Hong Kong-listed Cogobuy jumps on greenlight to spin off unit in China

Ingdan

08/12/2021 05:13

** Shares of integrated circuit and electronic components
distributor Cogobuy Group  0400.HK  jump 7.2% to HK$3.14, their
biggest daily pct gain since Nov 11 
    ** Stock hit the highest since Nov. 19 and on track for
second session of gain
    ** Guangdong, China-based company says the Stock Exchange
confirmed that the company may proceed with a proposed Spin-off
and listing of Shenzhen Comtech Ltd  urn:newsml:reuters.com:*:nFWN2SS0CS
    ** Says Comtech will issue new shares and proceed with the
listing on a stock exchange in mainland China 
    ** The Hang Seng Commerce & Industry Index  .HSNC  climbs
0.02% and Hang Seng Composite Index tracking industrials
 .HSCIIG  rises 1.2%
    ** The Hang Seng China Enterprises Index  .HSCE  slips 0.2%
while the benchmark Hang Seng Index  .HSI  gains 0.1%
    ** As of last close, the stock had soared 92.8% this year

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