HK-listed lithium battery maker Tesson falls on property plan

Tesson Holdings

18/10/2018 04:04

** Stock of Tesson Holdings  1201.HK  fall as much as 18 pct
to HK$0.82, after the lithium ion motive battery maker says it
will buy land for residential development and production
facilities
    ** The shares later trim losses to HK$0.87, still down 13
pct and on track for the biggest daily percentage decline August
2015
    ** Co has agreed to buy two plots of land in Lishui District
in Nanjing, China's Jiangsu province, for a total 704.9 mln yuan
($101.6 mln), a deal to be funded by internal resources
 urn:newsml:reuters.com:*:nFWN1WX147 
    ** The sites will be developed into lithium ion battery
production and research facilities, as well as residential units
for sale to the company's staff
    ** As of the last close, the stock has fallen 21.3 percent
so far this year
    ** Tesson has outperformed the Hang Seng Commerce & Industry
Index sector  .HSNC  by 31.5 percentage points in the past month
    ** The Hong Kong benchmark index  .HSI  edges up 0.1 pct
   ($1 = 6.9361 Chinese yuan)

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