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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  CNOOC Limited    883   HK0883013259

CNOOC LIMITED

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Xiaomi shares slide 7.1% after finalising $3.9 billion in equity deal

12/02/2020 | 04:31am EST
FILE PHOTO: Attendants are silhouetted in front of Xiaomi's logo in Beijing

HONG KONG (Reuters) - Chinese smartphone maker Xiaomi Corp's shares fell 7.1% in Hong Kong trading on Wednesday as the company finalised a $3.91 billion capital raising that included the city's largest top up placement.

The company said 1 billion shares were sold at HK$23.70 each as part of the top up deal that was carried out overnight. The final price was a 9.4% discount to Xiaomi's closing price of HK$26.15 on Tuesday.

Trading of Xiaomi's stock was halted during the morning session before the company released details of the capital raise during Hong Kong's lunch break, when trading is stopped for an hour.

It had been expected that details of the deal would be announced before the start of the trading day in line with normal market practices.

Xiaomi did not immediately respond to a Reuters request for comment on why the deal was not announced until lunchtime.

When the stock resumed trading it fell by nearly 12% before paring losses to close down 7.1% at HK$24.3, the lowest since Nov. 18. It was the most actively traded stock on the Hong Kong exchange, according to Refinitiv data, and the biggest faller on the HSI index.

The equity portion of the deal raised $3.06 billion and a convertible bond raised a further $855 million, the company said in a statement, adding that the proceeds would be used to increase investments in its key markets.

Xiaomi's deal was the largest top-up placement in Hong Kong to date, surpassing one by CNOOC Ltd which raised $1.9 billion in 2006, Dealogic data showed.

Top shareholder Smart Mobile Holdings Ltd, which owns about 27% of the company and is connected to Chairman Lei Jun, according to a term sheet released Tuesday sold the Class B type shares.

Xiaomi reported a 19% jump in third-quarter net profit on Nov. 24, as the Chinese smartphone maker's shipments surged by 45.3% from a year earlier.

The company said it had taken market share in China and Europe as its rival Huawei Technologies faced U.S. sanctions that have hit its supply chain.

(Reporting by Scott Murdoch; Editing by Stephen Coates, Kirsten Donovan)

By Scott Murdoch


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED -5.57% 7.8 End-of-day quote.8.64%
HANG SENG -1.66% 29441.63 Real-time Quote.9.94%
S-MAC CO LTD End-of-day quote.
XIAOMI CORPORATION -3.72% 29.8 End-of-day quote.-10.24%
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Financials
Sales 2020 161 B 24 820 M 24 820 M
Net income 2020 22 872 M 3 529 M 3 529 M
Net Debt 2020 111 B 17 153 M 17 153 M
P/E ratio 2020 15,2x
Yield 2020 4,96%
Capitalization 348 B 44 926 M 53 734 M
EV / Sales 2020 2,86x
EV / Sales 2021 2,39x
Nbr of Employees 18 425
Free-Float 35,0%
Chart CNOOC LIMITED
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Technical analysis trends CNOOC LIMITED
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Average target price 8,87 CNY
Last Close Price 7,80 CNY
Spread / Highest target 62,7%
Spread / Average Target 13,7%
Spread / Lowest Target -17,9%
EPS Revisions
Managers and Directors
NameTitle
Ke Qiang Xu Chief Executive Officer & Executive Director
Guang Jie Hu President & Executive Director
Dong Jin Wang Chairman
Wei Zhi Xie Chief Financial Officer
Sung Hong Chiu Independent Non-Executive Director
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