SINO-OCEAN GP (03377.HK)  +0.060 (+10.526%)   opened up 12.28% today (29 Apr) and peaked at $0.325, surging 14.04%. It last printed at $0.315, hiking 10.53%, with a volume of 50.696 million shares and a turnover of $15.6811 million.

SINO-OCEAN announced that CHINA LIFE (02628.HK)  +0.620 (+5.008%)    Short selling $240.87M; Ratio 17.811%   , a substantial shareholder of the company, intends to increase its capital contribution in a partnership of which CHINA LIFE is a limited partner. Out of CHINA LIFE’s additional capital contribution, it is expected that not more than RMB3.1 billion will be applied for the acquisition of 49.895% equity interest in and relevant debts of Beijing Xingtai Tonggang Real Estate, which is indirectly held by SINO-OCEAN.

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As of the date of this announcement, no definitive agreement in relation to the possible transaction has been entered into by SINO-OCEAN, and the possible transaction may or may not proceed or materialise.

Beijing Xingtai Tonggang is a project company mainly responsible for the development and operation of a project named INDIGO II, intended to be developed into a flagship commercial complex. As of the date of this announcement, the project company is a joint venture of SINO-OCEAN and is owned as to 64.79% by it.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-17 16:25.)

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