BRIEF: Phancy withdraws H-share full circulation plan
AI company Phancy Group Co. Ltd. (6682.HK) said on Friday it has withdrawn its plan to implement full circulation of its H-shares on behalf of certain non-controlling shareholders. The original plan, announced last November, would have allowed the non-controlling shareholders to convert their domestic stock into shares tradeable on the Hong Kong Stock Exchange.
Phancy said the original plan, which was approved by the China Securities Regulatory Commission, involved the conversion of about 13.8 million domestic shares into Hong Kong-traded H-shares. But it withdrew the plan after receiving a request from the shareholders, the company said.
Phancy shares fell 3.1% to close at HK$38.18 on Monday, the first trading day after the announcement. The stock is down about 13.4% this year.
By Doug YoungTo subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
RELATED ARTICLES
-
BRIEF: Phancy Group raises $200 million for computing power expansion
6682.HK -
BRIEF: Phancy responds to AI model obsolescence concerns after shares plunge
6682.HK
-
BRIEF: Full Truck Alliance to return half of profits as dividends, share buybacks
YMM.US
- Alibaba eyes sky-high chip valuations with T-Head spinoff plan
- 15th Five-Year Plan: Inside China’s push to become a financial powerhouse
- 15th Five-Year Plan: Who is leading offshore listings?
- 15th Five-Year Plan: Opportunities and trade-offs under technological self-reliance
