Chinese conglomerate Fosun climbs on trimming stake in Jinhui Liquor

Jinhui Holdings

25/07/2023 03:18

** Shares of Chinese conglomerate Fosun International Ltd
 0656.HK  climb as much as 2.6% to HK$5.47, on course for the
biggest one-day pct rise since June 27 if gains hold
    ** Stock second biggest pct gainer in the Hang Seng
Composite Index on conglomerates  .HSCIC  
    ** Shanghai-based Fosun says its unit agreed to sell 25.4
mln shares of Jinhui Liquor  603919.SS  to a third party - Jinan
Tiesheng No.3 Investment Partnership - for 598.8 mln yuan
($83.74 mln), reducing its stake in Jinhui to 20% from 25% 
    ** Fosun says the deal will enable the company to focus more
resources on key development strategies and projects  
    ** Shanghai-listed Jinhui Liquor rises 2.3%
    ** The Hang Seng Commerce & Industry Index  .HSNC  jumps
3.4%, and the Hang Seng Composite Index on conglomerates adds
1.4%
    ** The Hang Seng Composite Index  .HSCI  surges 2.7% and the
Hang Seng Index  .HSI  rises 2.9%
    ** As of last close, Fosun shares had fallen 16.2% this year

($1 = 7.1506 Chinese yuan)

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