Understanding the Market | HAO TIAN INTL surged over 13% in the closing session, issuing new shares to acquire PCL shares, with PLANETREE INT'L becoming the company's largest shareholder
HAO TIAN INTL rose over 13% in late trading, and as of the time of publication, it was up 11.35%, priced at HKD 0.255, with a trading volume of HKD 182 million. In terms of news, PLANETREE INT'L announced that its wholly-owned subsidiary PCL will issue 850 new shares to HAO TIAN INTL at a price of HKD 400 million, and HAO TIAN INTL will pay through the issuance of 1.6 billion shares at the price. Upon completion, the company will hold 14.8% of HAO TIAN INTL's equity, becoming its major shareholder; the company's stake in PCL will be diluted from 100% to 70.2%, the latter being a non-wholly-owned indirect subsidiary of PLANETREE INT'L that is licensed by the Securities and Futures Commission. It is reported that PCL has expertise, resources, and a market network in the financial services industry, and HAO TIAN INTL believes that the subscription will benefit the further development of the company's financial services. In addition, the subscription will enable the company to form a strategic alliance with PCL, thereby generating synergies in the sharing of expertise and resources in the financial services industry
According to Zhitong Finance APP, HAO TIAN INTL (01341) rose over 13% in late trading, and as of the time of writing, it is up 11.35%, priced at HKD 0.255, with a trading volume of HKD 182 million.
In terms of news, PLANETREE INT'L (00613) announced that its wholly-owned subsidiary PCL will issue 850 new shares to HAO TIAN INTL at a price of HKD 400 million, and HAO TIAN INTL will pay through the issuance of 1.6 billion shares at a price. Upon completion, the company will hold 14.8% of HAO TIAN INTL's equity, becoming its major shareholder; the company's stake in PCL will be diluted from 100% to 70.2%, the latter being a licensed company by the Securities and Futures Commission.
It is reported that PCL is an indirect non-wholly-owned subsidiary of PLANETREE INT'L. HAO TIAN INTL stated that, given PCL Group's expertise, resources, and market network in the financial services industry, it believes that the subscription will benefit the further development of the company's financial services. In addition, the subscription will enable the company to form a strategic alliance with PCL, thereby generating synergies in the sharing of expertise and resources in the financial services industry
