HK Stock Market Move | MOG DIGITECH(01942) fell nearly 5%, offering a 14.5% discount on rights issue, raising approximately HK$81.33 million net.

MOG DIGITECH (01942) fell nearly 5%, closing at a 4.84% decline to 0.59 HKD, with a trading volume of 2.13 million HKD. In terms of news, MOG DIGITECH announced a placement of up to 155 million new shares, equivalent to expanding the share capital by 16.67%; the placement price is 0.53 HKD, a discount of 14.52% from the close on September 16. The total fund raising amount is 82.27 million HKD, with an estimated net amount of 81.33 million HKD, intended for platform development and upgrades; establishment and maintenance of a dedicated platform development and maintenance team; attracting financial technology talent; appointing third-party service providers to provide necessary technical support for platform development and operation; and conducting product promotion in the market. MOG DIGITECH's mid-year performance in 2024 showed revenue of 613 million RMB in the first half of this year, a 30% decrease year-on-year; the net profit attributable to shareholders was 1.339 million RMB, a 96.73% decrease year-on-year. The company mentioned that the decrease in revenue was mainly due to a strategic shift in the group's business direction leading to a decrease in sales volume of digital retail and payment solutions trade, resulting in a substantial decrease in income.