(Yicai) March 6 — Shares in Haiqi Transportation Group surged by the exchange-imposed limit today after the Chinese passenger transport firm said that it will buy duty-free mall operator Hainan Tourism Duty-Free, which performed poorly last year, for half the price that it previously offered.
Haiqi’s share price [SHA:603069] closed up 10 percent at CNY18.58 (USD2.58). It is the first day of trading since trading was suspended on Feb. 28.
Haiqi will purchase a 100 percent stake in Hainan Tourism Duty Free from oner Hainan Tourism Investment Development, the Haikou-based company said yesterday. And it is lowering its offer price to CNY2 billion (USD278 million) from the CNY4.1 billion (USD569.5 million) that it offered in August last year.
Eighty-five percent of the revised price will be paid through a new share issuance to Hainan Tourism Investment and the rest will be paid in cash, as had been previously agreed, Haiqi said. The latest price of the share issuance is CNY12.86…
