China's Weimob hits all-time low on discounted share sale

Weimob

19/04/2024 03:11

** Shares of China's cloud-based commerce and marketing
solutions provider Weimob Inc  2013.HK  drop as much as 16.9% to
HK$1.13, their lowest since debut in January 2019, and on course
to snap two straight sessions of gains
    ** Stock on track for the biggest one-day pct decline since
March 2021; biggest pct loser in the Hang Seng Composite Index
 .HSCI  and second biggest pct decliner on the Hong Kong bourse
    ** Weimob plans sales of 277 mln new shares, or 9% of the
enlarged share capital, to third-party investors, raising HK$313
mln ($39.96 mln) for refinancing of existing indebtedness
    ** Tencent-backed co says new shares will be issued at
HK$1.13 apiece, representing a 16.9% discount to Thursday's
close of HK$1.36
    ** Co also proposes repurchase of $300 mln zero coupon
guaranteed convertible bonds due 2026
    ** The Hang Seng Tech Index  .HSTECH  falls 2%, the Hang
Seng Composite Index eases 1% and the Hang Seng Index  .HSI 
declines 1.1%
    ** Weimob stock down 60% YTD 


($1 = 7.8326 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))