Shares of China's LONGi jump as Hillhouse rebuilds stake

SOHO China

22/04/2024 02:55

** Shares of Chinese solar energy firm LONGi Green Energy
Technology  601012.SS  jump as much as 5.7% to 19.50 yuan 
    ** HHLR Management, a part of Chinese investment giant
Hillhouse's public investment arm, raised its stake in LONGi to
5% on Friday, LONGi says  
    ** HHLR was placed under investigation last November for a
possible violation of share transfer rules 
    ** HHLR has been actively cooperating with regulators'
probe, and will in the next month buy back all the shares
offloaded in the probed selling, LONGi says
    ** Thirty analysts cover LONGi at an avg rating of "buy",
with median PT of CNY27.30, which is 30.4% below its current
price of CNY19.0
    ** At current price, co is trading at 10x next year's
expected earnings
    
    ($1 = 6.3269 Chinese yuan)

 ((SAUEL.SHEN@TR.COM))