CHINA COMM CONS (01800) recedes 5% on A-share issue approval, M&A - AASTOCKS.com

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CHINA COMM CONS (01800) recedes 5% on A-share issue approval, M&A

2012-01-31 11:39:48

After posting losing streak from 21-month high yesterday, CHINA COMM CONS (01800), which has been approved of A-share issue, continued to recede on profit taking amid positive reports this morning. It is last at $6.96, down 5% against market uptrend on trading volume of 10.7 mln shares.

CHINA COMM CONS received a letter of approval from the China Securities Regulatory Commission in relation to the issue of a maximum of 1.6 bln A shares and the merger with Road & Bridge International. The company is going to conduct a roadshow regarding the A share issue from 1 February - 10 February and announce A-share price on 17 February. As disclosed in the IPO prospectus, the company made an expected net profit of RMB11.37 bln in 2011, a yearly growth of 20%, based on China's accounting standards. (y)

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