HK-listed Chinese developer Yuzhou drops on rights issue plan

Yuzhou group Co

01/11/2024 06:29

** Chinese property developer Yuzhou Group's  1628.HK  Hong
Kong shares drop as much as 21.1% to HK$0.105, lowest since
Sept. 27
    ** Stock set for biggest one-day pct fall since Oct. 8; top
pct loser on the Hong Kong bourse
    ** Shanghai-based Yuzhou pans to raise HK$112.2 mln ($14.4
mln) via rights issue to settle fees from its proposed offshore
debt restructuring
    ** The rights issue will be based on 49 rights shares for
every 100 existing shares at HK$0.035 each, a ~74% discount to
last close
    ** Co will issue 5.65 bln existing shares to be exchanged
with some creditors for their debt at HK$2.127 as part of the
restructuring
    ** YTD stock down 2.9%

($1 = HK$7.7742)

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