HK-listed vehicle dealer China Yongda falls on discounted share sale plans

China Yongda Automobiles Services Holdings

10/06/2020 07:12

** Shares of passenger vehicle retailer and service provider
China Yongda Automobiles Services Holdings Ltd  3669.HK  fall as
much as 5.1% to HK$8.50, snapping a 3-day rally    
    ** Stock ranks the fifth most actively traded in the
afternoon trade; headed biggest intraday percentage decline
since May 4
    ** Stock later trims loss to HK$8.66, still down 3.4%
    ** Shanghai-based co plans to sell 120 million shares, or
6.1% of the enlarged share capital, to major shareholder Asset
Link raising HK$994.8 mln ($128.4 mln) to expand ultra-luxury,
luxury brands dealership network  urn:newsml:reuters.com:*:nFWN2DM167
    ** New shares will be sold at HK$8.29 each, representing
7.48% discount to Tuesday's close of HK$8.96
    ** Stock up 26.2% this year as of last close 
    ** China Yongda has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 16.3 percentage points in the
past one month
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.5%, and the benchmark index  .HSI  gains 0.2%
 ($1 = 7.7499 Hong Kong dollars)

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