HK-listed Coolpad Group hits 3-month low on discounted share sale

Coolpad

05/05/2021 03:30

** Shares of wireless solution and equipment provider
Coolpad Group Ltd  2369.HK  drop as much as 26.3% to HK$0.35,
their lowest since Feb 4 
    ** Stock on track for worst session since Feb 18; stock is
second-biggest percentage decliner on the Hong Kong bourse 
    ** The Guangdong-based co plans sale of up to 3.67 bln
rights shares to existing shareholders, raising HK$1.03 bln
($132.6 mln) to repay debt, expand mobile business in China, for
acquisition and working capital  urn:newsml:reuters.com:*:nFWN2MR13K
    ** Says the rights shares will be issued in the proportion
of one rights share for every two existing shares held at
HK$0.28 each, or 41.1% discount to Tuesday's close of HK$0.475 
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  slips 1.02% 
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.3%, and the benchmark index  .HSI  gains 0.1%
    ** As of last close, stock up 90% this year
    ($1 = 7.7680 Hong Kong dollars) 

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