China sportswear firm Xtep falls to 2-week low on $175 mln share sale

Xtep International Holdings

29/03/2019 02:01

** Shares of Xtep International Holdings Ltd  1368.HK  fall
as much as 15.3 pct to HK$5.54, lowest since March 13
    ** China homegrown sports brand plans sale of HK$1.37 bln
($174.5 mln) new shares to fund purchases and expansion
    ** Stock tops the most actively traded shares in early trade
    ** Co to sell 247.08 mln new shares to Chairman Ding Shui
Po-controlled Group Success Investments Ltd, raising capital to
fund acquisition of international sportswear brands, overseas
expansion and for working capital  urn:newsml:reuters.com:*:nFWN21F14E
    ** New shares will be issued at HK$5.56 each, a 15 pct
discount to last close
    ** Group Success will subscribe for the new shares on
completion of sales of the same amount of existing shares at the
same price to third-party investors
    ** As of last close, stock has risen 53.9 pct this year
    ** Xtep has outperformed the Hang Seng Commerce & Industry
Index sector  .HSNC  by 24.5 percentage points in past one month
    ** The Hang Seng China enterprises index  .HSCE  edges down
0.02 pct, while the benchmark index  .HSI  gains 0.2 pct
 ($1 = 7.8499 Hong Kong dollars)

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