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AAC Technologies says CITIC Bank to provide $1.5 bln credit line
June 9, 2017 / 2:54 AM / 2 months ago

AAC Technologies says CITIC Bank to provide $1.5 bln credit line

HONG KONG, June 9 (Reuters) - Apple Inc supplier AAC Technologies Holdings, a target of a recent short-seller attack, said on Friday China CITIC Bank Corp had agreed to provide credit and financing of at least 10 billion yuan ($1.5 billion) for a two- year term.

The agreement marks the establishment of a long-term strategic cooperation relationship between the two companies, AAC said in a statement to the Hong Kong bourse.

Shares of AAC resumed trading earlier this week after a near three-week halt following short-seller Gotham City's criticisms about the company's accounting policies. AAC has said that the allegations are groundless.

AAC shares rose as much as 4.7 percent to HK$100.80 on Friday morning, the highest since May 12. That contrasted with a 0.1 percent drop in the benchmark index. ($1 = 6.8011 Chinese yuan renminbi) (Reporting by Donny Kwok; Editing by Muralikumar Anantharaman)

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