HK-listed PW Medtech hits over 3-month high, co cuts stake in China Biologic

PW Medtech

19/09/2019 04:42

** Shares of medical devices manufacturer PW Medtech Group
Ltd  1358.HK  rise as much as 15.3% to HK$1.13, their highest
since June 10, after two straight sessions of falls
    ** Co says it agreed to sell 1 mln shares of
biopharmaceutical firm China Biologic Products Holdings Inc
 CBPO.O  at $101 per share for $101 mln, reducing its stake to
13.91% from 16.52%  urn:newsml:reuters.com:*:nFWN2690SP
    ** Says sale will generate 139.3 mln yuan ($19.61 mln) gain,
and co will use the proceeds for repayment of debt financing,
fixed assets expenditures, and for working capital
    ** As of Wednesday's close, the Hong Kong-listed stock had
fallen 3.9% this year
    ** Beijing-based PW Medtech has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 10.9 percentage
points in the past month
    ** The Hang Seng China enterprises index  .HSCE  slides
0.9%, and the benchmark index  .HSI  falls 1.1%
($1 = 7.1037 Chinese yuan)

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