Laopu Gold sees momentary 5pc surge, announces H-share discount

Shares of Mainland gold retailer Laopu Gold (6181) rose by more than 5 percent at one point, despite the company announcing an 8 percent discount for a placement of new H-shares on Thursday.

The stock surged to a high of HK$720 in the morning, up 5.1 percent from its previous close, but later traded at HK$684, down 0.15 percent.

The company announced plans to place 4.31 million new H-shares, accounting for around 3.09 percent of the enlarged H-shares and 2.5 percent of total issued share capital, at HK$630 each, reflecting an 8.03 percent discount to yesterday’s closing price of HK$685, according to an exchange filing.

STAFF REPORTER