FINWIRES · TerminalLIVE
FINWIRES

Zhejiang Expressway Receives Shanghai Bourse Nod for Zhejiang Oceanking Development Merger Plan

By

Zhejiang Expressway (HKG:0576) said the Shanghai Stock Exchange approved its plan to acquire Zhejiang Oceanking Development (SHA:603213), a producer of chloralkali-related products, via a merger, according to a Hong Kong bourse filing Friday.

Shares of the road construction company gained over 1% in morning trade Monday.

The merger will be effected by way of a share swap, whereby Zhejiang Expressway will issue 1.08 of an A share for every 1 A share of Oceanking Development.

Oceanking shareholders can also opt for a cash payment.

Zhejiang Expressway will issue A shares at 13.50 yuan apiece, and the conversion price of Oceanking Development is 14.58 yuan per share, the firm previously said.

Both Zhejiang Expressway and Zhejiang Oceanking count state-owned Zhejiang Communications Investment Group as their controlling shareholder.

Related Articles

Asia

Union Semiconductor Submits Hong Kong Share Listing Application; Shanghai Shares Slide 4%

Union Semiconductor (Hefei) (SHA:688403) submitted its application for a secondary listing on the Hong Kong Exchange, according to a Monday bourse filing by the integrated circuit packaging company in Shanghai.The company looks to use the proceeds to expand its automotive-grade IC packaging and testing capacity, research and development, investments and acquisitions, and working capital, according to documents submitted Friday to the Hong Kong bourse.Shares fell 4% during Monday morning trading in Shanghai.

$SHA:688403
Asia

Australian Federal Court Partially Dismisses Proceeding Brought by Former Coles Group Unit Employee Over Dismissal

The Federal Court of Australia partially dismissed proceeding brought by Sahil Verma, a former employee of Coles Group's (ASX:COL) Coles Supermarkets Australia, alleging racial and disability discrimination as well as breaches of the Fair Work Act, noting that they have no reasonable prospects of success, according to a court document on Monday.Verma was employed by Coles Australia as a casual trolley collector from Nov. 22, 2021, until Feb. 9, 2024, when his employment was terminated. He alleged that an employee of Coles made racial comments toward him. The Fair Work Commission (FWC) dismissed Verma's application, finding that it had been made outside the 21 days after the date on which the dismissal took effect, contrary to legal requirements.Coles had submitted that Verma's claim was incompetent because the FWC had not issued a certificate in relation to the dispute before he applied to the court. Verma did not dispute that he had no such certificate.The court said that since Verma could not satisfy the legal requirements, the court did not have jurisdiction to entertain his claims.Verma had also lodged a complaint to the Australian Human Rights Commission (AHRC) on Nov. 10, 2024, alleging that he had been discriminated against because of his disability, a mental illness, and his race.Coles Group's shares fell nearly 1% in recent trading on Monday.

$ASX:COL
Asia

China Next-Gen Commerce Slides to Losses in Fiscal H1; Shares Drop 7%

China Next-Gen Commerce and Supply Chain (HKG:3928) recorded SG$5.6 million in attributable loss for the fiscal first half ended March 31, sliding from a profit of SG$413,129 a year earlier, according to a Friday filing with the Hong Kong bourse.Loss per share was SG$0.0115, compared with SG$0.0009 in the prior-year period.Revenue fell to SG$16.3 million from SG$32 million a year earlier.Shares of the construction company fell over 7% in morning trade Monday.

$HKG:3928