China finance group Shandong Int'l Trust soars on assets sale

Shandong International Trust

01/06/2022 04:20

** Shares of financial and wealth management services
provider Shandong International Trust Co Ltd  1697.HK  soared as
much as 86.4% to HK$0.69 in resumed trade on Wednesday, the
biggest daily pct gain since debut in December 2017 
    ** Stock, which halted trade on May 24, hit the highest
since Aug. 4
    ** Shares last up 43%, the second biggest pct gainer on the
Hong Kong bourse
    ** Shandong, China-based company has through a public tender
reached a deal to sell all of its 16.675% stake in Fullgoal Fund
Management Co and all the debts under certain fund trust scheme
for a total 5.04 bln yuan ($754.85 mln) (https://bit.ly/391D7Kb)
    ** Says the net proceeds from the disposal will be used for 
  replenishing working capital and optimising financial and
regulatory indicators applicable to the company  
    ** Hang Seng Composite Index tracking financials stocks
 .HSCIF  and Hang Seng Finance Index  .HSNF  both slip 0.4%,
while the benchmark Hang Seng Index  .HSI  falls 1.1%



($1 = 6.6768 Chinese yuan renminbi)

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