HK's Top Spring hits 7-1/2-year low; vice-chairman under 'disciplinary inspection'

Top Spring International Holdings

27/05/2019 04:48

** Shares of Top Spring International Holdings Ltd  3688.HK 
fall as much as 7.3% to HK$1.78, their lowest since September
2011
    ** Stock down after the property developer and investor says
its vice-chairman is under "disciplinary inspection" 
    ** Stock on track for a fourth straight session of decline
    ** Vice-chairman and non-executive director Xu Lei is
currently subject to disciplinary inspection, firm says, citing
information on website of CPC Yunnan Commission for Discipline
Inspection and Yunnan Provincial Supervisory Committee https://bit.ly/2I112Yw
    ** Co says an absence of Xu will not have any material
adverse impact on its daily business operations and financial
positions
    ** As of Friday's close, stock down 8.6% so far this year
    ** Top Spring has underperformed the Hang Seng Property
Index sector  .HSNP  by 13.9 percentage points in the past one
month
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  eases 0.2%
    ** The Hang Seng China enterprises index  .HSCE  slides
0.8%, and the benchmark index  .HSI  eases 0.6%

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