HK Hot Stocks: Meilan Airport soars, Foxconn slides
HONG KONG, June 6 (Reuters) - Here are some stocks on the move in Hong Kong on Wednesday:
As of 0232 GMT, the blue-chip Hang Seng Index .HSI was up 0.2 percent, widening marginal opening gains.
The index opened at 20,850.26.
STOCKS ON THE MOVE:
* Meilan Airport (0357.HK) shot up nearly 30 percent to HK$6.40 after saying Copenhagen Airports had sold its entire 20 percent stake, or 94.6 million shares, in the company at HK$5.75, or a 17 percent premium to the stock's last closing price.
Citigroup said the sale was unexpected but positive.
* Foxconn International Holdings (2038.HK) dropped 2.4 percent to HK$22.45 amid more broker downgrades and after an institutional investor was selling about US$81 million worth of shares at a maximum discount of 1.5 percent to the stock's Tuesday closing price, a source familiar with the deal said.
Morgan Stanley cut the stock rating in shares of the mobile handset maker on decelerating momentum and rich valuation, it said in a research note dated June 6.
(For details, click on [ID:nHKG157846], [ID:nHKG142687]).
* SinoTrans Ltd. (0598.HK) surged 3.7 percent to HK$3.64 after its majority shareholder, top Chinese logistics services provider Sinotrans (Group) Co., said it aimed to transfer its key assets into the company within two years, SinoTrans (Group) vice president said on Tuesday.
(For details, click on [ID:nSHA149695]).
* Wealthmark International (Holdings) Ltd. (0039.HK), which makes apparel and handbags, tumbled 3.3 percent to HK$1.77 following a share placement which priced the shares between HK$1.60 and 1.62 apiece, or up to a 12.6 percent discount to Tuesday's closing price, according to a term sheet.
* Tomson Group Ltd. (0258.HK) plunged 8.1 percent to HK$2.62. Authorities were investigating whether the property developer had falsely reported sales of luxury apartments in Shanghai, official Chinese media reported.
