Aside from being the biggest going-private deal on the Hong Kong stock exchange, the transaction is poised to be the largest acquisition to date for a tycoon who’s already having his biggest year ever in terms of mergers and acquisitions, according to data compiled by Bloomberg.
Advertisement
By the lunch break, China’s blue-chip CSI300 index .CSI300 rose 3.2 percent, to 3,398.67 points, while the Shanghai Composite Index .SSEC gained 2.4 percent, to 3,122.30 points. South Korean markets were shuttered for the Liberation Day holiday.
Australia’s S&P/ASX 200 recovered from early declines to trade up 0.2%, while the Nikkei Stock Average was down 0.3%.
Parent Dalian Wanda Group, owned by China’s richest man Wang Jianlin, offered HK$52.8 ($6.81) per share to buy out the Hong Kong property unit, aiming to take it private before relisting it in China where it hopes to gain better valuations.
Beyond M&As, Wang’s Chinese movie-theater chain operator, Wanda Cinema Line Co., has been losing market share amid a slowing domestic box office and he recently shut a theme park in Wuhan for renovation, less than two years since the park’s opening.
Investors in Chinese local markets piled into financial and property blue-chips after latest data showed mortgage lending drove China’s new loan growth in July.
The report notes that premium on new business from Mainland China visitors (MCV) to the Hong Kong life insurance market increased to HK$31.6 billion ($4.1 billion) in 2015 from HK$4.4 billion ($57 million) in 2010 and accounted for 24 percent of new individual business, compared with 7.5 percent in 2010.
China published weaker-than-expected investment, lending, retail spending and factory output data on Friday. It trades at an average volume of 712.38K shares versus 1.37M shares recorded at the end of last trading session.
While Ansell said its results were at the low end of its guidance, the company also said it would consider continuing its share buyback. The company has a market cap of $346.2M and now has 85.27M shares outstanding.
Advertisement
Xinyuan Real Estate Co., Ltd. (XIN) recently recorded 9.33 percent change and now at $5.86 is 176.49 percent away from its 52-week low and down 6.62 percent versus its peak. There were about 66.47M shares outstanding which made its market cap $389.51M.
