** Shares of China Ruyi Holdings 0136.HK fall as much as 8% to HK$2.30, after the content producer and online gaming group says to issue new shares to fund part of its acquisition
** Ruyi says it has agreed to buy 30% of Beijing Yonghang Technology from a Tencent 0700.HK subsidiary for 825 mln yuan ($112.55 mln) as the company aims to obtain more attractive IPs and games through investment and business expansion
** The deal will be settled 742.5 mln yuan in cash to be financed by internal resources, and the remainder by an issue of 36.67 mln new shares at HK$2.432 each - Ruyi
** Beijing Yonghang's core assets include QQ Dance, QQ Dance II, QQ Dance Mobile and other games
** Tencent 0700.HK shares climb 2%
** Hang Seng Commerce & Industry Index .HSNC rises 2%, Hang Seng Tech Index .HSTECH jumps 2.3% and Hang Seng Index .HSI adds 1.4%
($1 = 7.3303 Chinese yuan renminbi)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.