China's Kingdee jumps after Qatar Investment Authority's unit buys shares

Kingdee International Software Co

11/12/2023 03:17

** Shares of Chinese enterprise resource planning services
provider Kingdee International Software Group  0268.HK  jump as
much as 8.7% to HK$11.28, their highest since Nov 30
    ** Stock on track for biggest one-day pct rise since Nov 6
if trend holds; biggest pct gainer in the Hang Seng Tech Index
 .HSTECH  and the Hang Seng Composite Index  .HSCI  
    ** Co says it has agreed to sell 154.63 mln new shares, or
4.26% of its enlarged share capital, to Al-Rayyan Holding LLC
for HK$1.56 bln ($199.71 mln) as it aims to strengthen its
financial position and support its international strategy 
    ** Al-Rayyan is a subsidiary of Qatar Investment Authority,
the sovereign wealth fund of the State of Qatar 
    ** The new shares will be sold at HK$10.10 apiece, a 2.7%
discount to Friday's close of HK$10.38, raising proceeds for
potential acquisitions, share buybacks, general operation and
working capital 
    ** The Hang Seng Tech Index drops 2.4%, while the Hang Seng
Composite Index and Hang Seng Index  .HSI  both fall 2%
    ** Stock down 34.3% YTD 

($1 = 7.8113 Hong Kong dollars)

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