HK Hot Stocks-Crocodile soars on buyout plan
HONG KONG, Feb 18 (Reuters) - By 0245 GMT, the benchmark Hang Seng Index .HSI was 1.1 percent lower at 12,799.17.
The China Enterprises Index .HSCE of top mainland firms was down 1.5 percent at 7,079.96.
Here are some of the stocks on the move in early trade-
* Crocodile Garments (0122.HK) vaulted 82.7 percent to HK$0.38 on a plan by Chairman Lam Kin Ming to take the garments and property investment firm private.
Lam is offering shareholders HK$0.40 per share, a 92.3 percent premium over its last trading price of HK$0.208 a share on Feb 10 for all outstanding shares he does not already own, worth about HK$119.6 million.
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* Shares in China Agri-Industries (0606.HK) rose 4.5 percent to HK$3.73 following asset injections worth HK$972.8 million from its parent, COFCO Hong Kong.
China Agri said on Tuesday it would buy soybean and peanut oil production and corn processing businesses in China from its controlling shareholder. The deal will be settled by the issue of 263.6 million shares, or 6.8 percent of enlarged share capital, at HK$3.69 each, it said.
* Bulk shipper China Shipping Development (1138.HK) rose 3.2 percent to HK$ after the global freight index rose overnight, recovering from a recent pullback.
The Baltic Dry Index .BADI gained 2.7 percent on Tuesday after snapping its 17-day winning streak last week.
China Cosco (1919.HK), the nations' largest shipping conglomerate, climbed 1.1 percent.
(Reporting by Parvathy Ullatil; Editing by Ken Wills) (parvathy.ullatil@thomsonreuters.com; +852 2843-6415))
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