＜Research＞Citi: Zhong Shanshan's Plan to Raise Stake in NONGFU SPRING Shows Confidence in Firm Prospects w/ Positive Mkt Reaction Expected

AASTOCKS

2024-07-10 09:22

NONGFU SPRING (09633.HK) announced that its major shareholder, Zhong Shanshan will purchase up to $2 billion of the Company's shares from the open...

　　NONGFU SPRING (09633.HK) +2.550 (+7.556%) Short selling $218.58M; Ratio 40.794% announced that its major shareholder, Zhong Shanshan will purchase up to $2 billion of the Company's shares from the open market within 6 months through his controlled entity, Yangshengtang, after the market closed yesterday (9th), Citi Research issued a research report saying.

　　NONGFU SPRING's share price was weak recently due to market concerns over its 1H24 results. The intention of NONGFU SPRING's founder and major shareholder to raise his stake in the Company demonstrates his confidence in the Company's growth prospects and his recognition of the Company's intrinsic value.

　　Citi Research expected the market to react positively to the news after the market opens today.

　　Citi Research kept rating at Buy on NONGFU SPRING, with a target price of $60.15.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-09 16:25.)

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