HK-listed Yufeng drops most in near 7 weeks on discounted share sale

About this update from Yunfeng Financial Group Limited

** Shares of Yunfeng Financial Group HKEX:376 drop 15.8% to HK$6.17, on track for the biggest one-day pct decline since August 1** Stock is the second-biggest pct loser on the Hong Kong bourse** The insurance and financial services group says it plans sale of 191.3 mln new shares to controlling shareholder Jade Passion, raising HK$1.17 bln ($150.39 mln) for system upgrades, talents recruitment, launch of virtual asset trading services, and for working capital ** The new shares will be sold at HK$6.10 apiece, representing a 16.8% discount to Monday's close of HK$7.33 each** Says controlling shareholder will buy the new shares following sales of the same amount of existing shares at the same price to third party investors** YTD, stock up 497.1%, the benchmark Hang Seng Index HSI:HSI up 32.3%($1 = 7.7797 Hong Kong dollars)

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