HK Stock Market Move | HG SEMI (06908) once dropped by more than 13% and plans to offer a 36% discount on a "4 for 1" basis, raising a net amount of 89 million Hong Kong dollars.

HG SEMI (06908) once fell more than 13%, as of the publication, it dropped by 9.33% to 0.68 Hong Kong dollars with a turnover of 2.12 million Hong Kong dollars. On the news front, HG SEMI announced that the board of directors recommends a rights issue of 4 new shares for every 1 existing share at a subscription price of 0.48 Hong Kong dollars per share, representing a discount of approximately 36% compared to the closing price of 0.75 Hong Kong dollars on the last trading day of the Stock Exchange. The estimated net proceeds are approximately 89 million Hong Kong dollars, intended to strengthen the research and development capabilities of LED, small LED, and related semiconductor products; and for general working capital purposes.