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2009-6-25 10:00:00 a.m. HKT, XFNA
DJ MARKET TALK: Xinyu Hengdeli Halted; Share Placement Expected
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| 0945 [Dow Jones] Shares of Xinyu Hengdeli (3389.HK) suspended from trade, likely due to company seeking to sell 236 million shares at HK$2.62-HK$2.74 apiece to raise about HK$618 million to HK$647 million in total, according to term sheet viewed by Dow Jones Newswires; additional 88 million shares may be placed, increasing upper bound on proceeds to HK$887.8 million. Indicative price range represents about 6.2%-10.3% discount over Wednesday's close of HK$2.92 (ended +1.7%). "This is likely to exert some pressure on the stock (when it resumes trading)," Francis Lun at Fulbright says. Adds, placement opportunistic given stock's 143.3% rise year-to-date. Proceeds expected to be used to expand store network. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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