Shares of Chinese conglomerate Fosun International rose on Tuesday after it said it would sell its stakes in 26 companies, mainly property development and management firms, to affiliate Shanghai Yuyuan for 24.23 billion yuan (US$3.65 billion) in an amended, all-share transaction it said was aimed at better allocating resources.
Fosun closed up 6.81 per cent at HK$18.20 in Hong Kong on Tuesday. The benchmark Hang Seng Index gained 1.91 per cent to 29,818. In Shanghai, shares of Shanghai Yuyuan…
Source : South China Morning Post
Read more…Shares of China’s Fosun rise after deal to sell 26 firms to affiliate
