Hong Kong Stocks Rise Marginally Amid Signs of Stability in Property Sector; QuantumPharm Launches Hong Kong IPO

MT Newswires Live06-04

Hong Kong Stocks Rise Marginally Amid Signs of Stability in Property Sector; QuantumPharm Launches Hong Kong IPO Hong Kong stocks continue to grow though marginally for a second consecutive day ...

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QuantumPharm Launches Hong Kong IPO Hong Kong stocks continue to grow though marginally for a second consecutive day following signs of stability in Chinaâs property sector, meanwhile hopes for US rate cuts have also been improving investorâs sentiment. The Hang Seng Index rose by 0.22%, or 41.07 points, to close Tuesdayâs session at 18,444.11. The Hang Seng China Enterprises Index rose by 0.34%, or 22.33 points, to close Tuesdayâs session at 6,554.32.In corporate news, QuantumPharm (HKG:2228) launched its initial public offering in Hong Kong to raise up to HK$1.13 billion. The issuer expects to determine its final offer price on or before June 11 and disclose the allocations a day after. It will start trading on the Hong Kong bourse on June 13.Great Wall Motor Company (HKG:2333, SHA:601633) sold 91,460 vehicles in May, down 9.5% from the year-ago figure of 101,073 units. The companyâs shares fell by 11% at Tuesdayâs close. China Tobacco International (HK) (HKG:6055) expects a minimum of 30% surge in profit attributable to the owners and a minimum of 10% increase in revenue for the six months ended June 30, as compared to the same period a year ago, the companyâs shares rose over 17% at Tuesdayâs close. PW Medtech (HKG:1358) has decided to repurchase the companyâs shares on the open market from time to time in the next 12 months under the repurchase mandate of up to 156,563,209 shares. 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