18 January 2019

Mobile games continue to rack up share gains

The Hong Kong benchmark Hang Seng Index ended the week quietly Friday at 22,846 points, up 59 points, or 0.26 percent, for the day and just 0.1 percent higher for the week.

The Hang Seng China Enterprises Index, the main gauge for H shares, moved 0.12 percent higher to 10,164; while the Shanghai Composite Index fell 0.71 percent to 2,013 points.

But picture was different for individual sectors, with funds continuing to flow into tech and mobile gaming plays. Boyaa Interactive International (00434.HK) gained 13 percent for the day and 71 percent over the week, while Forgame International (00484.HK) climbed 2.4 percent in the session.

Hanergy Solar Group (00566.HK) resumed trading after announcing a new round of fundraising. The group said it agreed to allot and issue 500 million new shares to Guangdong Southern Baota Investment Holding Ltd at an aggregate subscription price of HK$410 million (US$67 million) payable in cash by the subscriber. The counter shot up 34.2 percent for the day.

But solar player GCL-Poly Energy (003800.HK) fared poorly. Its stock fell 7.4 percent after saying that China Investment Corp., China’s sovereign wealth fund, will sell 1.2 billion of the company’s shares at HK$2.60 each.

Chinese private conglomerate Fosun International (00656.HK) bought 80 percent of Portugal’s Caixa Geral de Depositos SA’s insurance unit for 1 billion euro (US$1.36 billion). The counter jumped 5 percent for the day.

– Contact the writer at [email protected]



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