BUZZ-China's Weimob hits all-time low on discounted share sale

Reuters04-19

** Shares of China's cloud-based commerce and marketing solutions provider Weimob Inc drop as much as 16.9% to HK$1.13, their lowest since debut in January 2019, and on course to snap two straight sessions of gains

** Stock on track for the biggest one-day pct decline since March 2021; biggest pct loser in the Hang Seng Composite Index

and second biggest pct decliner on the Hong Kong bourse

** Weimob plans sales of 277 mln new shares, or 9% of the enlarged share capital, to third-party investors, raising HK$313 mln ($39.96 mln) for refinancing of existing indebtedness

** Tencent-backed co says new shares will be issued at HK$1.13 apiece, representing a 16.9% discount to Thursday's close of HK$1.36

** Co also proposes repurchase of $300 mln zero coupon guaranteed convertible bonds due 2026

** The Hang Seng Tech Index falls 2%, the Hang Seng Composite Index eases 1% and the Hang Seng Index declines 1.1%

** Weimob stock down 60% YTD

($1 = 7.8326 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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