Tuesday, January 28, 2020
Martin Hennecke

Broker hits the spot on deal
Corrington Securities & Investment, a broker reportedly owned by the family of Wharf Holdings' (0004) former chief Peter Woo Kwong-ching, increased holdings in Sun Hung Kai Properties (0016) and Henderson Land Development (0012) one week before the withdrawal of the extradition bill on September 4, media reported. Corrington's stake in SHKP increased by 1.13 million to 6.99 million on September 3 from August 27, data from the stock exchange showed. The cost involved in share purchases could be more than HK$121.4 million, based on the developer's share price on September 3 of HK$107.9. Shares of SHKP closed at HK$114.1 yesterday, up by 5.7 percent from September 3, which means Corrington could make a gain of about HK$6.8 million. The Hang Seng Index soared 3.9 percent to 26,523 points on September 4, when Chief Executive Carrie Lam Cheng Yuet-ngor withdrew the extradition bill. A day before, the broker added 730,000 shares to its SHKP holdings. It also bought 655,000 shares of Henderson Land Development.
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