Wanguo Gold falls most in over 2 months on discounted share sale

Wanguo Gold

21/08/2025 04:07

** Shares of Chinese mining and gold concentrates distributor Wanguo Gold Group 3939.HK fall 6.3% to HK$32.8, their biggest intraday pct drop since June 16

** Stock hits its lowest point since August 18, on course to snap two straight session of gains, if losses hold

** Wanguo Gold plans sale of 22.5 million new shares to controlling shareholder Victor Soar Investments in a top-up placement, raising net proceed of about HK$722 million ($92.44 million) to fund exploration and development of Gold Ridge Mine project

** The new shares will be issued at HK$32.55 apiece, or a 7% discount to Wednesday's close of HK$35 each

** Victor Soar will buy the new shares following sales of the same amount of exisiting share at the same price to third-party investors

** Another key shareholder Prominence Investment also plans to unload 7.5 million shares at the same price to third-party investors

** Hang Seng Commerce & Industry Index .HSNC eases 0.2%, benchmark Hang Seng Index .HSI slips 0.01%

** YTD, stock up 188.6%

   ($1 = 7.8105 Hong Kong dollars)

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))