BUZZ-3SBio drops most in seven months on unit spin-off plans
3SBio Inc's shares dropped 8.9% to HK$29.52, marking the largest decline since April, due to plans to spin off its 87.16%-owned unit, Mandi Inc, for a separate listing on the Hong Kong stock exchange. The Stock Exchange confirmed the spin-off, with 3SBio not retaining any interest in Mandi post-listing. Despite the drop, 3SBio's stock is up 400% YTD, while the Hang Seng Biotech Index rose 77%.
Shares of biopharmaceutical product producer 3SBio Inc (1530.HK) drop 8.9% to HK$29.52, their biggest intraday pct decline since April 28
Stock touches the lowest point since November 12, and set to snap two consecutive sessions of gains, if losses hold
3SBio proposes to spin off and separately list the shares of its 87.16%-owned skin health and weight management solution unit Mandi Inc on the main board of the Hong Kong stock exchange
The Stock Exchange has confirmed that the company may proceed with the proposed spin-off plans, and will not retain any interest in the specialized consumer pharmaceuticals unit Mandi on completion of the listing
YTD, stock up 400%, Hang Seng Biotech Index (.HSBIO) up 77%
