Stock Track | SDHG Plummets 6.84% Intraday Following $942 Million VNET Stake Sale Announcement

Stock Track05-22 09:52

Shandong Hi-Speed Holdings Group Ltd (SDHG) saw its stock price plummet 6.84% during intraday trading on Friday, as the market reacted to a major corporate announcement.

The sharp decline followed SDHG's disclosure that it has agreed to sell its entire 38.78% stake in VNET Group, Inc. for USD 942.18 million in cash. The transaction represents a "very substantial disposal" under listing rules and requires shareholder approval at a special general meeting.

SDHG plans to use approximately USD 784 million of the proceeds to repay interest-bearing liabilities maturing in 2026 and early 2027, with the remaining USD 158 million allocated for general corporate purposes. The company has already received a 30% deposit of USD 282.65 million and expects to recognize significant gains from the disposal upon completion.

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