The investment company disclosed its purchase of 0.3% of the maternity and baby care company’s stock on the open market
Key Takeaways:
- Goldstream Investment acquired 1.83 million Saint Bella shares, equal to about 0.3% of its stock, through open-market purchases
- The investment company’s stock rose by more than 10 times in July from its low point in June, on excitement about its plans for cryptocurrency-related investments
Hong Kong’s Stablecoins Ordinance has electrified investors since the release of its initial draft on May 21, with buzz building in the run-up to its official adoption on Aug. 1. The ensuing frenzy has bordered on euphoria at times, boosting shares of listed companies announcing development roadmaps for the virtual currencies. Goldstream Investment Ltd. (1328.HK) has emerged as one of the shiniest stocks in that group, experiencing massive gains amid the stablecoin craze.
In what looks like an unrelated development, Goldstream announced this month that it bought 1.83 million shares of Saint Bella(2508.HK) between July 28 and Aug. 1 in the open market for between HK$7.3286 and HK$7.5536 per share. In total, it pumped HK$13.82 million ($1.76 million) into the stock, accounting for 0.29% of Saint Bella’s total issued share capital.
Saint Bella, a provider of high-end maternity and baby care services, was established by Xiang Hua, a millennial who graduated from the University of Oxford. In addition to running its signature luxury maternity and baby care centers, the company also provides home-based care and food products for new mothers. It completed seven funding rounds before listing in June this year, securing investment from the likes of Tencent, China Life Investment, Sun Hung Kai and Swire Properties
Saint Bella went public at a price of HK $6.58 per share, bringing in seven cornerstone investors for the IPO, including China Asset Management and SS Morgan Capital. The stock jumped as high as HK$11 on its first trading day, though the gains proved ephemeral and the …