Poly Culture hits 4-year peak as parent offers to take co private at premium

Poly Culture

28/06/2023 03:44

** Shares of Poly Culture Group Corp Ltd  3636.HK  soar as
much as 71.2% to HK$8.56 in resumed trade, their highest since
June 2019
    * Stock, which halted trade on June 20, set for the biggest
one-day pct rise since debut in March 2014 if gains hold;
biggest pct gainer on the Hong Kong bourse
    ** Beijing-based cinema manager and art auction group says
its state-owned controlling shareholder China Poly Group Corp
offers to take it private at HK$8.88 per share, or 77.6% premium
over the previous close of HK$5.0 each prior to a trading halt
    ** Says it has recorded three consecutive financial years of
loss and it will take time for the culture and art sectors to
recover with market landscape and business environment remaining
uncertain, difficult and challenging in the foreseeable future
    ** Company will apply to the Stock Exchange for withdrawal
of the listing from the Hong Kong bourse
    ** The Hang Seng Consumption Index  .HSCGSI  and the Hang
Seng Composite Index  .HSCI  both ease 0.7% while the Hang Seng
Index  .HSI  slips 0.6%
    ** As of last close, the stock had surged 32.6% this year

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