08:00Oct 28, 2021Reuters

BUZZ-HK-listed Flat Glass rises on quartzite mines acquisition

** Hong Kong shares of Chinese photovoltaic and float glass maker Flat Glass Group Co Ltd rise 5.7% to HK$42, on track for their biggest daily percentage gain since Oct. 15

** Stock biggest percentage gainer on the Hang Seng Composite Index tracking industrial firms .HSCIIG and the fifth-biggest on the Hang Seng Composite Index .HSCI

** Zhejiang, China-based co plans to buy two quartzite mining firms for 3.65 bln yuan ($570.6 mln) to enhance quartz reserves and secure supply of quartz sand

** Quartz sand a major raw material for the manufacturing of co's core photovoltaic glass product

** Co says acquisitions will support its production capacity expansion and lower its reliance on sourcing quartz sand from third parties

** Daiwa reaffirms "buy" on the stock but lifts TP to HK$48 from HK$47 on lower production cost

** Co's Shanghai shares rise 2.8%

** The Hang Seng Composite Index tracking industrial firms .HSCIIG slips 0.4% and the Hang Seng Composite Index .HSCI eases 0.5%

** The Hang Seng Composite Index .HSCI eases 0.5% and the benchmark index down 0.3%

** As of last close, co's Hong Kong stock had surged 21.8% this year

($1 = 6.3963 Chinese yuan)

(Reporting by Donny Kwok)