Shares of HENLIUS (02696) plummeted 10.53% in the intraday trading session on Thursday, following the rejection of Chinese conglomerate Fosun International's buyout offer by Hong Kong shareholders.
The rejected offer, which valued the drugmaker at HK$13.37 billion ($1.72 billion), proposed a buyout price of HK$24.60 per share. Fosun unit Shanghai Fosun Pharmaceutical, which already holds a 59.6% stake in HENLIUS, failed to secure the requisite majority approval from H-class shareholders for the privatization proposal.
The sharp decline in HENLIUS's stock price reflects investors' disappointment with the failed buyout attempt. The rejection of the offer raises concerns about the company's future prospects and potential challenges in securing alternative funding or strategic partnerships.
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