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MIDEA REAL EST Once Skyrockets 100%+ in Early Session on Proposal to Spin-off Property Development Biz
MIDEA REAL EST (03990.HK) opened gapping up 14.9% at $4.31 today (24 June) morning. It then rapidly expanded its rally, once skyrocketing nearly 1.02x to $7.54, a high of over 9 mo...
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MIDEA REAL EST Once Skyrockets 100%+ in Early Session on Proposal to Spin-off Property Development Biz
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MIDEA REAL EST (03990.HK)  -0.060 (-0.904%)   opened gapping up 14.9% at $4.31 today (24 June) morning. It then rapidly expanded its rally, once skyrocketing nearly 1.02x to $7.54, a high of over 9 months. The stock trades now at $6.63, soaring 76.8%, with a volume of 5.1152 million shares and a turnover of $33.3965 million.

MIDEA REAL EST plans to divest its real estate development business, which will be held by private company Midea Construction. Shareholders can choose to receive a distribution in species i.e. one Midea Construction share, or $5.9 in cash per share, a premium of more than 57% over MIDEA REAL EST's closing price last Friday (21 June).

After the reorganisation, MIDEA REAL EST will retain 4 major businesses, including Property Management Services, Commercial Properties and Industrial Parks, Real Estate Technologies, and Construction Project Management.

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