China's Weimob falls most in 8 weeks on share sale

Weimob

06/01/2023 04:32

** Shares of China's cloud-based commerce and marketing
solutions firm Weimob Inc  2013.HK  fall as much as 7.4% to
HK$6.50, on course for the biggest daily pct decline since Nov.
10 if losses hold
    ** Weimob plans sale of 248 mln new shares, or 8.9% of the
enlarged share capital, in a share placement raising HK$1.59 bln
($203.59 mln) for improving research and development
capabilities, upgrading marketing system and for working capital
 urn:newsml:reuters.com:*:nFWN33Q31I
    ** Shanghai-based company says the new shares will be issued
at HK$6.41 apiece, representing 8.7% discount to Thursday's
close of HK$7.02 each
    ** Among the 21 analysts that cover Weimob Inc, the current
average rating on the shares is "buy"
    ** The Hang Seng sub-index tracking information technology
firms  .HSCIIT  rises 1.5%, and the Hang Seng Tech Index
 .HSTECH  climbs 0.6
    ** The Hang Seng Composite Index  .HSCI  rises 0.7% and the
Hang Seng Index  .HSI  gains 0.5%
($1 = 7.8097 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))