HK's Yixin soars after Tencent-Hammer buyout offer

Yixin

16/09/2019 05:47

** Shares of Yixin Group Ltd  2858.HK  soar as much as 39.8%
to HK$2.39, their highest since Nov 16, 2018
    ** The Chinese online automobile loan facilitation services
provider ranks the second-biggest percentage gainer in morning
trade, and is on track for the best session since its debut in
November 2017
    ** The U.S.-listed Chinese advertising firm Bitauto Holdings
 BITA.N  receives a roughly $1.2 bln takeover offer from Tencent
Holdings  0700.HK  and Hammer Capital. The deal also includes
Bitauto's 43.7% stake in Yixin  urn:newsml:reuters.com:*:nL3N2641XC
    ** In the event of a change in statutory control in Bitauto,
 Tencent and Hammer will be required to make an offer for all
outstanding shares they do not already own in Yixin  https://bit.ly/2kNJDeh
 
    ** As of Friday's close, Yixin stock down 2.3% this year 
    ** Shanghai-based Yixin, with current market value of
HK$14.34 bln ($1.83 bln), has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 3.6 percentage
points in the past one month
    ** The Hang Seng China enterprises index  .HSCE  slides
0.9%, and the benchmark index  .HSI  falls 1%

   ($1 = 7.8266 Hong Kong dollars)

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