China's Joy Spreader drops most on record on discount share sale

Joy Spreader

07/06/2022 03:44

** Shares of Chinese online media marketing service provider
Joy Spreader Group Inc  6988.HK  plunge 25% to HK$2.70, their
biggest daily pct drop since debut in September 2020, if losses
hold
    ** Stock hit the lowest since May 10 after rising for two
straight sessions; the biggest percentage decliner in the Hang
Seng Composite Index  .HSCI 
    ** Beijing-based company plans sale of 192 mln new shares to
major shareholder ZZN. Ltd, raising HK$602.9 mln ($76.84 mln) to
develop overseas e-commerce business, expanding the scale and
consolidating its market position  urn:newsml:reuters.com:*:nFWN2XT0IO
    ** The new shares will be issued at HK$3.14 apiece,
representing a 12.8% discount to Monday's close of HK$3.60 each
    ** Says ZZN. Ltd will buy the new shares following sales of
the same amount of existing Joy Spreader shares at the same
price to third party investors
    ** The Hang Seng sub-index tracking information technology
firms  .HSCIIT  climbs 0.5%, while the Hang Seng Tech Index
 .HSTECH  edges down 0.1%
    ** The Hang Seng Composite Index  .HSCI  eases 0.4%, and the
benchmark Hang Seng Index  .HSI  slips 0.5%
    ** As of last close, the stock had surged 38.5% this year 
    

($1 = 7.8458 Hong Kong dollars)

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