SUNART RETAIL (06808) continues to drop over 5%, with the stock having plummeted by 30% at one point yesterday. As of the time of writing, it has fallen by 5.05%, trading at 1.88 HKD, with a turnover of 9.184 million HKD.
Zhito Finance APP learned that SUNART RETAIL (06808) continued to fall more than 5%, and the stock once plummeted by 30% yesterday. As of the time of writing, it has dropped by 5.05%, priced at 1.88 Hong Kong dollars, with a trading volume of 9.184 million Hong Kong dollars.
In news, Alibaba announced on Wednesday evening that its subsidiary NewRetail has reached a Trade agreement with Duhong Capital to sell all of its equity in the parent company of RT-Mart, SUNART RETAIL, for up to approximately 13.138 billion Hong Kong dollars. Morgan Stanley pointed out that Alibaba's sale of SUNART RETAIL may cause negative reactions in SUNART's stock price, as the offer price is significantly below the closing price before the Trade announcement.
However, Morgan Stanley believes that SUNART RETAIL's stock price can find support at the offer price level, and conservatively estimates SUNART RETAIL's net asset value per share is 2.5 Hong Kong dollars. Morgan Stanley also stated that if less than 90% of non-Alibaba shareholders accept the offer, SUNART RETAIL will still maintain its listing status. Although Alibaba has reached a consensus with the Fund under Duhong Capital regarding the Trade, it still awaits approval from regulatory authorities.