SINOHYTEC (02402) fell more than 5% again, extending its monthly decline to over 30%. At the time of writing, the stock was down 4% at HK$23.02, with a turnover of HK$20.58 million.
The company recently announced plans to place up to 8.88 million new H-shares, representing 3.69% of the enlarged share capital. The placement price was set at HK$22.68 per share, a 14.99% discount to the closing price of HK$26.68 on December 15.
The net proceeds from the placement are expected to be approximately HK$197.7 million, with 90% allocated to repaying bank loans and the remaining 10% for general working capital purposes.
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