HK Stock Market Move | CHINA TRAVEL HK (00308) fell more than 5% intraday; proposes to spin off Hong Kong and Macau cultural tourism for a separate listing on the Main Board by way of introduction

CHINA TRAVEL HK (00308) opened slightly higher this morning before turning lower, at one point falling more than 5%. As of press time, it was down 4.37% at HK$1.095, with turnover of HK$12.4968 million. On the news front, on October 26, CHINA TRAVEL HK announced a proposal to spin off Hong Kong and Macau cultural tourism for a separate listing on the Main Board of the Stock Exchange by way of introduction, with a conditional declaration of a distribution in specie. For every 4 CHINA TRAVEL HK shares held, shareholders will receive 1 Hong Kong and Macau cultural tourism share. The Hong Kong and Macau cultural tourism shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on November 26, and the listing document is expected to be published on or around this Friday (the 30th). The record date for determining entitlement to the distribution is November 20.