By Hong Kong Newsroom
Nikkei Markets
HONG KONG (Oct 17) -- GCL-Poly Energy down 1.6% at HK$1.23. Company said yesterday it had acquired 29.55% stake in Lamtex Holdings for about HK$200 million ($25.6 million). Lamtex primarily engaged in securities trading and brokerage in Hong Kong. Daiwa Capital Markets says stake buy not a positive for GCL-Poly. "Management is upbeat about the securities business in Hong Kong, and believes such a move can diversify its revenue sources. However, we find this unconvincing, as Lamtex recorded negative revenue for 2015-16, and only HK$17 million in revenue for 1H17," it says in note.
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