HK-listed Yip's Chemical jumps on Shenzhen listing plan for ink-making arm

Yips Chemical Holdings

22/07/2020 04:20

** Shares of lubricants and ink products maker Yip's
Chemical Holdings Ltd  0408.HK  rise as much as 8.7% to HK$2.37,
their highest since June 8
    ** Stock on track for third consecutive session of gain and
best day since April 14; last up 3.7%
    ** Co says it plans to seek a separate listing of its ink
manufacturing and trading arm, Bauhinia Variegata Zhejiang
Group, on the Shenzhen Stock Exchange  urn:newsml:reuters.com:*:nFWN2ER1B2
    ** Says it has obtained approval from the Hong Kong Stock
Exchange to proceed with the proposed spinoff
    ** Adds the final structure of the spinoff is subject to
approval from relevant Chinese authorities 
    ** By last close, stock had fallen 7.2% this year
    ** Yip's Chemical has underperformed the Hang Seng Commerce
& Industry Index sector  .HSNC  by 8.3 percentage points in the
past month
    ** The Hang Seng China enterprises index  .HSCE  gains 0.6%,
and the benchmark index  .HSI  climbs 0.3%

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