HK-listed Topsports falls on controlling shareholder's $375 mln stake sale plan

Topsports International Holdings

11/06/2020 03:14

** Shares of Topsports International Holdings Ltd  6110.HK 
fall as much as 9.5% to HK$10.44, the lowest since May 28, after
the sports shoes and apparel products retailer says controlling
shareholder plans sale of HK$2.906 billion ($375 mln) stake 
    ** Stock tops the most actively traded shares in early trade
    ** The stock later trims loss to HK$10.60, still down 8.1%,
heading for biggest intraday pct decline since March 17
    ** Shanghai-based company says controlling shareholder Belle
Sports Ltd plans sale of 276.80 mln existing shares, or 4.46% of
the issued share capital, to independent third parties at
HK$10.50 each  urn:newsml:reuters.com:*:nFWN2DN10Z
    ** The deal is scheduled to be closed on June 15 and Belle's
stake in the company will be reduced to 78.45% from 82.91% 
    ** Merrill Lynch (Asia Pacific) Ltd is the placing agent 
    ** As of Last close, stock up 22.5% this year 
    ** The Hang Seng China enterprises index  .HSCE  declines
0.4%, and the benchmark index  .HSI  falls 0.7%


($1 = 7.7506 Hong Kong dollars)

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