Beijing Fourth Paradigm Technology drops on H share full circulation plan

Phancy

05/07/2024 08:04

** Shares of artificial intelligence platforms developer
Beijing Fourth Paradigm Technology  6682.HK  drop as much as 11%
to HK$47.05, their lowest since May 28
    ** Stock last down 6.3%, heading for the biggest one-day pct
decline since April 15
        ** Stock is fifth-biggest pct loser on Hang Seng IT
index  .HSCIIT  and sixth-biggest decliner on Hang Seng
Composite Index  .HSCI , which are down 0.5% and 0.9%
respectively
  
    ** Co, currently valued at $2.96 bln, says CSRC has accepted
its application for implementation of H share full circulation
and it has applied for conversion of 131.55 mln domestic shares
held by certain shareholders into H shares
    ** Upon completion of the H share full circulation, all
domestic shareholders participating in the plan will be required
to fulfil share lock-up undertaking - Co
    ** Stock down 1.4% YTD

($1 = 7.8098 Hong Kong dollars)

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