China GaoXian: Co. announced that it is raising gross proceeds of Krw210b ($243m) in the 1st listing of KDRs by an S-chip. Co has priced 30m KDRs at Krw7000/KDR ($8.082/KDR), equivalent to $0.4053/share, with one KDR representing 20 ordinary shares….
Grp’s last traded price was at $0.445. IPO prices the KDRs at 7.1x trailing PE vs average Korean peers of more than 20x PE, while grp's SG share price trades at 7.7x trailing PE. KDRs will commence trading on the Kospi on 25th Jan, with shareholders be able to switch from trading on the SGX to Korea Exchange within 3 working days and vice versa….
Technically, see resistance at $0.47 (Double Top) and support at $0.41.
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