BUZZ-China Hongqiao climbs on securing strategic investors in alloys unit

Reuters2023-12-22

** Shares of China Hongqiao Group climb 2.9% to HK$6.38, on track for the fourth straight session of gains

** Co says eight investors have agreed to buy about 4.7% stake in its non-ferrous metal alloys unit Shandong Hongtuo Industrial for an aggregate 2.96 bln yuan ($414.1 mln)

** Says introduction of the strategic shareholders will help further deepen cooperation with the strategic investors and bring positive strategic significance to future development

** Hong Kong's material index drops 3.6% and Hang Seng Index falls 1.3%

** Stock down 12.7% YTD

($1 = 7.1481 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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