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Chun Sing (2277) commences money-lending

Company announcement, 30-Jun-2016

The stock closed at HK$2.18, valuing the firm at $2694m after its recent 20% placing at $0.90. It had net assets at 31-Mar-2016 of just HK$226m plus placing proceeds of $181m, making a total of $407m, so it is trading at about 4.2x NAV and a P/E of 62. What could possibly go wrong?

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