HK-listed Phoenix Media rises most in two months on change of control

Phoenix Media Investment (Holdings)

19/04/2021 03:18

** Shares of satellite television broadcaster Phoenix Media
Investment (Holdings) Ltd  2008.HK  jump as much as 35.9% to
HK$1.06, the highest since March 2 
    ** Stock last up 25.6%, on track for the best day since Feb.
16; the biggest percentage gainer on the Hong Kong bourse
    ** Company says controlling shareholder Today's Asia have
agreed to sell its entire 1.98 bln shares, or 37.93% of the
company stake, at HK$0.61 each for an aggregate HK$1.16 bln 
($149.25 mln) (https://bit.ly/3v222CF)
    ** Says the stake will be sold to Bauhinia Culture (Hong
Kong) Holdings Ltd and Shun Tak Holdings Ltd's  0242.HK 
wholly-owned Common Sense Ltd, in a deal subject to obtain all
necessary approvals and consents from relevant regulatory
authorities
    ** Bauhinia will hold 21% of Phoenix after the deal and
Common Sense will own 16.93% stake  
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
climbs 0.9%
    ** The Hang Seng China enterprises index  .HSCE  gains 0.5%,
and the benchmark index  .HSI  climbs 0.7%
    ** As of the previous close, the stock had surged 119.7%
this year
    ($1 = 7.7720 Hong Kong dollars)

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