New World Development Surges Over 10% at Opening as Controlling Shareholder Receives Approaches from Potential Investors

Deep News01-30

New World Development (00017) saw its share price jump over 10% at the start of trading, reaching a high of HKD 12.45, marking its highest level since January 2024. As of the time of writing, the stock was up 5.21% to HKD 11.71, with a trading turnover of HKD 141 million.

On January 29, market rumors suggested that private equity firm Blackstone Group could become the largest shareholder of New World Development. The information indicated that Blackstone Group was engaged in advanced negotiations to become the single largest shareholder of the company. Later that evening, New World Development issued an announcement stating that it had made inquiries to its controlling shareholder, Chow Tai Fook Enterprises, and was informed that, as of the announcement date, Chow Tai Fook Enterprises had been approached by several potential investors regarding a possible investment in the company; no agreement had been reached with any of these potential investors; no agreement had been reached regarding the amount, nature, or form of such potential investments; and there was no guarantee that any of these potential investments would proceed.

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