China's Laopu Gold drops most in 12 weeks on discounted share sale

About this update from Laopu Gold Co. Ltd. Class H

** Shares of Chinese gold jewellery maker and distributor Laopu Gold Co Ltd HKEX:6181 drop 8.1% to HK$705, on track for the biggest one-day pct decline since July 31** Stock hits the lowest since October 15 and on course for a third straight session of fall** Laopu plans sale of 3.7 mln new shares, representing 2.15% of enlarged share capital, to third party investors, raising HK$2.71 bln ($348.89 mln) for inventory reserves, boutiques expansion and to replenish working capital ** The new shares will be issued at HK$732.49 each, a 4.5% discount to Tuesday's close of HK$767** Stock has nearly tripled in value YTD, Hang Seng Consumption Index (.HSCGSI) up 13.2%($1 = 7.7675 Hong Kong dollars)

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