HK-listed developer Jiayuan Int'l hits over 9-mth high on plan to spinoff service unit

Jiayuan International

29/06/2020 05:28

** Shares of Chinese property developer Jiayuan International
Group Ltd  2768.HK  surge as much as 7.8% to HK$3.31, their
highest since Sept. 16, 2019
    ** The stock later trimmed gain to HK$3.23, still up 5.2%,
heading for biggest intraday pct gain since March 25
    ** Co proposes to spin-off and separately list the shares of
its property management services arm Jiayuan Services Holdings
Ltd on the Hong Kong bourse  urn:newsml:reuters.com:*:nFWN2E30QJ
    ** Co says Jiayuan Services has submitted a listing
application to the Hong Kong bourse and the company will hold
not less than 50% of the unit on completion of the spinoff 
    ** Jiayuan has underperformed the Hang Seng Property Index
sector  .HSNP  by 7.1 percentage points in the past one month
    ** The Hang Seng China enterprises index  .HSCE  falls 1.4%,
and the benchmark index  .HSI  declines 1.6% 

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