HK-listed Tongda Group hits 4-month high on spin-off plan

Tongda group

19/09/2019 03:23

** Shares of electrical appliance components maker Tongda
Group Holdings Ltd  0698.HK  rise as much as 5.8% to HK$0.73,
highest since May 15
    ** Stock on track for a third straight session of gains
    ** Tongda Group says it plans to seek a separate listing of
its household utensils production unit, Tongda (Xiamen) Smart
Technology Co Ltd, on the ChiNext Board of the Shenzhen Stock
Exchange  urn:newsml:reuters.com:*:nFWN2690CV
    ** Says the spin-off unit will apply for listing of its
A-shares on the ChiNext Board in the first half of 2020
    ** As of Wednesday's close, the Hong Kong-listed stock had
fallen 11.5% this year
    ** Tongda Group has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 31.8 percentage points in the
past month
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
slides 0.7%, and the benchmark index  .HSI  eases 0.8%

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