China's Harbin Electric hits 4-wk high as major shareholder raises stake

Harbin Electric

29/12/2022 05:24

** Shares of Chinese thermal, hydro and nuclear power
equipment manufacturer Harbin Electric Co Ltd  1133.HK  jump as
much as 8.4% to HK$3.35, their highest level since Nov. 30
    ** Stock set for its biggest daily pct rise since Oct. 5, if
gains hold; on course for the second session of gain
    ** Heilongjiang-based company says controlling shareholder
Harbin Electric Corp has agreed to buy new shares worth 1.7 bln
yuan ($243.80 million), raising its stake in the company to
about 70% from the current 60.4%  urn:newsml:reuters.com:*:nFWN33I0BZ
    ** Says the new shares will be issued at an initial HK$3.43
per share, or 11% premium to Wednesday's close of HK$3.09, and
proceeds will be used for replenishing working capital 
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.7%,
while Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both fall 0.8%
    ** As of last close, the stock had fallen 12.2% this year
($1 = 6.9730 Chinese yuan renminbi)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))