Beijing Enterprises Water Skids After Buying Chinese ProjectsRandall Hackley
Beijing Enterprises Water Group Ltd., a water-treatment systems developer, fell the most in more than three weeks a day after announcing plans to buy water assets in China.
The shares skidded 3.2 percent today in Hong Kong, the biggest drop since June 25, on double the stock’s three-month average daily volume following the 1.35 billion yuan ($220 million) acquisition of two units involved in 36 water projects in China from Standard Water Ltd.
Twelve analysts rate Beijing Enterprises Water as a buy, four as a hold and one a sell, according to Bloomberg data. The stock has more than doubled, rising 122 percent, over the past year.