HK Stock Market Move | FLAT GLASS (06865) rose more than 3%, planning to use up to 600 million yuan of idle funds to supplement working capital.

FLAT GLASS (06865) rose more than 3%, reaching 3.51% at the time of writing, at HK$13, with a turnover of HK$322.884 million. On the news front, FLAT GLASS announced the temporary supplement of working capital using a portion of idle funds raised. The company plans to use up to 600 million RMB of idle funds raised for a period not exceeding 12 months from the date of approval by the board of directors, and will return it to the special account for funds raised before maturity. As of June 30, 2024, the net amount of funds raised by the company was 3.977 billion RMB, with 3.04 billion RMB already used for fundraising projects. The aim of this funding plan is to improve the efficiency of fund utilization, reduce financial costs, and ensure that it does not affect the construction of fundraising projects and the normal operation of the company. The supervisory board and the sponsor institution have both agreed, believing that this decision is in the interest of the company and all shareholders.