounted share sale

Giant Biogene Holding

17/05/2024 04:29

** Shares of Giant Biogene Holding Co Ltd  2367.HK , a
Chinese beauty and health products maker, drop 6.3% to HK$49.60,
their biggest intraday pct drop since Sept 21, 2023 
    ** Stock hits the lowest since May 6 and on track for the
second session of losses
    ** Co plans sales of 33.22 mln new shares to Juzi Holding,
raising HK$1.64 bln ($210.2 mln) to fund brand promotion,
marketing, R&D investment and for replenishment of liquidity 
    ** Juzi will buy the new shares on completion of sales of
the same amount of existing shares at the same price to
third-party investors at HK$49.40 per share, respresenting a
6.7% discount to Thursday's close of HK$52.95 each
    ** Hang Seng Commerce & Industry Index  .HSNC  climbs
0.7%and Hang Seng Index  .HSI  adds 0.1%
    ** Stock up 41.5% YTD  
    ($1 = 7.8005 Hong Kong dollars)

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