Stock Track | CGS Stock Plummets After Issuing 4 Billion Yuan Commercial Paper

Stock Track2024-10-14

Shares of China Galaxy Securities (CGS) plunged by 10.53% on October 14, 2024, after the company announced the issuance of 4 billion yuan (approximately $560 million) in short-term commercial paper.

According to a same-day bourse filing, CGS completed the issue of the 183-day commercial paper with a final coupon rate of 2.08%. The securities broker stated that the proceeds from the issuance would be used to supplement working capital.

The announcement of the debt issuance appears to have raised concerns among investors, leading to a significant sell-off in CGS's shares. Both the Hong Kong- and China-listed shares of the firm closed over 4% lower on Monday, with the Hong Kong-listed shares trading at HKD 6.55, down 4.24%.

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