Chinese chicken firm Fengxiang eyes best day on parent's stake sale

Shandong Fengxiang Co

21/09/2022 04:41

** Shares of Chinese chicken breeding and chicken meat
products maker Shandong Fengxiang Co Ltd  9977.HK  jump as much
as 55.8% to HK$1.20 in resumed trade after suspension on Sept 19
    ** Stock set for biggest daily pct gain since debut in July
2020 and is the biggest pct gainer in the Hong Kong bourse
    ** Shandong-based company says controlling shareholder GMK
Holdings' 70.92% stake, or 992.9 mln shares, will be put for
auction on Oct 10-11, as a judicial restructuring application
was filed against GMK by a creditor for being unable to repay
debts falling due  urn:newsml:reuters.com:*:nFWN30R1CW
    ** The anticipated general offer price of no less than 1.383
yuan per share, or HK$1.563, represents a 103% premium to
stock's last close of HK$0.77 before the trading halt
    ** Says new buyer will be required to make a mandatory
general offer for all issued shares if auction proceeds
successfully, and the offer price of the general offer would be
no less than 1.383 yuan per share or equivalent to HK$1.563 each
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
1.8%, while the Hang Seng Composite Index  .HSCI  and the Hang
Seng Index  .HSI  both fall 1.4%
    ** As of last close, the stock had fallen 51.8% this year


($1 = 7.0420 Chinese yuan renminbi)

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