HK-listed Kintor Pharma hits 2-week low on discounted share sale

Kintor Pharmaceutical

27/05/2021 07:53

** Shares of Kintor Pharmaceutical Ltd  9939.HK  fall as
much as 8.1% to HK$65, their lowest since May 14
    ** Stock eighth most actively traded by turnover in late
trade; down for a second straight session
    ** Chinese biotech firm Kintor plans sale of 18.2 mln new
shares to major shareholder KT International Investment Ltd,
raising HK$1.2 bln ($154.61 mln)  urn:newsml:reuters.com:*:nFWN2ND148
    ** The new shares will be issued at HK$64.50 each, an 8.8%
discount to the closing price of HK$70.70 on Wednesday 
    ** KT International will buy the shares on the completion of
sale of the same amount of existing shares at the same price to
third party investors
    ** Kintor will use proceeds for development and
commercialisation of proxalutamide, which is for use in COVID-19
patients 
    ** Hong Kong's healthcare index  .HSCIH  rises 1%
    ** Both the Hang Seng China enterprises index  .HSCE  and
the benchmark index  .HSI  slip 0.3%
    ** As of last close, stock had soared 576% this year 
($1 = 7.7613 Hong Kong dollars)

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