HONG KONG ECONOMY TODAY NEWS (June 16) - China Feihe (06186) is currently down 3.2%, trading at HK$2.45, with approximately 9.3 million shares traded, involving a total value of HK$230.8 million. The stock reached a high of HK$2.53 and a low of HK$2.45.
China Feihe announced that it will provide an unsecured loan financing of RMB 400 million to its controlling shareholder, Garland Glory, as the borrower, constituting a connected transaction subject to reporting and announcement requirements, but exempted from obtaining approval from independent shareholders.
The group stated that the annual interest rate of the loan is 2.73%, with a term of 12 months, and the loan will be used for the borrower's general working capital. The group indicated that, after considering its latest financial position and availability of internal resources, the loan will not have an adverse impact on its working capital or daily operations, and the interest income generated from the loan is expected to exceed both the financing costs and the interest income from time deposits of the same maturity.
Currently, the Hang Seng Index stands at 24,281, up 218 points or 0.9%, with nearly HK$54.6 billion traded on the main board. The Hang Seng China Enterprises Index is at 8,175, up 72 points or 0.9%. The Hang Seng Tech Index is at 4,123, up 62 points or 1.5%. (vs)
China Feihe announced that it will provide an unsecured loan financing of RMB 400 million to its controlling shareholder, Garland Glory, as the borrower, constituting a connected transaction subject to reporting and announcement requirements, but exempted from obtaining approval from independent shareholders.
The group stated that the annual interest rate of the loan is 2.73%, with a term of 12 months, and the loan will be used for the borrower's general working capital. The group indicated that, after considering its latest financial position and availability of internal resources, the loan will not have an adverse impact on its working capital or daily operations, and the interest income generated from the loan is expected to exceed both the financing costs and the interest income from time deposits of the same maturity.
Currently, the Hang Seng Index stands at 24,281, up 218 points or 0.9%, with nearly HK$54.6 billion traded on the main board. The Hang Seng China Enterprises Index is at 8,175, up 72 points or 0.9%. The Hang Seng Tech Index is at 4,123, up 62 points or 1.5%. (vs)
