China's Nongfu jumps most in 8 months after strong H1

Reuters2021-08-26

** Shares of Chinese packaged drinking water and beverages producer Nongfu Spring Co Ltd rise as much as 9% to HK$42.85, the biggest daily percentage gain since Jan. 4

** Stock jumps to the highest since Aug. 5; the biggest percentage gainer on the Hang Seng China Enterprises Index

** Zhejiang, China-based company said its first-half net profit rose 40.1% from a year ago period to 4.01 bln yuan ($618.7 mln) and revenue jumped 31.4% to 15.2 bln yuan

** Citi maintains "buy" on the stock, saying growth of Nongfu Spring's H1 core net profit beat given stronger than expected top-line growth in packaged water and tea beverage categories

** The Hong Kong Hang Seng Commerce & Industry Index falls 2%, and the Hong Kong composite Industry Index tracking consumer staples slips 0.3%

** The Hang Seng China Enterprises Index drops 2% and the benchmark index eases 1.5%

** As of last close, the stock had plunged 28.4% this year ($1 = 6.4812 Chinese yuan renminbi)

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