HK-listed MOG Digitech plunges as convertible bond deal lapses

MOG Digitech Holdings

22/09/2023 03:58

** Shares of financial technology group MOG Digitech
Holdings Ltd  1942.HK  plunge as much as 74% to HK$20.50 in
resumed trade, their lowest Aug 31
    ** Stock, which halted trade on Sept. 18, marks the biggest
one-day pct drop since debut in April 2020
    ** Stock is the biggest pct loser in Hang Seng Composite
Index  .HSCI  and the biggest pct decliner on the Hong Kong
bourse
    ** The Guangdong-based co, with a market value of HK$12.2
bln ($1.56 bln), announces termination of an issue of HK$50 mln
convertible bonds to motor vehicles distributor SEB Holdings Pte
as conditions precedent to the deal are not able to be fully
satisfied
    ** The termination of the deal, which it aimed to raise
working capital for China and Hong Kong operations, will not
cause any material adverse impact to its business and operation
- Co
    ** Hang Seng Commerce & Industry Index  .HSNC  gains 0.6%
and Hang Seng Tech Index  .HSTECH  rises 1.4%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  climb 0.2% and 0.5%, respectively
    ** Stock up 102.8% YTD 

    ($1 = 7.8189 Hong Kong dollars)

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