China's electric scooters maker Yadea falls most in 6 weeks on discounted share sale

Yadea group

24/05/2022 02:55

** Shares of Chinese electric scooters manufacturer Yadea
Group Holdings Ltd  1585.HK  fall 6.2% to HK$13.12, their
biggest intraday pct drop since April 11
    ** Stock on course for the second session of losses;
third-biggest pct decliner in the Hang Seng Composite Index
 .HSCI  
    ** Co plans sale of 68.8 mln new shares, or 2.25% of the
enlarged share capital, to third-party investors, raising
HK$865.5 mln ($110.26 mln) for overseas expansion including
building R&D centers and manufacturing facilities  urn:newsml:reuters.com:*:nFWN2XF18S
    ** Jiangsu, China-based company says new shares will be
issued at HK$12.58 apiece, representing a 10% discount to
Monday's close of HK$13.98 each
    ** The Hang Seng Commerce & Industry Index  .HSNC  edges up
0.02% and the Hang Seng Composite Index on industrials  .HSCIIG 
rises 1.2%
    ** The Hang Seng Composite Index  .HSCI  climbs 0.1% and the
 benchmark Hang Seng Index  .HSI  gains 0.02%


     ($1 = 7.8493 Hong Kong dollars)

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