Lu Jin (01098) rose more than 4%. As of press release, it was up 4.43% to HK$1.65, with a turnover of HK$1,264,100.
The Zhitong Finance app learned that Lu Jin (01098) had risen more than 4%. As of press release, it had risen 4.43% to HK$1.65, with a turnover of HK$1,264,100.
According to the news, Lu Jin announced a few days ago that it plans to sell Lujin (China) Infrastructure Co., Ltd., an indirect holding subsidiary, to China Merchants Highway, with an initial transaction price of about 4.412 billion yuan. According to reports, the main business of the target company of this transaction is to invest in and operate domestic expressway projects. The assets include shares in the four highways of the Hebei Baojin Expressway, Hunan Changyi Expressway, Shanxi Longcheng Expressway, and Anhui MaChao Expressway, with a total mileage of about 276 kilometers.
According to some analysts, Lu Jin's sale of the expressway asset package may be to ease the company's liquidity pressure. Earlier, the international rating agency Moody's downgraded its outlook for Road Dynamics from stable to negative. The agency said that Road Jin's market position and liquidity buffer are weakening in the current challenging operating and financing environment.