Stock Track | NANSHAN AL INTL Plummets 5.37% Intraday on Share Issuance at Discount

Stock Track01-22 09:34

NANSHAN AL INTL (02610) saw its stock price drop sharply by 5.37% during the intraday session on Thursday. The decline followed the company's announcement of a share issuance plan that raised concerns among investors.

The company revealed plans to issue 31 million new shares at HK$64.50 per share, a 6.39% discount to the previous closing price of HK$68.90. The move, aimed at raising approximately HK$1.9868 billion in net proceeds, is expected to dilute existing shareholders by about 5%. The funds are intended for potential investments in electrolytic aluminum and related raw materials, as well as general working capital. Such dilution events often lead to negative market reactions, as seen in today's trading.

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