HK shares of Italy's Ferretti drop on listing price for Euronext Milan

Ferretti SpA

23/06/2023 03:59

** Shares of Italian luxury yacht maker Ferretti SpA
 9638.HK  fall as much as 5.9% to HK$24.10, their lowest since
June 15, and on course to extend losses 
    ** Stock set for biggest one-day pct drop since Aug 24,
2022, if losses hold
    ** Chinese conglomerate Weichai Group-controlled company
says the offering price has been determined at 3 euros,
equivalent to about HK$25.74 per share, raising gross proceeds
of about 265 mln euros ($289.86 mln) 
    ** That compared with previous close of HK$25.60 per share
in Hong Kong  
    ** Based on the offer price, co says its market
capitalization as of the first day of trading of the shares on
June 27 on Euronext Milan will be equal to 1 billion euros 
    ** Ferretti, whose brands include Riva, Pershing and Wally,
pursues an additional listing in Milan as the luxury sector
defies a tough economic backdrop 
    ** The Hang Seng Commerce & Industry Index  .HSNC  and the
Hang Seng Index  .HSI  declines 1.5% each
    ** As of last close, Hong Kong shares up 26.7% this year
    
    ($1 = 0.9143 euros)
    

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