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Hong Kong’s Hang Seng Index advanced 1.5% on Tuesday morning
Shares of tech and consumer names had plunged last week, weighing on the index
A fund manager foresees the index touching 40,000 points after its revamp
Potential deletions include a Chinese bank and insurance firm
Trade the Hang Seng Index, long or short, with an IG account
Hang Seng Index shares on the mend
Blue-chip benchmark Hang Seng Index (HSI), the main indicator of Hong Kong’s overall market performance, inched up on Tuesday (09 March) morning following steep losses over the past week.
HSI rose 1.5% or 438.14 points to 288,978.97 as of 11:21 SGT.
China Development tender offer for insurer succeeds
By Kao Shih-ching / Staff reporter
China Development Financial Holding Corp (中華開發金控) yesterday said its public tender offer for China Life Insurance Co (中國人壽) was successful.
China Life shareholders with a combined 25.76 percent stake accepted its offer of NT$23.6 per share, higher than its previous target, China Development said.
The tender offer opened on Jan. 8 and closed on Tuesday. It was conditional on China Development being able to purchase at least 236.57 million China Life shares, or 5 percent of the total.
A sign bearing the logo of China Development Financial Holding Corp is pictured outside the company’s headquarters in Taipei in an undated photograph. The company yesterday said its public tender offer for China Life Insurance Co was successful, boosting its stake in China Life from 34.82 percent to 55.95 percent.
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