FIL raises stake in Weiqiao Textile to 7.37%

Aug. 26, 2009 (China Knowledge) - U.S.-based investment company Fidelity International Ltd recently raised its shareholding in Weiqiao Textile Co Ltd<2698> to 7.37% from the previous 6.78%, according to the bourse operator Hong Kong Exchanges and Clearing<0388>.

HKEx said that FIL on Aug. 15 bought 2.45 million shares of the Chinese company for US$1.65 million. The average share price of the transaction was US$0.67 per share.

Weiqiao Textile is mainly engaged in the manufacture, sale and distribution of cotton yarn, grey fabric and denim in China.

Shares of Weiqiao Textile declined 2.06% to end at HK$5.23 yesterday.

China Knowledge