China's Yidu Tech jumps on sale of subsidiary stake to Brunei govt unit

Yidu Tech

22/12/2022 04:27

** Shares of China's healthcare intelligence platforms and
solutions provider Yidu Tech Inc  2158.HK  jump as much as 7.8%
to HK$6.47, on track for the biggest daily pct rise since Dec. 8
if gains hold
    ** Stock hits the highest since Dec. 15
    ** Beijing-based company says it has agreed to sell 20% of
its international business unit EVYD Technology Ltd to Yaqut Sdn
Bhd, which owned by Brunei Government's Brunei Investment
Agency, for $55 mln  urn:newsml:reuters.com:*:nFWN33B11K
    ** Yidu says the deal will help the company to expand in
Brunei and overseas, while it will continue to hold 70.1% of
EVYD after the deal with proceed to be used for working capital
    ** The Hang Seng sub-index on information technology firms
 .HSCIIT  and the Hang Seng Tech Index  .HSTECH  both jump 4.6%
    ** The Hang Seng Composite Index  .HSCI  rises 2.6% and the
Hang Seng Index  .HSI  surges 2.8%
    ** As of last close, the stock had dropped 71.5% this year
 (Reporting by Donny Kwok; Editing by Stephen Coates)
 ((donny.kwok@thomsonreuters.com))