HK Stock Market Move | GUAN CHAO HLDGS (01872) is now down more than 10%, with only less than 40% of the rights issue subscribed. The company had announced in July that it planned a 1-for-4 rights issue.

GUAN CHAO HLDGS (01872) is currently down more than 10%, as of the time of writing, it is down 10.92% to 1.06 Hong Kong dollars, with a turnover of 2.7124 million Hong Kong dollars. In terms of news, GUAN CHAO HLDGS announced that as of 4:00 pm on December 6, 2024 (the last acceptance deadline), the company has received a total of four provisional allotment letters under which valid applications and acceptances for the provisional subscription involve a total of 165 million shares of new shares (equivalent to approximately 38.33% of the total number of shares to be sold under the share offering). Therefore, the 266 million new shares that were not subscribed for will be subject to compensation arrangements. It is reported that in July of this year, GUAN CHAO HLDGS announced a proposed issuance of 432 million shares at a discount of approximately 20%, with an expected net proceeds of approximately 170 million Hong Kong dollars. It is worth mentioning that the company announced at the end of May that on May 27, 2024, the company reduced its shares by 810 million due to a "10 for 1" share consolidation. At the same time, the company discounted 12.5% to issue a total of 18 million shares, raising a net amount of approximately 11.24 million Hong Kong dollars.