HK Stock Market Move | Orient (03958) fell more than 5%, Company A's shares resumed trading with a high opening but then trended lower, the proposed merger of "Orient + Shanghai" was announced.

Orient (03958) fell more than 5%, with the company's A-shares opening higher this morning but then falling, with the current increase narrowing to about 2%. As of the time of writing, it had fallen by 5.6%, to 6.07 Hong Kong dollars, with a trading volume of 153 million Hong Kong dollars. On the news front, on the evening of May 6th, Orient announced that they plan to purchase 100% equity of Shanghai Securities Limited by issuing A-shares and paying cash. After friendly negotiations among the parties to the transaction, the issuance price for the shares to be issued by Orient this time will be determined based on the average trading price of the company's A-shares on the stock exchange for the previous 120 trading days, at 10.49 yuan per share. It is reported that through the "issuance of shares + partial cash payment" method, Orient plans to merge and reorganize Shanghai Securities, with the asset size expected to exceed 600 billion yuan, placing them in the top ten in the industry.