HK Stock Market Move | Taiwan Cement to reduce its stake in certain equity of the Conch Venture within the year, with Conch Venture (00586) dropping by over 4%. Anhui Conch Cement (00914) is also down by over 3%.

Collectively falling conchs, as of press time, CONCH VENTURE (00586) fell by 4.3%, to 13.14 Hong Kong dollars; Anhui Conch Cement (00914) fell by 3.38%, to 24 Hong Kong dollars. On the news front, on February 25, Taiwan Cement announced that its subsidiary TCC International Limited sold 76.875 million shares of Anhui Conch Cement at an average price of about 25.43 Hong Kong dollars per share, with a total transaction amount of about 1.955 billion Hong Kong dollars. Taiwan Cement stated that the purpose of this sale of Anhui Conch Cement shares was for financial planning. It is reported that Taiwan Cement has actively sold investment holdings in order to meet its financial planning needs, including previously disposing of China Steel, Fei Hung, CONCH VENTURE, etc. It is worth noting that Conch Group announced that it is considering the possibility of acquiring additional shares in CONCH VENTURE. Upon completion of the acquisition, Conch Group and its concerted parties will collectively hold no more than 30% of the voting rights and will restructure the composition of the company's board of directors. The company will become a subsidiary of Conch Group, and its financial performance will be consolidated into Conch Group's financial statements. Conch Group also plans to invest 700 million to 1.4 billion yuan to increase its holdings of Anhui Conch Cement shares.