HK-listed shares of Li Ning falls on Viva China's move to cut stake

Viva Goods

25/03/2019 01:41

** Shares of China home-grown sports brand Li Ning Co Ltd
 2331.HK  fall as much as 8.7 pct to HK$11.60, after major
shareholder plans share sale at discount
    ** Stock tops most actively traded shares in early trade 
    ** Major shareholder Viva China Holdings Ltd  8032.HK  plans
sale of 148 mln existing Li Ning shares to third party
investors, raising HK$1.72 bln ($219.2 mln) for general working
capital  urn:newsml:reuters.com:*:nFWN21B00M
    ** Viva plans to sell Li Ning shares at HK$11.72 each, or
7.72 pct discount to previous close, trimming its stake in the
Chinese sports brand to 6.9 pct from 13.7 pct 
    ** Viva to consider a special dividend after the deal; to
hold the remaining interests in Li Ning as a long term
investment
    ** Stock of Viva slides 1.64 pct to HK$0.60
    ** As of last close, the Li Ning stock had risen 51.2 pct so
far this year
    ** Li Ning has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 17.9 percentage points in the
past one month
    ** The Hang Seng China enterprises index  .HSCE  falls 2.1
pct
 ($1 = 7.8466 Hong Kong dollars)

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