HK Stock Market Move | SANERGY GROUP (02459) falls more than 10%, offering a discount of about 13.3% for its rights issue, with a net raised amount of HK$16 million. The company follows the strategy of issuing new shares after the old ones.

SANERGY GROUP (02459) fell more than 10%, dropping by 10.67% at the time of writing to 0.335 Hong Kong dollars, with a turnover of 27.43 million Hong Kong dollars. On the news front, SANERGY GROUP announced that the company, the old seller before the new seller, and the placing agent have entered into a placing and subscription agreement. According to this, the old seller before the new seller intends to sell up to 50 million shares of the company to not less than 6 placees through the placing agent, at a placing price of 0.325 Hong Kong dollars per share; and the old seller before the new seller has conditionally agreed to subscribe for new shares equivalent to the number of placing shares actually placed at a subscription price of 0.325 Hong Kong dollars per share, at a discount of approximately 13.3% from the closing price on September 20. The total amount raised is 16.3 million Hong Kong dollars, with a net amount of 16 million Hong Kong dollars, intended for the development of the graphite electrode business and for additional working capital.