China property developer Jiayuan hits record low on share pledge, unit stake sale

Jinke Smart Services Co

27/05/2022 03:24

** Shares of Chinese property developer Jiayuan
International  2768.HK  plunge as much as 44.8% to HK$0.32 in
resumed trade, lowest since debut in March 2016 
    ** Stock is biggest pct decliner on the Hong Kong bourse and
in Hang Seng Composite Index on properties and construction
stocks  .HSCIPC 
    ** Jiayuan International plans sale of all its 73.56% stake
in property management services arm Jiayuan Services  1153.HK 
to Jinke Smart Services  9666.HK  but details and terms are yet
to be finalised (https://bit.ly/3MUBqwC)
    ** Says its chairman Shum Tin Ching and controlling
shareholder Mingyuan Group own an aggregate 74.69% of the
company, and shares representing 44.55% of the company are
subject to share pledges
    ** Trading in the company shares, which suspended on May 18,
resumes on Friday
    ** Co says it is arranging for the remittance of funds to
the trustee's bank account to repay $12 mln interest under the
12% senior notes due October 2022 on or prior to May 30 (https://bit.ly/3lTYXlr)
    ** Jiayuan Services shares soar 91% to HK$1.28, biggest
daily pct gain since debut in December 2020
    ** Jinke Smart shares slip 0.1% 
    ** Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  climbs 0.7% and Hang Seng Index  .HSI  surges
3%


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