Chongqing Hongjiu Fruit Shares Fall After Announcing Private Placement

Dow Jones01-22

By Sherry Qin

Chongqing Hongjiu Fruit's shares fell sharply early Monday after it announced plans to raise capital via a private placement.

The fruit company's shares were last down 11% at 3.85 Hong Kong dollars (49 U.S. cents) after touching HK$3.65 earlier in the session. The shares have fallen 27% since the start of the year.

The Chongqing-based company said on Sunday that it had entered into an agreement to sell up to 189 million Hong Kong-listed shares at HK$4.35 each, according to an exchange filing. This is the same as its closing price on Jan. 19.

The company plans to raise 800.6 million Hong Kong dollars (US$102.4 million) in net proceeds, which will be used to enhance its fruit supply chain, repay interest-bearing debt, replenish working capital and for other general corporate purposes, it said.

Chongqing Hongjiu Fruit 's revenue rose 26% on year to 13.43 billion yuan ($1.87 billion) in the first nine months of 2023.

The company is engaged in purchasing, importing, sorting, packaging and the wholesale distribution of fruits.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

January 21, 2024 22:04 ET (03:04 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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