BUZZ-China's Laekna falls most in 7 months on discounted share sale

Reuters11-21 12:30

** Shares of Chinese biotechnology firm Laekna slump 14.9% to HK$13.38, on course for the biggest one-day pct drop since April 16

** Stock third-biggest pct loser in Hang Seng Composite Index , which slips 0.2%

** Laekna plans to sell 17.64 mln new shares to raise HK$235.6 mln ($30.27 mln) for accelerating research and development of obesity drug LAE102 and other drug assets

** New shares will be issued at HK$13.36 each, a 15.01% discount to Wednesday's close of HK$15.72 per share

** Stock soared 48% on Wednesday after it entered into agreement with Eli Lilly to develop an experimental obesity drug LAE102 to help patients lose weight while preserving muscle

** Hang Seng Commerce & Industry Index climbs 0.1%, healthcare index adds 0.03%, while Hang Seng Index

slips 0.1%

** Laekna shares down 29.4% YTD ($1 = 7.7828 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment