Hong Kong Stock Movement: CHK OIL Surges 14% at Open, Plans to Raise Approximately HK$17.35 Million via Discounted Share Placement

Shares of CHK OIL (HKEX: 00632) opened 14% higher. At the time of writing, the stock is up 14% to HK$0.285, with a turnover of HK$110,600.

The company has announced a share placement agreement. On June 5, 2026 (after trading hours), the company entered into a placement agreement with a placing agent. Under the agreement, the placing agent conditionally agreed, on a best-efforts basis, to procure no fewer than six placees, who must be independent third parties, to subscribe for up to 87 million placement shares at a price of HK$0.21 per share. The placement shares will be allotted and issued under the general mandate granted to the directors at the company's annual general meeting held on June 27, 2025.

The placement shares represent approximately 10.01% of the total existing issued shares as of the announcement date, and about 9.10% of the total issued share capital as enlarged by the allotment and issuance of the placement shares. This calculation assumes no change in the total number of issued shares between the announcement date and the completion date, other than the issuance of the placement shares.

The placement price of HK$0.21 per share represents a discount of approximately 16.0% compared to the closing price of HK$0.25 per share on the Hong Kong Stock Exchange on the date of the placement agreement.