China's Ganfeng Lithium at over 5-week high on stake buy in Ximei Resources

Ximei Resources Holding

20/05/2022 08:29

** Hong Kong shares of Chinese lithium batteries producer
Ganfeng Lithium Co Ltd  1772.HK  jump as much as 5.4% to HK$105,
their highest since April 11
    ** Stock on course to end the week up 13.8%, biggest weekly
pct gain since early July 2021
    ** Ganfeng plans to invest HK$240 mln ($30.6 mln) for a
16.7% stake in tantalum niobium producer Ximei Resources Holding
Ltd  9936.HK  to help expand its business  urn:newsml:reuters.com:*:nP8N2X405B
    ** Jiangxi, China-based co says it plans to subscribe for 60
mln new shares of Ximei at HK$4 each, representing 9.7% discount
to Thursday's close of HK$4.43 per share 
    ** Stock of Ximei soars as much as 17.4% to HK$5.20, highest
since April 19
    ** Ganfeng's Shenzhen-listed shares  002460.SZ  rise 2.5%   
    ** The Hang Seng Commerce & Industry Index  .HSNC  surges
3.6%, and material index  .HSCIM  jumps 3.3%
    ** The Hang Seng Composite Index  .HSCI  climbs 2.6% and the
benchmark Hang Seng Index  .HSI  rises 2.9%
    


($1 = 7.8475 Hong Kong dollars)

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