HK Stock Market Move | CHINA RUYI(00136) drops 8%, offers discount to issue new shares and acquire stake in the developer of Tencent's "QQ Dancing" game with cash.
Chinese Confucianism (00136) fell by 8% as of the time of writing, dropping to 2.3 Hong Kong dollars with a total turnover of 126 million Hong Kong dollars.
CHINA RUYI (00136) fell by 8% as of the time of writing, down to 2.3 Hong Kong dollars per share with a trading volume of 126 million Hong Kong dollars.
In terms of news, CHINA RUYI announced that it has purchased 30% equity of Beijing Yonghang Technology from its major shareholder Tencent. The core assets of Beijing Yonghang Technology include ARVR games such as "QQ Dazzle Dance", "QQ Dazzle Dance 2", and "QQ Dazzle Dance Mobile", with a total price of 825 million RMB, including 743 million RMB in cash; and paying the remaining amount through the issuance of 36.666 million shares at a price of 2.432 Hong Kong dollars, representing a discount of 2.72% from the closing price on January 13. After completion, Tencent's shareholding in the company will increase from 17.75% to 17.97%.
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