HK's Tongguan hits 3-month high as co shifts focus to gold mining

Tongguan Gold

05/12/2018 02:23

** Shares of Tongguan Gold Group Ltd  0340.HK  jump as much
as 54.3 pct to their highest since Sept. 5, as the firm says to
focus on more profitable gold mining operation after sales of
its tea products business
    ** The Hong Kong-based company has agreed to buy a gold mine
in China's Shaanxi province for HK$300 mln ($38.4 mln), a deal
to be settled by issue of new shares and promissory note
 urn:newsml:reuters.com:*:nFWN1Y909W
    ** As of last close, the stock had declined 34.3 pct this
year
    ** Tongguan Gold has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 15.7 percentage points in the
past month
    ** The Hong Kong benchmark index  .HSI  falls 1.4 pct
($1 = 7.8060 Hong Kong dollars)

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